New Delhi, Sep 16 : India is becoming a major stakeholder in the global supply chain and this growing capacity is the foundation of our economic growth, Prime Minister Narendra Modi said on Monday.

Inaugurating the Tuticorin International Container Terminal in Tamil Nadu virtually, PM Modi said the country is investing over Rs 7,000 crore for the development of an Outer Harbour Container Terminal, and the capacity of the VO Chidambaranar Port (formerly Tuticorin Port) continues to grow.

"The VOC Port is ready to write a new chapter in the maritime development of India. With three major ports and 17 non-major ports, Tamil Nadu has become a major hub for maritime trade," the Prime Minister said, calling the new container terminal as the "new star of India's marine infrastructure".

With a deep draft of more than 14 metres and a berth over 300 metres long, this terminal will play a crucial role in enhancing the capacity of the VOC port.

The new terminal is expected to reduce logistics costs at the port and save foreign exchange for the country.

PM Modi emphasised that one of the terminal's key achievements is its commitment to gender diversity with 40 per cent of its employees being women, symbolising women-led development in the maritime sector.

"India is showing the world the path to sustainable and forward-thinking development," said PM Modi, adding the VOC Port is being recognised as a Green Hydrogen hub and a nodal port for offshore wind energy.

"Innovation and collaboration are India's greatest strengths on its development journey. This momentum will propel India to become the world's third-largest economy soon and Tamil Nadu is playing a pivotal role in driving this growth," the Prime Minister noted, highlighting that the country is now well-connected with a vast network of roadways, highways, waterways and airways strengthening the nation's position in global trade.

/IANS