PM Modi to lay foundation stone of Vadhvan Port, address Global Fintech Fest in Mumbai today

Vadhvan Port, located near Dahanu town in Palghar district, will be one of India's largest deep-water ports and will provide direct connectivity to international shipping routes, reducing transit times and costs, the PMO said in a statement.

New Delhi: Prime Minister Narendra Modi will visit Maharashtra on Friday during which he will address Global Fintech Fest (GFF) 2024 in Mumbai and lay foundation stone of Vadhvan Port project worth around Rs 76,000 crore in Palghar, his office said.

Prime Minister Modi will address GFF 2024 at the Jio World Convention Centre in Mumbai at 11 am and thereafter around 1:30 pm, he will inaugurate and lay the foundation stone of various development projects at CIDCO ground, Palghar, the Prime Minister's Office (PMO) said in a statement.

The Vadhvan Port aims to establish a world-class maritime gateway that will boost the country's trade and economic growth by catering to large container vessels, offering deeper drafts, and accommodating ultra-large cargo ships.

Vadhvan Port, located near Dahanu town in Palghar district, will be one of India's largest deep-water ports and will provide direct connectivity to international shipping routes, reducing transit times and costs, the statement said.

Equipped with state-of-the-art technology and infrastructure, the port will feature deep berths, efficient cargo handling facilities and modern port management systems, it said.

The port is expected to generate significant employment opportunities, stimulate local businesses and contribute to the overall economic development of the region, he said.

The Vadhvan Port project incorporates sustainable development practices, with a focus on minimising environmental impact and adhering to stringent ecological standards.

Once operational, the port will enhance India's maritime connectivity and further strengthen its position as a global trade hub, the statement said.

PM Modi will also inaugurate and lay the foundation stone of 218 fisheries projects worth around Rs 1,560 crore, aimed at bolstering the sector's infrastructure and productivity across the nation.

These initiatives are expected to generate more than five lakh employment opportunities in the fisheries sector, it said.

He will also launch the National Roll Out of Vessel Communication and Support system at a cost of around Rs 360 crore. Under this project, one lakh transponders will be installed in a phased manner on mechanised and motorised fishing vessels in 13 coastal states and Union Territories.

The vessel communication and support system is indigenous technology developed by ISRO, which will help in establishing two-way communication while fishermen are at sea and also help in rescue operations as well as ensure safety of our fishermen, the statement said.

Other initiatives to be inaugurated by the prime minister include the development of fishing harbours and integrated aquaparks alongside the adoption of advanced technologies such as the recirculatory aquaculture system and biofloc.

These projects will be implemented across multiple states and will provide crucial infrastructure and high-quality inputs to enhance fish production, improve post-harvest management and create sustainable livelihoods for millions involved in the fisheries sector, the statement said.

The prime minister will also lay the foundation stone for important fishery infrastructure projects including development, upgradation and modernisation of fishing harbours, fish landing centres and construction of fish markets.

This is expected to provide necessary facilities and hygienic conditions for post-harvest management of fish and seafood.

GFF is being jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. Around 800 speakers, including policymakers, regulators, senior bankers, industry captains and academicians from India and various other countries will address more than 350 sessions in the conference.

It will also showcase the latest innovations of the fintech landscape. Over 20 thought leadership reports and white papers will be launched at GFF 2024, offering insights and in-depth industry information.