PM Modi to Boost Infrastructure: Vadhvan Port and Fintech Fest 2024

Prime Minister Narendra Modi is set to visit Maharashtra, addressing Global Fintech Fest 2024 in Mumbai and laying the foundation stone for the Vadhvan Port project in Palghar. The Vadhvan Port aims to enhance India's trade capabilities, while various other infrastructure projects are expected to bolster the fisheries sector and generate employment opportunities.

Prime Minister Narendra Modi will be in Maharashtra on Friday, where he will address the Global Fintech Fest (GFF) 2024 in Mumbai and lay the foundation stone for the Vadhvan Port project, valued at around Rs 76,000 crore in Palghar, according to his office.

PM Modi will speak at GFF 2024 at the Jio World Convention Centre in Mumbai at 11 am. Later, at about 1:30 pm, he will inaugurate and lay the foundation stone for various development projects at CIDCO ground, Palghar, the Prime Minister's Office (PMO) said on Thursday.

The Vadhvan Port aims to establish a maritime gateway to boost India's trade and economic growth. Located near Dahanu town in Palghar district, it will provide direct connectivity to international shipping routes, reducing transit times and costs. The project is expected to generate significant employment, stimulate local businesses, and contribute to regional economic development.

Additionally, PM Modi will lay the foundation stone for 218 fisheries projects worth around Rs 1,560 crore. These initiatives are anticipated to create over five lakh jobs in the fisheries sector.

The prime minister will also launch the National Roll Out of the Vessel Communication and Support system, costing about Rs 360 crore. This project will install one lakh transponders on fishing vessels across 13 coastal states and Union Territories.

Other initiatives to be inaugurated by PM Modi include the development of fishing harbours and integrated aquaparks, alongside the adoption of advanced technologies like the recirculatory aquaculture system and biofloc. He will also lay the foundation stone for fishery infrastructure projects, including the development and modernisation of fishing harbours, fish landing centres, and fish markets.

GFF 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, will feature around 800 speakers, including policymakers, regulators, and industry experts. The event will host more than 350 sessions and showcase the latest fintech innovations. Over 20 thought leadership reports and white papers will be released, providing in-depth insights into the fintech landscape.

(With inputs from agencies.)