Mumbai, Oct. 30 -- Prime Minister Narendra Modi on Wednesday exhorted global investors to take bets on the Indian shipping sector, saying that at a time when the global seas are rough, India has the capability of becoming the steady power house of the world. Modi was addressing the Maritime Leaders Conclave at the India Maritime Week 2025 being held in Mumbai between October 27 and 31. He also chaired the Global CEO Roundtable and the conclave during his Mumbai visit. The PM launched projects worth Rs.12 lakh crore aimed at shipping and ship building. In his 20-minute speech, the PM said that when the global seas are rough - referring to global tension, trade disruption and shift in supply chain - India has the capacity to play the role of a steady power house. He also said that scrapping colonial shipping laws and replacing them with futuristic legislation have improved ease of doing business and reduced government intervention. "For all of you hailing from different countries, this is the right time to work in the Indian shipping sector and also expand (your presence)," Modi said. He listed several targets being chased by India in the maritime sector over the next few years, and underlined the importance of the global community in the same. "You all are an important partner who will help us achieve all our aims. We welcome your ideas, innovations and investments," Modi said. He said that India allows 100% foreign direct investment in the shipping and ports sector, and also provided incentives under the "Make In India, and Make For The World" vision. Addressing an audience, including leaders of various companies, the PM affirmed India's commitment to strengthening the supply chain resilience at a global level. Pointing out the developments in India's shipping sector, Modi said as part of the planned reforms in shipping, the government was investing Rs 70,000 crore. "This will result in an increase in the domestic capacity, long-term finance and shipyard development. It will also help to generate maritime skill and create lakhs of jobs in the maritime sector, apart from opening up the investment opportunities. As Chhatrapati Shivaji Maharaj had envisaged, the seas are not just boundaries but also opportunities for us," he said. He said that the next 25 years will be critical and India's focus during this period will be on "Blue Economy and Sustainable Coastal Development". He said that the emphasis will be on green logistics, port connectivity and coastal industrial clusters. He said that the country's ports are now counted among the most efficient in the developing world. "In many aspects, they are performing even better than those in the developed world. The stakeholders from the shipping industry are welcome with their ideas, innovations and investment. We have allowed 100% FDI in port and shipping and have undertaken Make In India, Best for the World initiative."...