PM Narendra Modi to address Global Fintech Fest in Mumbai today; To also lay foundation stone of Vadhvan Port project in Palghar

Prime Minister Narendra Modi will visit Mumbai and Palghar in Maharashtra today. At around 11 AM, the Prime Minister will address Global Fintech Fest (GFF) 2024 at the Jio World Convention Centre in Mumbai. Thereafter, at around 1:30 PM, Mr. Modi will inaugurate and lay the foundation stone of various development projects at CIDCO Ground, Palghar. He will lay the foundation stone of Vadhvan (वाढवण) Port. The cost of this project is around 76 thousand crore rupees. It 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.

In the first cabinet meeting after Prime Minister Narendra Modi took oath for the third time, the central government had approved the Vadhavan port. It will be developed as an all-weather Greenfield deep draft major port. The port will comprise nine container terminals, four multipurpose berths, four liquid cargo berths, a Ro-Ro berth, and a Coast Guard berth. The project will create a cumulative capacity of 298 million metric tonnes (MMT) per annum, including around 23 million TEUs of container handling capacity. It is expected to generate around 12 lakh direct and indirect employment opportunities. On completion, Vadhavan Port will be one of the top ten ports of the world. This port will enhance India’s maritime connectivity and further strengthen the country’s position as a global trade hub.

The Prime Minister will also inaugurate and lay the foundation stone of 218 fisheries projects worth around one thousand 560 crore rupees. These initiatives are expected to generate more than five lakh employment opportunities in the fisheries sector. Mr. Modi will also launch the National Roll Out of Vessel Communication and Support System at a cost of around 360 crore rupees.