Narendra Modi in Maharashtra: PM to launch Vadhvan Port project, address Global Fintech Fest in Mumbai

Prime Minister Narendra Modi will visit Maharashtra on Friday, August 30, to lay the foundation stone of the Vadhvan Port project and several other projects in Palghar. He will also address the Global Fintech Fest (GFF) at the Jio World Convention Centre in Mumbai.

According to a statement issued by the prime minister’s office (PMO), PM Narendra Modi will begin his visit with Mumbai and later visit Palghar in the afternoon.

PM Modi in Maharashtra today: 10 points

Around 11am, Modi will address a special session of the Global Fintech Fest in Mumbai – an event jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council.

According to the PMO’s statement, around 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries will address more than 350 sessions at the Global Fintech conference. It will also showcase the latest innovations in the fintech landscape.

Over 20 thought leadership reports and white papers will be launched at GFF 2024, offering insights and in-depth industry information, it added.

Modi will reach Palghar around 1:30pm to inaugurate and lay the foundation stone of the Vadhvan Port project worth ₹76,000 crore. He will also inaugurate several other development projects at the CIDCO ground in Palghar.

Modi will inaugurate and lay the foundation stone of 218 fisheries projects worth around ₹1,560 crores, aimed at bolstering the sector’s infrastructure and productivity across the nation, the PMO’s statement said. These initiatives are expected to generate more than five lakh employment opportunities in the fisheries sector.

Projects related to fisheries include – the development of fishing harbours and Integrated Aquaparks, alongside the adoption of advanced technologies such as the Recirculatory Aquaculture System and Biofloc.

He will also lay the foundation stone for important fishery infrastructure projects including development, upgradation and modernization 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, the PMO said.

According to the official release, the 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.

Modi will also launch the National Rollout of Vessel Communication and Support system, which costs around ₹360 crores. Under this project, 1 lakh transponders will be installed in a phased manner on mechanised and motorised fishing vessels in 13 coastal states and union territories.

The PMO said that the vessel communication and support system is an 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 the safety of our fishermen.

Ahead of his visit, Modi said that he is “looking forward” to being among the people of Maharashtra. “The Global Fintech Fest platform showcases India’s strides in the world of Fintech and brings together key stakeholders of the sector. Thereafter, I will be in Palghar for the foundation stone laying programme of the Vadhvan Port project. This is a very important project, signifying our commitment to port-led development and to the progress of Maharastra,” he wrote in a post on X.

What is the Vadhvan Port Project?

The Vadhvan Port, located near Dahanu town in Maharashtra’s Palghar district, will be one of India’s largest deepwater ports and will enhance India’s maritime connectivity and further strengthen its position as a global trade hub. The total cost of this project is around ₹76,000 crores.

The port aims at providing direct connectivity to international shipping routes, reducing transit times and costs. It is also expected to generate significant employment opportunities, stimulate local businesses, and contribute to the overall economic development of the region.

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

According to the PMO, the project incorporates sustainable development practices with a focus on minimizing environmental impact and adhering to stringent ecological standards.