PM Modi to Inaugurate Vadhvan Port and Address Global Fintech Fest in Maharashtra [Current Affairs]

On Friday, August 30, Prime Minister Narendra Modi will visit Maharashtra to lay the foundation stone of the Vadhvan Port project and address the Global Fintech Fest (GFF) 2024 in Mumbai. Modi will start his day in Mumbai and then proceed to Palghar in the afternoon.

Global Fintech Fest (GFF) 2024

At around 11 a.m., Modi will address a special session of GFF 2024 at the Jio World Convention Centre, Mumbai. The event, co-organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, will feature about 800 speakers from various sectors including policymakers, senior bankers, and industry leaders. The conference will include over 350 sessions, showcasing the latest fintech innovations and launching more than 20 thought leadership reports and white papers.

Vadhvan Port Project

Modi will arrive in Palghar around 1:30 p.m. to inaugurate and lay the foundation stone of the Vadhvan Port project, valued at ₹76,000 crores. This deepwater port, located near Dahanu town, aims to enhance maritime connectivity, reduce transit times and costs, and serve as a significant trade hub. The port will feature modern infrastructure, including deep berths and advanced cargo handling facilities, and will emphasize sustainable development practices.

Fisheries Projects

In addition to the port, Modi will inaugurate 218 fisheries projects worth approximately ₹1,560 crores. These projects include the development of fishing harbours, integrated aquaparks, and the adoption of advanced technologies like Recirculatory Aquaculture System and Biofloc. The initiatives are expected to create over 500,000 jobs and enhance fish production and post-harvest management.

Vessel Communication and Support System

Modi will also launch the National Rollout of the Vessel Communication and Support System, costing around ₹360 crores. This project will install 100,000 transponders on fishing vessels in 13 coastal states and union territories. The system, developed by ISRO, aims to improve communication, enhance safety, and aid in rescue operations at sea.

Prime Minister’s Statement

Ahead of his visit, Modi expressed his anticipation to engage with the people of Maharashtra and highlighted the significance of the Vadhvan Port project and GFF 2024 for India’s economic growth and technological advancement.