PM Modi in Maharashtra: Vadhvan Port Project, Fintech Fest, and Key Fisheries Initiatives

In Short:

• PM Modi’s Visit to Maharashtra: Laying the foundation for the ₹76,000 crore Vadhvan Port project in Palghar, boosting maritime trade and connectivity.
• Global Fintech Fest Address: Speech at Mumbai’s GFF, highlighting India’s fintech innovations and growth.
• Fisheries and Safety Initiatives: Inaugurating ₹1,560 crore fisheries projects and launching a national vessel communication system for fishermen’s safety.

PM Modi’s Visit to Maharashtra: Key Announcements and Projects

On Friday, August 30, Prime Minister Narendra Modi will embark on a significant visit to Maharashtra, with a packed schedule that includes launching the ambitious Vadhvan Port project and addressing the Global Fintech Fest (GFF) in Mumbai. This visit underscores India’s focus on infrastructural development, fintech innovation, and sustainable growth in the fisheries sector.

1. Address at the Global Fintech Fest in Mumbai

Prime Minister Modi will kickstart his Maharashtra tour with an address at the Global Fintech Fest (GFF) at the Jio World Convention Centre, Mumbai, around 11 a.m. The GFF is an important event organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council. This year’s conference brings together over 800 speakers, including global policymakers, regulators, senior bankers, industry leaders, and academicians, who will lead over 350 sessions on the latest developments in the fintech sector.

At the conference, more than 20 thought leadership reports and white papers will be launched, providing insights into the evolving fintech landscape. The event will also showcase cutting-edge innovations and technologies, emphasizing India’s rapid strides in fintech development.

2. Foundation Stone Laying for Vadhvan Port Project

Later in the day, around 1:30 p.m., PM Modi will travel to Palghar, where he will inaugurate the Vadhvan Port project, a massive undertaking valued at approximately ₹76,000 crores. This port, located near Dahanu town in Palghar district, is set to become one of India’s largest deepwater ports. It aims to enhance India’s maritime connectivity, reduce transit times and costs, and strengthen India’s position as a global trade hub.

The port will be equipped with deep berths, efficient cargo handling facilities, and modern port management systems, designed to boost international shipping routes and local economic development. The project emphasizes sustainable practices to minimize environmental impact, adhering to stringent ecological standards.

3. Launch of Fisheries Development Projects

During his visit to Palghar, PM Modi will also lay the foundation stone for 218 fisheries projects valued at around ₹1,560 crores. These projects aim to enhance the infrastructure and productivity of the fisheries sector, creating over five lakh employment opportunities. The initiatives include the development of fishing harbours, integrated aquaparks, and the adoption of advanced technologies like the Recirculatory Aquaculture System and Biofloc.

The projects will provide essential facilities for post-harvest management of fish and seafood, including hygienic fish landing centres and modern fish markets. The aim is to improve fish production, enhance post-harvest processes, and support the livelihoods of millions involved in the fisheries sector across multiple states.

4. National Rollout of Vessel Communication and Support System

One of the key initiatives to be launched is the National Rollout of the Vessel Communication and Support System, with an investment of approximately ₹360 crores. This project involves installing 1 lakh transponders on mechanized and motorized fishing vessels across 13 coastal states and union territories in a phased manner.

Developed indigenously by ISRO, this technology will enable two-way communication for fishermen at sea, enhancing their safety and assisting in rescue operations.

5. Significance of Vadhvan Port Project

The Vadhvan Port project is a game-changer for India’s maritime infrastructure. With a total cost of around ₹76,000 crores, this deepwater port will provide direct connectivity to international shipping routes, reducing transit times and operational costs. The project is expected to generate substantial employment opportunities, stimulate local businesses, and contribute to the broader economic development of the region.

Equipped with state-of-the-art technology, the port will offer efficient cargo handling and modern port management, aiming to make India a key player in global trade. The project aligns with India’s commitment to sustainable development, incorporating eco-friendly practices and strict adherence to environmental standards.

Conclusion

Ahead of his visit, PM Modi expressed his enthusiasm, stating, “The Global Fintech Fest platform showcases India’s strides in the world of Fintech and brings together key stakeholders of the sector. The Vadhvan Port project signifies our commitment to port-led development and to the progress of Maharashtra.”

PM Modi’s visit to Maharashtra is poised to usher in a new era of development, bolstering the state’s infrastructure, fintech ecosystem, and fisheries sector. The projects launched during this visit are expected to generate significant economic benefits and enhance India’s position on the global stage.

Please click the link to read more from PMO Official site: https://www.pmindia.gov.in/en/news_updates/pm-to-visit-maharashtra-on-30th-august/