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Policy & Economy News |
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Aim is to make India among the top three economies by 2025, says Minister India's services growth at over 7-year-high as export demand rises |
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Business News - The India Boom Factor |
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Govt to allow onion export from March 15 Banana exports jump 30 pc during April-Jan. |
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Shipping News |
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Maersk commences end-to-end cold chain logistics solution for export of grapes from Maharashtra to North Europe Goa's inland waterways to ease road congestion by 30% |
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Logistics News |
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Gujarat air cargo traffic up in 2018-19 | ||
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Indian Port News |
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JNPT achieves significant improvement in import dwell time VOC Port surpasses previous year's container traffic Chennai Port handles largest limestone consignment |
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Policy & Economy News |
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Aim is to make India among the top three economies by 2025, says Minister Exim News Service - New Delhi, March 3 Top |
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India has become the world's 5th largest economy and in the next five years the government's target is to position it among the top three economies of the world, said Mr Anurag Thakur, Minister of State for Finance and Corporate Affairs, after meeting stakeholders from various trades and industries during an interactive session organised by the Income Tax Department in collaboration with CII here, as per a report. India is projected to grow in financial year 2020-21 at the rate of 6-6.5 per cent, which indicates that the world has confidence in India and the Indian economy. And the government is taking all the steps in that direction. Inflation, which used to be 12 per cent, has come down to 4 per cent. All macroeconomic indicators point that India is going ahead in the right direction, added the Minister, the report said. |
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India's services growth at over 7-year-high as export demand rises Reuters - March 4 Top |
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Growth in India's dominant service sector accelerated at a pace not seen in over seven years last month, boosted by a recovery in foreign demand and solid business confidence, a private survey showed on Wednesday. The Nikkei/IHS Markit Services Purchasing Managers' Index climbed to 57.5 in February from January's 55.5. It was the highest reading since January 2013 and comfortably above the 50-mark separating growth from contraction for a fourth month. "Behind the resilience in the trend for business activity stands healthy demand for services from both the domestic and international markets," Pollyanna De Lima, principal economist at IHS Markit, said in a release. "Positive gains in new work across the manufacturing and service sectors suggest that private sector output will likely increase markedly again in March, boding well for final quarter GDP following expectations of a flat growth rate in Q3 FY 2019/20." The pace of expansion in a sub-index tracking new business slowed slightly from January's seven-year high, but remained above the long-term average since the index was first published in December 2005. New export business - a proxy of foreign demand - returned to expansion territory last month after contracting for the first time in 11 months in January. However, firms failed to significantly increase the pace of hiring. "Service providers experienced a marked improvement in workforce productivity, with the sharp rise in business activity happening despite a softer and only modest increase in employment," de Lima said. A sister survey on Monday showed factory activity growth slowed in February from January's eight-year high due to a modest weakening in demand and output. However, the composite PMI, which includes both manufacturing and services, rose to 57.6 in February from January's 56.3, its highest in eight years. Service providers remained optimistic about growth in the year ahead and the expectations index strengthened to a six month high. On the price front, growth in both input cost and prices charged weakened only modestly in February, suggesting retail inflation is unlikely to slow significantly anytime soon. | ||
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Business News - The India Boom Factor |
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Govt to allow onion export from March 15
India Seatrade News - March 3 Top |
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The government will allow export of onions from March 15 in the interest of farmers, Commerce and Industry Minister Piyush Goyal said on Monday. The decision will help boost the income of farmers, the minister said in a tweet. The government last week decided to lift nearly six-month-old ban on export of onions as prices are likely to fall sharply due to bumper rabi crop. The ban was imposed after the prices of the commodity skyrocketed. Now, onion prices have stabilised and there is bumper crop also. Expected monthly harvest in March is over 40 lakh MT compared to 28.4 lakh MT last year, Food Minister Ram Vilas Paswan had tweeted on Wednesday. In September 2019, the government banned onion exports and also imposed a MEP of USD 850 per tonne. The move came after prices started skyrocketing due to supply-demand mismatch. There was shortage of onion as kharif crop was adversely affected due to excess rains and floods in key producing states, including Maharashtra. Currently, the arrival of rabi (winter) crop of onion has begun in small quantities and would increase from mid-March onwards. Exports of onion are expected to arrest sharp the fall in domestic prices. |
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Banana exports jump 30 pc during April-Jan. Exim News Service - New Delhi, March 5 Top |
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Banana exports from India saw a 30 per cent jump to 1,27,230 tonnes, fetching Rs 447 crore (RS.4.4 billion), between April 2019 and January 2020, which is more than 49 per cent in value terms over the corresponding period last year, said Mr Narendra Singh Tomar, Agriculture Minister, in a written reply to a question raised by Ms Raksha Khadse, a BJP MP from Maharashtra, in the Lok Sabha, said a report. Last year, India had exported 98,044 tonnes of banana valued at Rs 301 crore (Rs.3.01 billion), as per the report. |
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Shipping News |
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Maersk commences end-to-end cold chain logistics solution for export of grapes from Maharashtra to North Europe
Exim News Service - Mumbai, March 2 Top |
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Maersk, a leading global integrated container logistics company, has recently started end-to-end cold chain logistics solution for its customers exporting grapes from Nashik and Sangli to North Europe. With this new offering, Maersk is enabling the exporters from the region to supply high quality Indian grapes to the global market and helping fetch higher returns for the farmer community in and around the Nashik district. Leveraging its variety of services throughout the supply chain, Maersk is improving the overall turnaround time to North Europe by 4 days, as per a release. Gearing up for the peak grape season and helping exporters based in Nashik, 'The Grape Capital of India', Maersk's cold chain offerings go all the way from the packhouse of the exporters to the destination in North Europe. Maersk is thus being the one-stop-shop for its customers by offering booking management, transportation, including land-based and ocean logistics and Customs clearance. The movement of grapes is being done in refrigerated containers (reefers) with Remote Container Management solution 'Captain Peter' that monitors atmospheric conditions inside the container and provides visibility of the same to the customers. Maersk is also deploying a reefer technician to overlook contingencies throughout the journey. Mr Steve Felder, Managing Director, Maersk South Asia, said: "Nashik is a priority market for the exports of grapes from India. With our end-to-end cold chain solutions, we aim to enable the exporters to take their grapes from Nashik to North Europe with a fast turnaround time, and with more simplicity. By providing a one-stop-shop solution, we are enabling the farmers to focus on what they do best, leave the logistics to us and not get bothered by any challenges that they might face in the journey of their produce from their farms to their customers." "Besides grapes, the region also yields other quality agro-produce like onions, tomato, chilli, baby corn, okra and other vegetables, which has immense trade potential in the global markets. With our cold chain logistics solutions, we aim to further open up and liberalise the agro economy of the country, enabling farmers and entrepreneurs to be a part of the international trade ecosystem," he added. By providing end-to-end solutions, Maersk allows the exporters to initiate bookings in the easiest manner possible-even through WhatsApp and Emails. From there on, the teams at Maersk take over and ensure that every step in the long journey is taken care of. Ultimately, by consolidating the entire journey, Maersk is not only able to cut down on the total time required for taking the cargo of grapes from Nashik to North Europe but also add reliability in preserving quality of the produce. With the elimination of intermediaries, the effective cost of logistics is brought down, making it a win-win situation for Maersk, the exporters and their customers, the release emphasised. Maersk aims at expanding its end-to-end cold chain solutions across the country to tap in all the seasonal exports to eventually enable trade for the agro-based industry from India, the release added. |
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Goa's inland waterways to ease road congestion by 30%
India Seatrade News - March 3 Top |
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Once fully developed, the state's inland waterways will have the potential to reduce road traffic by at least 30-40 per cent, said Captain James Braganza of Captain of Ports (CoP) on Monday. Speaking to this daily, Braganza said that developing the waterways is a five-year project and there are plans to set up a connectivity circuit across five rivers of the state. "Floating jetties are a part of the circuit and are being constructed in phases," said Braganza. He said that although five years is the long-term timeframe for the circuit to be completed, citizens would be able to experience an ease in road congestion earlier as jetties start coming up along the banks of the rivers. "There are plans to construct 30 floating jetties in all but even 15 jetties would help us open up some sectors for reducing traffic movement on the roads. For instance, sectors such as Panaji- Cavelossim, Panaji-Baina, Panaji-Shiroda etc would help us to implement north-south connectivity on the rivers," said the Captain. The state's first floating jetty in Panaji was commissioned on February 21. Three more floating jetties are due to come up in Old-Goa, Chapora and Campal as part of phase 1 of the development of inland waterways. Of the three jetties, work on the jetty in Old-Goa has already commenced. The project costing Rs 10 crore (Rs.100 million) is fully funded by the Inland Waterways Authority of India (IWAI). Braganza said that the four floating jetties would handle primarily small cruise boats, yachts etc. "The floating jetties are for tourism and not for cargo. They have individual capacity ranging from 300 passengers to 600 passengers per day depending on the season," he said. "A floating concrete jetty can be installed quickly, is stable, safe and long-lasting. However, even construction of floating jetties involves a lot of work, as the area around the landing point has to be dredged, cleared of mangroves etc," said Braganza. The department of CoP recently submitted four projects to the IWAI for funding. These include dredging works on River Sal, construction of floating jetties, setting up of navigational aids and river intelligence services. Goa has a rich network of inland rivers but not even 50 per cent of the inland waterways are currently being used to ease the congestion on roads. The state's six national waterways are rivers Zuari (NW111), Mandovi (NW68), Cumbharjua Canal (NW27), Mapusa, Chapora and Sal. They cover a total length of 181.7 kilometres. In 2018-19, the state waterways transported just 3.8 million tonne of cargo as against 72.3 million tonne of cargo handled by all the waterways in India. |
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Logistics News |
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Gujarat air cargo traffic up in 2018-19 Exim News Service - March 3 Top |
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Due to improved air connectivity to domestic as well as international destinations and the rise in exports of pharma products and commodities from the Ahmedabad airport, the airports in Gujarat witnessed an increase of 12.1 per cent in cargo traffic during 2018-19 compared to the previous fiscal, said a report. Air cargo traffic from Gujarat has risen from 94,500 tonnes in 2017-18 to 105,930 tonnes in 2018-19, and during the first six months of the current fiscal 57.35 thousand tonnes of air cargo traffic has been registered. The figure is likely to cross 110,000 tonnes by the end of the financial year, said a report. As of now, Gujarat has 11 airports, including Ahmedabad, Vadodara, Surat, Rajkot, Bhuj, Kandla, Mundra, Bhavnagar, Jamnagar, Porbandar and Keshod. International air cargoes are being handled from the Ahmedabad international airport only, the report added. |
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Indian Port News |
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JNPT achieves significant improvement in import dwell time India Seatrade News - February 29 Top |
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Jawaharlal Nehru Port Trust (JNPT) has achieved significant improvement in overall dwell time, especially the import dwell time which has reduced from 55 hours in 2018-19 to 37 hours in 2019-20. Besides, the road dwell time has seen a reduction of 33 per cent and in rail by 45 per cent, said Chairman Sanjay Sethi. "These results have been achieved due to the consistent efforts by the port through three-pronged approach - improvement of infrastructure, simplification of processes and digitisation of activities," he said in a statement. Sethi said JNPT has been credited for India improving its ranking in the World Bank's Ease of Doing Business Index, under the 'trading across borders' segment to 68th position from 146 in a span of two years. "JNPT introduced direct port delivery and direct port entry facilities with the objective of expediting delivery of import and export containers and reduce the cost of transaction," he said. The port has also introduced inter-terminal movement of tractor-trailers which saves a significant amount of time and cost for the import-export community. Sethi said JNPT has roped in Zinka Logistics Solutions to operate transport solutions with the e-market platform. This helps in eliminating inefficiencies by reducing empty trailer movements between port and container freight stations, reduce empty container movements in the hinterland, cut truck idling time for fleet owners and ensure trucks availability to trade. "With measures such as these, JNPT is foraying ahead to become a gateway port of south Asia and navigating its energies in achieving the government's vision to transform JNPT into one amongst the best port globally," said Sethi. JNPT at Navi Mumbai is the biggest container handling port in India accounting for 52 per cent of the total containerised cargo volume. Ranked 28th among the top 100 container ports globally, it is connected to over 200 ports in the world. |
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VOC Port surpasses previous year's container traffic India Seatrade News - March 6 Top |
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V.O. Chidambaranar Port, the economic engine of Southern Tamil Nadu, has handled 7.41 Lakh TEUs of Containers as on 02 March 2020 and has surpassed previous financial year's Container Traffic of 7.39 lakh TEUs. According to a media statement, the port has achieved record container traffic of 7.41 Lakh TEUs on 02.03.2020 with a growth of 9.51% over traffic during the corresponding period of previous year (6.76 Lakh TEUs). Cargo imports and exports hit an all-time high at the V.O. Chidambaranar Port, Tuticorin during this financial year upto 02.03.2020, with 33.11 million tons of cargo moving through the Port. This represents 5.30 % increase over last financial year's corresponding performance of 31.44 Million Tonnes. Shri T.K. Ramachandran, IAS., Chairman, V.O. Chidambaranar Port Trust expressed immense pleasure and thanked the Container Terminal Operators, Container Shipping Lines, Container Freight Stations, Custom House Agents and officers and employees of the Port who have contributed to achieve this accomplishment. He further stated that "leveraging on its strategic location, Seamless road and rail connectivity, productivity of the terminal operators and efficient services, the pre-eminent seaport of Tamil Nadu in Container handling, will contribute to continued volume growth and propel the Port to greater heights." |
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Chennai Port handles largest limestone consignment Exim News Service - Chennai, March 1 Top |
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Chennai Port has handled its largest consignment of limestone till date. M.V. Scarlet Albetros, the Panama flag vessel carrying 76,000 tonnes of limestone, with an arrival draught of 14 metres, berthed at the port (Jawahar Dock-2) on February 28, 2020. The vessel had come from Fujairah, said a release. With the deepening of JD-2 berth to 14 metres, Chennai Port now has the capability to handle such high-capacity vessels, which are expected to increasingly berth in future. The Chairman, Chennai Port Trust congratulated the importer (JSW) and the port officials for the smooth berthing of the high-draught vessel, the report added. |
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Above information is only indicative and given in good faith. We have collected the above information from various secondary sources. We have tried our best to be as correct as possible. However, we cannot guarantee 100 % accuracy in the above data. Our company / group will not be responsible for any mistakes / inaccuracies which might have crept in inadvertently. |