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Union Home Minister Amit Shah on Monday said the USD 5 billion Great Nicobar Island Development Project will increase the country's maritime trade multiple times.Speaking at the inauguration of the India Maritime Week 2025 here, Shah said India has democratic stability and naval capabilities, and has bridged the gap between the Indo-Pacific and the global South."The USD 5 billion Great Nicobar project will increase the maritime world trade many times," Shah said during his speech at the event.India began construction of the ambitious infrastructure project in 2021, aiming to transform the island in the Bay of Bengal.Stressing that India believes in cooperation rather than competition, Shah said opportunities worth Rs 10 lakh crore are available in the maritime sector.Live EventsThe country is aiming to be among the top five in shipbuilding and to increase cargo handling by three times to 10,000 MMTPA by developing deep-draft ports, Shah said.The upcoming Vadhavan Port near Mumbai, being built at an investment of USD 10 billion, will be among the top-10 in the world on day one, Shah said.The Union minister said the structural reforms carried out by the government in the maritime sector have made India an emerging power in the global maritime sector.Stating that we are at the cusp of creating a new maritime history, Shah said the Gateway of India will soon transform into a 'Gateway of World' through initiatives like the maritime week, which is in its fourth edition now.Speaking at the same event, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal said only a peaceful and law-abiding society can attract investors, and noted significant strides made in internal security, stability and law and order under Shah's leadership of the Home Ministry.Vijay Kumar, Secretary, Ministry of Ports, Shipping & Waterways, said the event has received 1.5 lakh registrations from 11 countries and will feature over 350 foreign speakers.There will be 680 investment agreements entailing bets of over Rs 10 lakh crore across sub-sectors, which will get signed at the event, he said, adding that this will create 7 lakh new jobs.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onGreat Nicobar Projectmaritime tradeinfrastructure projectVadhavan PortshipbuildingUnion Home Minister Amit ShahUnion Home Ministry (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onGreat Nicobar Projectmaritime tradeinfrastructure projectVadhavan PortshipbuildingUnion Home Minister Amit ShahUnion Home Ministry(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
