Prime Minister Narendra Modi is set to embark on a significant visit to Maharashtra today, August 30th, where he will lay the foundation stone for the Vadhvan Port project and deliver a keynote address at the Global Fintech Fest (GFF) in Mumbai.
The Prime Minister’s visit will kick off in Mumbai around 11 a.m., where he will address a special session at the Global Fintech Fest, an event co-organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council. This event will feature over 800 speakers, including global policymakers, regulators, industry leaders, and academics, participating in more than 350 sessions. GFF 2024 will showcase cutting-edge innovations in the fintech industry and launch over 20 thought leadership reports and white papers, offering in-depth insights into the fintech landscape.
At around 1:30 p.m., PM Modi will arrive in Palghar to lay the foundation stone of the highly anticipated Vadhvan Port project, with an investment of approximately ₹76,000 crores. Located near Dahanu in Maharashtra’s Palghar district, Vadhvan Port is poised to become one of India’s largest deepwater ports. This project is expected to significantly enhance India’s maritime connectivity, providing direct access to international shipping routes, reducing transit times and costs, and bolstering India’s position as a global trade hub.
The Vadhvan Port will be equipped with state-of-the-art technology and infrastructure, including deep berths, efficient cargo handling facilities, and modern port management systems. Designed with sustainable development practices in mind, the project aims to minimize environmental impact and adhere to strict ecological standards. The port is also expected to create substantial employment opportunities, stimulate local businesses, and contribute to the economic development of the region.
In addition to the Vadhvan Port project, PM Modi will inaugurate and lay the foundation for 218 fisheries projects worth ₹1,560 crores. These projects aim to boost infrastructure and productivity in the fisheries sector across India. They include the development of fishing harbors, integrated aquaparks, and the adoption of advanced technologies like the Recirculatory Aquaculture System and Biofloc. These initiatives are expected to create over five lakh employment opportunities in the fisheries sector.
PM Modi will also launch the National Rollout of the Vessel Communication and Support System, a project costing around ₹360 crores. Developed by ISRO, this indigenous technology will install 1 lakh transponders on mechanized and motorized fishing vessels across 13 coastal states and union territories. The system will enable two-way communication while fishermen are at sea, assist in rescue operations, and ensure the safety of fishermen.
Ahead of his visit, PM Modi expressed his enthusiasm about the significant projects being launched in Maharashtra. He highlighted the importance of the Global Fintech Fest in showcasing India’s strides in the fintech sector and emphasized the strategic significance of the Vadhvan Port project in enhancing Maharashtra’s port-led development and contributing to the state’s overall progress.
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