PM to lay foundation stone of Vadhvan Port in Palghar, address Global Fintech Fest in Mumbai

Mumbai: Prime Minister Narendra Modi will visit Maharashtra on Friday during which he will address Global Fintech Fest (GFF) 2024 in Mumbai and lay the foundation stone of Vadhvan Port project worth around Rs 76,000 crore in Palghar, his office has said.

Modi will address GFF 2024 at the Jio World Convention Centre in Mumbai at 11 am and thereafter around 1:30 pm, he will inaugurate and lay the foundation stone of various development projects at CIDCO ground, Palghar, the Prime Minister's Office (PMO) said in a statement on Thursday.

The Vadhvan Port 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, it said.

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, the statement said.

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

PM Modi will also inaugurate and lay the foundation stone of 218 fisheries projects worth around Rs 1,560 crore, 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, it said.

He will also launch the National Roll Out of Vessel Communication and Support system at a cost of around Rs 360 crore. Under this project, one lakh transponders will be installed in a phased manner on mechanised and motorised fishing vessels in 13 coastal states and Union Territories, the statement said.

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.

The prime minister will also lay the foundation stone for important fishery infrastructure projects including development, upgradation and modernisation of fishing harbours, fish landing centres and construction of fish markets.

GFF 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 statement added.