Narendra Modi in Maharashtra: PM to launch Vadhavan Port project, will address Global Fintech Fest in Mumbai today, know 10 top points

Narendra Modi in Maharashtra: On Friday, August 30, Prime Minister Narendra Modi will go to Maharashtra to lay the groundwork for the Vadhvan Port project as well as various other initiatives in Palghar. Additionally, he will speak at the Global Fintech Fest (GFF) in Mumbai’s Jio World Convention Center.

The prime minister’s office (PMO) released a statement stating that PM Narendra Modi would start his tour in Mumbai and then go to Palghar in the afternoon.

Ten points for PM Modi in Maharashtra today

At about 11 a.m., Modi is scheduled to speak at a special session of the Global Fintech Fest, which is being organized by the Fintech Convergence Council, the National Payments Corporation of India, and the Payments Council of India in Mumbai.

Around 800 speakers from India and other countries, including regulators, policymakers, senior bankers, industry leaders, and academics, will talk at over 350 sessions at the Global Fintech conference, according to a release from the PMO. Additionally, it will include the most recent advancements in the financial industry. It further said that more than 20 thought leadership studies and white papers with insights and comprehensive industry data would be released during GFF 2024.

Around 1:30 pm, Modi is scheduled to arrive in Palghar to officially open and lay the foundation stone for the ₹76,000 crore Vadhvan Port project. At the Palghar CIDCO site, he will also officially launch a number of other development initiatives.

According to the PMO’s statement, Modi will officially open and lay the groundwork for 218 fisheries projects totaling over ₹1,560 crores, with the goal of enhancing the industry’s infrastructure and production throughout the country. It is anticipated that these activities would create over five lakh job opportunities in the fishing industry.

Fisheries-related projects include building integrated aquaparks and fishing harbors as well as implementing cutting-edge technology like Biofloc and the Recirculatory Aquaculture System.

Additionally, he will establish the groundwork for significant initiatives involving the infrastructure of the fishing industry, such as the development, renovation, and modernization of fishing harbors, fish landing centers, and fish markets. According to the PMO, this will likely provide the facilities and sanitary conditions required for the post-harvest handling of fish and shellfish.

The projects, according to the official announcement, will be carried out in a number of states and will provide vital infrastructure and premium inputs to boost fish productivity, increase post-harvest management, and give millions of people working in the fishing industry with sustainable livelihoods.

In addition, Modi will introduce the ₹360 crore National Rollout of Vessel Communication and Support system. In 13 coastal states and union territories, 1 lakh transponders will be gradually put on motorized and mechanized fishing boats as part of this initiative.

According to the PMO, the vessel communication and support system is an indigenous technology created by ISRO that will boost rescue efforts, enable two-way contact when fishermen are at sea, and guarantee their safety.

Prior to his arrival, Modi expressed his excitement about spending time with the Maharashtra people. The Global Fintech Fest platform brings together important players in the industry and highlights India’s advancements in the field of fintech. After that, I’ll be in Palghar for the Vadhvan Port project’s foundation stone laying ceremony. He said in a post on X that “this is a very important project, signifying our commitment to port-led development and to the progress of Maharastra.”

What is Vadhavan Port Project?

Situated in the Palghar district of Maharashtra, close to Dahanu town, the Vadhvan Port is set to become one of the country’s most extensive deepwater ports. Its construction would improve India’s marine connections and solidify its status as a major global commercial center. This project will probably cost ₹76,000 crores in total.

The port’s goal is to lower transit times and costs by offering direct access to global shipping lanes. It is anticipated that it will also encourage local companies, provide a large number of job possibilities, and advance the region’s economy as a whole.

The port will include sophisticated port management systems, deep berths, and efficient cargo processing facilities with state-of-the-art equipment and infrastructure.

The project integrates sustainable development principles, according to the PMO, with an emphasis on reducing environmental effect and upholding strict ecological requirements.