Prime Minister Modi to launch mega projects and spark fintech innovation in Maharashtra today

Prime Minister Narendra Modi will be visiting Maharashtra today (Friday) to lay the foundation stone of the Vadhvan Port project worth around Rs 76,000 crores in Palghar and will also address Global Fintech Fest 2024 in Mumbai.

“I look forward to being among the people of Maharashtra tomorrow, 30th August. I will take part in programmes in Mumbai and Palghar. In Mumbai, I will take part in the Global Fintech Fest 2024 at around 11 AM. This 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,” posted PM Modi on X.

At around 11 AM, PM Modi will address Global Fintech Fest (GFF) 2024 at the Jio World Convention Centre in Mumbai. Thereafter, at around 1:30 PM, PM Modi will inaugurate and lay the foundation stone of various development projects at CIDCO ground, Palghar, read the Prime Minister’s Office press release.

Prime Minister will address a Special Session of Global Fintech Fest (GFF) 2024. GEF is being jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council.

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 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. The Vadhvan Port project 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 Rs 76,000 crores. 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, read the release.

The port is expected to generate significant employment opportunities, stimulate local businesses, and contribute to the overall economic development of the region.

The Vadhvan Port project incorporates sustainable development practices, with a focus on minimizing environmental impact and adhering to stringent ecological standards. Once operational, the port will enhance India’s maritime connectivity and further strengthen its position as a global trade hub.

Prime Minister will also inaugurate and lay the foundation stone of 218 fisheries projects worth around Rs 1,560 crores, aimed at bolstering the sector’s infrastructure and productivity across the nation. These initiatives are expected to generate more than five lakh employment opportunities in the fisheries sector, added the release.

Prime Minister will launch the National Roll Out of Vessel Communication and Support system at a cost of around Rs. 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 vessel communication and support system is 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, added the release.

Other initiatives to be inaugurated by the Prime Minister include the development of fishing harbours and Integrated Aquaparks, alongside the adoption of advanced technologies such as the Recirculatory Aquaculture System and Biofloc.

These 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.

Prime Minister 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.