The ambitious Sagarmala programme aims to change the way logistics evacuation happens in India, save logistics costs nationwide for cargo handled and evacuated through seaports, boost overall economic development through ports and empower coastal communities, said union surface transport, roads and shipping minister, Nitin Gadkari.
The Union Minister, speaking at a session on infrastructure at the inaugural annual convention of the Indo-American Chamber of Commerce (IACC), said, “The Sagarmala project has the potential to significantly reduce the logistics cost. The project would serve industrial clusters and help generate employment opportunities; Gadkari said and invited private partners to invest in the project.
Exuding confidence that Road sector is performing well, the minister said the government intends to construct 41 km per day from the present 22 km per day. He said the Government has removed constraints such as land acquisition, forest and environment clearances and have fast-tracked many processes, de-risking private participation in the road sector.
Earlier in the day, the two day Indo-American Chamber of Commerce Convention involving top policy makers and business leaders on “Unleashing Indo-US economic synergy” began at Trident Hotel in Nariman Point, Mumbai with a key note address of BJP national spokesperson,Sudhanshu Trivedi.
The convention saw presence of industry stalwart’s such as Mr. Dinesh Keskar of Boeing, SBI Chairman Arundhati Bhattacharya, PS Jayakumar of Bank of Baroda to SIDBI Chairman Dr. Kshatrapati Shivaji and other heads of various Banks, corporate & institutes were present.
The Convention is significant since Indo-US trade and investment show immense potential. The countries have complementary strengths and capabilities that can make the combined vision and ambition of 500 billion USD trade a reality. Not only will this drive the two large and vibrant economies, but it is also a necessity for cementing cross-sectoral links between them.
The objective of the convention is to help, through dialogue, increasing the level of bilateral trade and investment. PwC is the knowledge partner for this convention.
Speaking at the IACC event, SBI Chairman Arundhati Bhattacharya on the advent of alternate delivery channels, said, “Actually, if you go to our branches and see the number of footfalls, then you will realise that India has a very peculiar demography. It is a young country with a median age of 26.2, I am told. But it has also got a lot of people who are of the older generation. And the older generation people still believe in brick-and-mortar banking. So, in the next 10-12 years I don’t think the need for branches will disappear. It will still be there.”
Speaking at IACC event, Dinesh Keskar, President, Boeing India said, “ Boeing has contributed largely to India since its presence. We see there is huge scope in the aviation sector. The government has announced 32 more airports to be operational which will help to grown regional connectivity. . The Air India has recently got into operational profit which is good thing. India will need more planes.
Keskar, further, said “Recent forecast on Indian aviation sector released by the company says that the country will need 1850 new aircraft worth $265 billion in the next 20 years. The purchase of Boeing 787s has also led to India add new routes. He also added that recently in Nagpur, Tata Group’s TAL manufacturing solutions delivered the 5000th floor beam to Boeing.
Speaking at the session, Ketan Dalal, Managing Partner, PwC, said, “India will grow at 8 % and the growth will come from 3 basket – a) High value – Infra & Pharma b) Value Chain & c) Bollywood. The growth will come from sectors like Defense equipment, Coal, Digital, Pharma, Chemical, Infra, Education & Healthcare. Large investment is likely to come to India. There is clarity now on Taxation, Digital initiative, Liberalization in FDI, Defined legislation all will help India GDP.
The two-day Convention is providing a platform to business leaders and policy makers, to communicate on various sectors such as banking and financial services, defence & aerospace, infrastructure, railways, energy, oil & gas, chemicals & pharmaceuticals among others.
The Convention aim is promoting Indo US Synergy to promote Joint Ventures, Co Development, Co Production, Technology transfer for Sustainable and Inclusive growth.
IACC National President and Convention Chair, Dr. Lalit Kanodia said “India needs around 1.6 trillion USD worth of investment by 2025 to achieve its winning leap growth. A majority of this investment will be directed to sectors like technology, infrastructure, services, A&D, all of which are currently nascent in India but poised for huge growth. We feel that Indo-US bilateral trade can play a significant role in boosting this growth”.
