India becoming a major stakeholder in global supply chain: PM Modi

New Delhi, Sep 16 : India is becoming a major stakeholder in the global supply chain and this growing capacity is the foundation of our economic growth, Prime Minister Narendra Modi said on Monday.

Inaugurating the Tuticorin International Container Terminal in Tamil Nadu virtually, PM Modi said the country is investing over Rs 7,000 crore for the development of an Outer Harbour Container Terminal, and the capacity of the VO Chidambaranar Port (formerly Tuticorin Port) continues to grow.

“The VOC Port is ready to write a new chapter in the maritime development of India. With three major ports and 17 non-major ports, Tamil Nadu has become a major hub for maritime trade,” the Prime Minister said, calling the new container terminal the “new star of India’s marine infrastructure”.

With a deep draft of more than 14 metres and a berth over 300 metres long, this terminal will play a crucial role in enhancing the capacity of the VOC port.

The new terminal is expected to reduce logistics costs at the port and save foreign exchange for the country.

PM Modi emphasised that one of the terminal’s key achievements is its commitment to gender diversity with 40 per cent of its employees being women, symbolising women-led development in the maritime sector.

“India is showing the world the path to sustainable and forward-thinking development,” said PM Modi, adding the VOC Port is being recognised as a Green Hydrogen hub and a nodal port for offshore wind energy.

“Innovation and collaboration are India’s greatest strengths on its development journey. This momentum will propel India to become the world’s third-largest economy soon, and Tamil Nadu is playing a pivotal role in driving this growth,” the Prime Minister noted, highlighting that the country is now well-connected with a vast network of roadways, highways, waterways and airways, strengthening the nation’s position in global trade.

Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, dedicated the Tuticorin International Container Terminal (TICT) to the nation at the VO Chidambaranar Port Authority (VOCPA).

The Union Minister also inaugurated key infra projects and also laid foundations for several initiatives.

Sarbananda Sonowal also flagged off the maiden Container Vessel from the new TICT terminal, marking the beginning of operation for one of significant port infrastructure project in the country.

The port has been developed with an investment of more than Rs 434 crore, with a capacity to handle 6 lakh TEUs annually.

The Union Minister also inaugurated the newly constructed Green Hydrogen Project, which he dubbed as a ‘major step towards realising PM Modi’s vision of making India a global hub of Green Hydrogen’.

Sarbananda Sonowal also inaugurated a 400 kW Rooftop Solar Power Plant as part of the ‘Harit Sagar Green Port Initiative’.

The Union Minister also witnessed the exchange of Land Lease Agreements for new ventures as the VOCPA expands its industrial landscape, unlocking huge potential for growth.

Speaking on the occasion, Sarbananda Sonowal said: “India is on a cruise to becoming the world’s top marine power. Under the dynamic leadership of Prime Minister Narendra Modi, the marine sector has received a tremendous boost to modernise, mechanise and digitise our assets in order to drive efficiency and productivity.

“Today, this initiative got another shot in the arm as our effort towards providing a smooth and swift service for the trading community lead to the growth of EXIM trade, ultimately contributing to the growth of India’s wealth.”

He also said that the new terminal will reduce delays, bypass trans-shipment and economise operations by saving up to $200 per container.

“This will optimise our cost of operations by up to $4 million annually. Completed ahead of schedule, this terminal is a landmark achievement in the first 100 days of PM Modi-led NDA government.

“Our workforce, which is the backbone of our ports, are very hardworking and I want to commend them for their work. It is heartening to know that this port has been instrumental in creating employment. To recognise the power of Nari Shakti, at least 40 per cent of workforce should be women which will greatly contribute towards inclusive growth,” the Union Minister added.