PM Modi to Launch Major Infrastructure Projects in Maharashtra: Vadhvan Port, Fisheries Development, and Fintech Fest 2024

Mumbai/Palghar:Prime Minister Narendra Modi is set to inaugurate and lay the foundation stone for a series of transformative infrastructure projects during his visit to Maharashtra on August 30. The visit includes key events in Palghar and Mumbai, with a focus on boosting India’s maritime connectivity, enhancing the fisheries sector, and promoting financial technology innovation.

Vadhvan Port Project in Palghar:
The highlight of the Prime Minister’s visit will be the foundation stone-laying ceremony for the Vadhvan Port project in Palghar district. This ambitious project, valued at approximately Rs. 76,000 crores, aims to establish one of India’s largest deep-water ports. Located near Dahanu town, Vadhvan Port is expected to significantly boost India's trade and economic growth by offering direct connectivity to international shipping routes, reducing transit times, and lowering costs.The port will feature cutting-edge infrastructure, including deep berths, advanced cargo handling facilities, and modern port management systems. It is designed to accommodate ultra-large cargo ships, making it a crucial gateway for global trade. The project is also expected to generate substantial employment opportunities and stimulate local businesses, contributing to the overall economic development of the region. The Vadhvan Port project is being developed with a strong focus on sustainability, aiming to minimize environmental impact and adhere to stringent ecological standards.

Fisheries Sector Development:
In addition to the port project, PM Modi will lay the foundation stone for 218 fisheries projects across India, with a total investment of around Rs. 1,560 crores. These projects are aimed at strengthening the infrastructure and productivity of the fisheries sector, which is expected to create more than five lakh jobs. The initiatives include the development of fishing harbors, Integrated Aquaparks, and the adoption of advanced technologies such as the Recirculatory Aquaculture System and Biofloc. These advancements are intended to enhance fish production, improve post-harvest management, and create sustainable livelihoods for millions involved in the fisheries industry.

Vessel Communication and Support System:
The Prime Minister will also launch the National Roll Out of the Vessel Communication and Support system, a project worth Rs. 360 crores. Developed by ISRO, this system will involve the installation of 1 lakh transponders on mechanized and motorized fishing vessels across 13 coastal states and Union Territories. The system is designed to provide two-way communication for fishermen at sea, enhance safety, and assist in rescue operations.

Global Fintech Fest 2024 in Mumbai:
After his engagements in Palghar, PM Modi will address the Global Fintech Fest 2024 at the Jio World Convention Centre in Mumbai. The event is expected to be a major gathering of global leaders in the financial technology sector, with around 800 speakers, including policymakers, regulators, senior bankers, and industry leaders from India and abroad. The fest will feature over 350 sessions showcasing the latest innovations in fintech, and more than 20 thought leadership reports and white papers will be launched during the event.The Prime Minister’s visit to Maharashtra underscores the government’s commitment to driving economic growth through large-scale infrastructure projects and technological innovation. The initiatives launched during this visit are expected to have a lasting impact on the region's development and India's position in global trade and finance.