Right time to invest in India’s maritime sector, says Modi

The CEA attributed the positive trends in the economy to the relief given in income-tax and rationalisation of GST. “The economic survey in February estimated the real GDP growth to fall to as low as 6.3% and the tariff imposition by the US made us revise it to 6%

MUMBAI: While prime minister Narendra Modi stressed that it was the right time for investors to put money in India’s maritime sector, the chief economic advisor (CEA) to the government of India V Anantha Nageswaran on Wednesday said that the country’s GDP growth in FY 2025-26 would surpass the estimation of 6.3% and would be around 7%. Both were speaking at functions during India Maritime Week, being held from October 27 to 31 in Mumbai. The maritime week also saw a few key memorandums of understanding (MoUs) being signed.

**EDS: THIRD PARTY IMAGE** In this image released on Oct. 29, 2025, Prime Minister Narendra Modi visits a stall at an exhibition during the Maritime Leaders Conclave at the India Maritime Week 2025 event, in Mumbai. (PMO via PTI Photo) (PTI10_29_2025_000387B) (PMO)

Nageswaran said that the three global rating agencies had upped their ratings for India, and this could lead to the country entering the A rating category in the near future. Claiming that the efforts of the government and the Reserve Bank of India had placed the Indian economy in a “comfortable position”, he said it was “quite satisfactory” that the economy had responded “quite well despite global uncertainty and the tariff-related developments”.

The CEA attributed the positive trends in the economy to the relief given in income-tax and rationalisation of GST. “The economic survey in February estimated the real GDP growth to fall to as low as 6.3% and the tariff imposition by the US made us revise it to 6%,” he said. “But the resilience of the economy and timely policy measures have helped in placing it in a comfortable position.”

PM Modi met top CEOs of shipping sector companies from across the world during the Global CEO Roundtable chaired by him on the sidelines of the India Maritime Week. After stressing on investment in the country in his public address earlier in the day, he is believed to have told the CEOs during his closed-door meetings that it was the right time for investors across the globe to put money into India. Modi reportedly met A P Moller-Maersk chairman Robert Maersk Uggla, DP World group chairman Sultan Ahmed bin Sulayem, Mediterranean Shipping Company chief executive Soren Toft, Adani Ports and SEZ managing director Karan Adani and French company CMA-CGM’s senior vice-president Ludovic Renou.

Meanwhile, Drydocks World, a DP World company, has signed a tripartite MoU with Cochin Shipyard Limited and the Centre of Excellence in Maritime and Shipbuilding, an entity promoted by the Indian Register of Shipping, to jointly develop an industry-ready maritime workforce of international standards. The MoU aims to enhance the capabilities of the Indian maritime workforce and support India’s efforts in becoming a global hub for skilled shipbuilding and repair. The MoU was signed in the presence of Sarbananda Sonowal, union minister of ports, shipping and waterways, and Sultan Ahmed bin Sulayem, the group chairman and CEO of DP World.

DP World has also signed an agreement with the Deendayal Port Authority and European deep-tech company Nevomo to deploy a first-of-its-kind magnetic propulsion solution that enables self-propelled rail movement of bulk cargo and containers at Deendayal Port. DP World will leverage Nevomo’s proprietary MagRail Booster technology to demonstrate its use in a live Indian port environment. The initiative is said to mark a significant step towards setting the stage for the next generation of automated, low-emission port operations in India.