The Vadhvan Port seeks to create a world-class maritime hub that will enhance the nation’s trade and economic growth by accommodating large container vessels, providing deeper drafts, and hosting ultra-large cargo ships.
PM Modi will also inaugurate and lay the foundation stone for 218 fisheries projects.
Prime Minister Narendra Modi is set to visit Maharashtra on Friday, where he will participate in the Global Fintech Fest (GFF) 2024 in Mumbai and lay the foundation stone for the Vadhvan Port project, valued at approximately ₹76,000 crore, in Palghar, according to his office.
At 11 am, PM Modi will address the GFF 2024 at the Jio World Convention Centre in Mumbai. Later, around 1:30 pm, he will inaugurate and lay the foundation stones for various development projects at the CIDCO ground in Palghar, the Prime Minister’s Office (PMO) announced on Thursday.
The Vadhvan Port, envisioned as a world-class maritime gateway, aims to enhance India’s trade and economic growth by accommodating large container vessels, offering deeper drafts, and hosting ultra-large cargo ships. The port, located near Dahanu town in Palghar district, will become one of India’s largest deep-water ports, providing direct access to international shipping routes, thereby reducing transit times and costs.
The port is also expected to generate significant employment opportunities, stimulate local businesses, and contribute to the overall economic development of the region.
During his visit, PM Modi will also inaugurate and lay the foundation stone for 218 fisheries projects worth approximately ₹1,560 crore, aimed at enhancing infrastructure and productivity in the sector nationwide. These initiatives are projected to create over five lakh jobs in the fisheries sector.
Additionally, the Prime Minister will launch the National Roll Out of the Vessel Communication and Support system, a project valued at around ₹360 crore. This initiative will involve the phased installation of one lakh transponders on mechanised and motorised fishing vessels across 13 coastal states and Union Territories.
Further developments to be inaugurated include the enhancement of fishing harbours, the creation of integrated aquaparks, and the adoption of advanced technologies such as the recirculatory aquaculture system and biofloc. PM Modi will also lay the foundation for critical fishery infrastructure projects, including the development, upgrading, and modernisation of fishing harbours, fish landing centres, and the construction of fish markets.
The GFF 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, will feature around 800 speakers, including policymakers, regulators, senior bankers, industry leaders, and academicians from India and abroad. The conference will host more than 350 sessions and showcase the latest innovations in the fintech landscape. Over 20 thought leadership reports and white papers will be launched at the event, offering in-depth industry insights.
