Daily Current Affairs : 23-August-2023
The Indian Port Rail & Ropeway Corporation Limited (IPRCL) recently organized a virtual roadshow, setting the stage for the eagerly anticipated Global Maritime India Summit (GMIS) in 2023. This summit, a flagship event in the maritime sector, promises to bring together key figures from the industry to delve into opportunities, understand challenges, and foster investments within India’s maritime landscape.
GMIS 2023: A Glimpse into the Future
The GMIS 2023 is poised to be a game-changer. It serves as a platform where experts and stakeholders unite to explore, discuss, and pave the way for the maritime sector’s growth in India. Let’s dive into some crucial aspects of this significant event:
- Broader Prospects Unveiled: The GMIS 2023 aims to unveil broader prospects, not only for India’s domestic maritime stakeholders but also for international investors. It opens doors to new possibilities, collaborations, and innovations.
- Evolution to Global Scale: Previously known as the Maritime India Summit, this year’s event has expanded its horizons by adopting the ‘Global’ prefix. It signifies India’s intent to engage with the global maritime community and enhance its presence on the world maritime stage.
- Location Matters: The summit’s prestigious venue is New Delhi, India’s capital. This choice reinforces the government’s commitment to highlighting the importance of the maritime sector in the country’s development agenda.
India’s Maritime Sector: The Driving Force
The maritime sector in India is not just a part of the country’s economic growth; it is, in fact, a driving force behind it. Let’s take a closer look at the significance of India’s maritime sector:
- Expansive Coastline: India boasts a coastline of over 7,500 kilometers, making it one of the largest maritime nations globally. This extensive shoreline is a valuable asset, offering numerous opportunities for trade, transport, and tourism.
- Key Player in Global Trade: Situated along one of the world’s busiest trade routes, India’s maritime sector holds immense economic prominence. It acts as a gateway for international trade, connecting various nations and facilitating the exchange of goods.
- Crucial for Trade: Approximately 95% of India’s foreign trade and 70% of its total trade, in terms of value, take place through seaways. This underscores the indispensable role of the maritime sector in supporting India’s trade ambitions.
- Infrastructure Hub: Today, India is home to 12 major ports, over 200 other ports, 30 shipyards, and a comprehensive array of maritime service providers. This extensive infrastructure network forms the backbone of the country’s maritime activities.
The Promise of GMIS 2023
The Global Maritime India Summit 2023 holds the promise of transforming India’s maritime landscape. It’s not merely an event; it’s a catalyst for change. This summit is poised to:
- Facilitate Collaboration: By bringing together domestic and international stakeholders, GMIS 2023 fosters collaboration and knowledge exchange, paving the way for innovative solutions.
- Attract Investments: With its focus on unveiling opportunities, the summit is set to attract significant investments into India’s maritime sector, spurring growth and development.
- Enhance Global Presence: The ‘Global’ prefix signifies India’s ambition to play a more prominent role on the global maritime stage, strengthening diplomatic and trade ties.
Important Points:
Global Maritime India Summit 2023 (GMIS):
- Premier maritime sector event in India.
- Aims to explore opportunities and challenges in India’s maritime sector.
- Expands to a global scale, emphasizing international engagement.
- Hosted in New Delhi, India’s capital.
India’s Maritime Sector:
- India has a vast coastline of over 7,500 km.
- It’s a key player in global trade, situated on busy trade routes.
- 95% of foreign trade and 70% of total trade by value happens through seaways.
- India boasts 12 major ports, 200+ other ports, 30 shipyards, and diverse maritime service providers.
GMIS 2023 Promises:
- Facilitates collaboration among stakeholders.
- Attracts investments into India’s maritime sector.
- Enhances India’s global presence in maritime affairs.
Significance of GMIS 2023:
- Catalyst for transforming India’s maritime landscape.
- Focuses on unveiling opportunities and fostering innovation.
- Strengthens diplomatic and trade ties on the global maritime stage.
Why In News
In preparation for the upcoming Global Maritime India Summit, the Indian Port Rail & Ropeway Corporation Limited (IPRCL) hosted a highly engaging virtual roadshow. This event brought together key stakeholders from the maritime industry to discuss innovative strategies and opportunities for growth. With a focus on enhancing India’s maritime infrastructure and trade capabilities, the roadshow highlighted IPRCL’s commitment to fostering collaboration and development within the sector.
MCQs about GMIS 2023
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What is the primary goal of the Global Maritime India Summit 2023 (GMIS)?
A. To promote tourism in India’s coastal regions.
B. To explore opportunities and challenges in India’s maritime sector.
C. To discuss climate change and its impact on maritime trade.
D. To highlight India’s achievements in the space industry.
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Where will the Global Maritime India Summit 2023 be hosted?
A. Mumbai
B. Chennai
C. New Delhi
D. Kolkata
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What is one of the key promises of GMIS 2023 for India’s maritime sector?
A. Increasing import tariffs on maritime goods.
B. Reducing investment opportunities in the sector.
C. Attracting investments into India’s maritime sector.
D. Decreasing collaboration among domestic stakeholders.
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