Mumbai (Maharashtra) [India], October 30 (ANI): Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal on Thursday announced the signing of 23 Memorandums of Understanding (MoUs) worth over Rs 1.50 lakh crore at the India Maritime Week (IMW) 2025.

Sharing the update on X, Sonowal said the agreements reflect global confidence in India's growth story and the leadership of Prime Minister Narendra Modi.

The MoUs span key areas including port augmentation and modernisation, green initiatives, shipbuilding and repair, and global academic and skill development.

Sonowal congratulated all stakeholders and reaffirmed the government's commitment to turning these partnerships into tangible progress for building an Aatmanirbhar and strong maritime India.

Speaking to ANI on the sidelines of India Maritime Week 2025, Deendayal Port Authority Chairman Sushil Kumar Singh said, 'We look for partners with expertise to create an ecosystem at Kandla port for green molecules, which can be converted into low-carbon fuels and zero-carbon fuels.'

'We have also signed MoUs with technology partners to support the shipbuilding project at Kandla,' he said.

Singh added, 'We are setting up a facility to supply green fuels to ships between Rotterdam and Singapore by 2030... The maritime development fund has been established to provide financing for shipbuilding, aiming to lower the cost of capital... We also have a segment for policy reforms. If the country has to do something, this is the right time.'Earlier in the day, Prime Minister Narendra Modi, in a long LinkedIn post, invited the investors to invest in the Indian maritime sector, adding that India, which has a very long coastline, strategic global trade routes, world-class ports, an ambitious Blue Economy vision, and the necessary innovation and intent, can offer a perfect harbour for investments.

PM Modi affirmed that India's port capacity has doubled from 1,400 to 2,762 MMTPA over these years. Cargo handling rose from 972 to 1,594 MMT, including 855 MMT in FY 2024-25. Vessel turnaround time has been reduced from 93 hours to 48 hours.

Net surplus increased ninefold from Rs. 1,026 crore to Rs. 9,352 crore. The operating ratio improved from 73% to 43%, marking a new era of efficiency, PM Modi added.

India's seafarer workforce has grown from 1.25 lakh to over 3 lakh, now accounting for 12% of the global seafaring workforce. India is today among the top three suppliers of trained seafarers in the world, PM Modi wrote.

India's shipping power is expanding across coasts and rivers, he said in the next segment of his blog.

Indian-flagged vessels increased from 1,205 to 1,549, and fleet gross tonnage grew from 10 MGT to 13.52 MGT. Coastal shipping cargo nearly doubled from 87 to 165 MMT, the prime minister affirmed.

Inland waterway cargo grew by 710%, from 18 MMT in 2014 to 146 MMT in 2025. Operational waterways expanded from 3 to 32, while ferry and Ro-Pax services carried 7.5 crore passengers in 2024-25. (ANI)