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Policy & Economy News |
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Exports up again in Feb. India one of world's fastest growing large economies: IMF |
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Business News - The India Boom Factor |
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Iron ore imports surge Automakers invest around US$ 491 million in Indian start-ups in 2018 India and Africa should try to forge free trade pact: Prabhu |
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Shipping News |
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Liner Break-Bulk service Marhaba Express calling Port of Duqm RCL joins Partners in adding Kattupali call on RMB Service |
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Logistics News |
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South Central Railway registers record freight traffic volume Logistics market seen growing 10.5% a year, to reach US$ 215 bn by 2020: Study |
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Indian Port News |
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JN Port handles record cement in Feb. APM Terminals Mumbai & CMA CGM Group set new record by handling largest volume in a single port call Adani Group places order with VAHLE to upgrade Kattupalli Port World's Largest Cruise Liner - Queen Mary 2 - calls Chennai Port GMB Ports handles 7% higher cargo during April-February 2019 |
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Policy & Economy News |
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Exports up again in Feb. Exim News Service - New Delhi, March 17 Top |
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Set for record in fiscal Exports in February 2019 were $ 26.67 billion as compared to $ 26.03 billion in February 2018, exhibiting a positive growth of 2.44 per cent. In rupee terms, exports were Rs 1,89,931.49 crore (Rs.1.8 trillion) in February 2019 as compared to Rs 1,67,583.64 crore (Rs.1.6 trillion) in February 2018, registering a positive growth of 13.34 per cent. According to Commerce Secretary, Mr Anup Wadhawan, India is projected to achieve record exports of about $ 325-330 billion in 2018-19, surpassing the earlier peak of $ 314 billion in 2013-14. In February 2019, the major commodity groups of export showing positive growth over the corresponding month of last year were drugs and pharmaceuticals (16.11 per cent), RMG of all textiles (7.17 per cent), organic and inorganic chemicals (4.14 per cent), cotton yarn/fabs/made-ups, handloom products, etc. (2.25 per cent) and engineering goods (1.73 per cent). The cumulative value of exports for the period April-February 2018-19 was $ 298.47 billion (Rs 20,88,290.32 crore) as against $ 274.21 billion (Rs 17,65,895.27 crore) during the period April-February 2017-18, registering a positive growth of 8.85 per cent in dollar terms (18.26 per cent in rupee terms). Non-petroleum and non-gems and jewellery exports in February 2019 were $ 19.87 billion as compared to $ 18.90 billion in February 2018, exhibiting a positive growth of 5.14 per cent. Non-petroleum and non-gems and jewellery exports in April-February 2018-19 were $ 217.43 billion as compared to $ 201.95 billion for the corresponding period in 2017-18, an increase of 7.66 per cent. IMPORTS Imports in February 2019 were $ 36.26 billion (Rs 2,58,271.75 crore), which was 5.41 per cent lower in dollar terms and 4.66 per cent higher in rupee terms over imports of $ 38.34 billion (Rs 2,46,779.79 crore) in February 2018. Cumulative value of imports for the period April-February 2018-19 was $ 464 billion (Rs 32,46,190.43 crore) as against $ 422.76 billion (Rs 27,22,592.19 crore) during the period April-February 2017-18, registering a positive growth of 9.75 per cent in dollar terms (19.23 per cent in rupee terms). Major commodity groups of import showing negative growth in February 2019 over the corresponding month of last year were pearls, precious and semi-precious stones (-17.5 per cent), gold (-10.81 per cent), petroleum crude and products (-8.05 per cent), electronic goods (-6.48 per cent), and organic and inorganic chemicals (-0.44 per cent). CRUDE OIL AND NON-OIL IMPORTS Oil imports in February 2019 were $ 9.38 billion (Rs 66,774.46 crore), which was 8.05 per cent lower in dollar terms (1.73 per cent higher in rupee terms) compared to $ 10.20 billion (Rs 65,639.50 crore) in February 2018. Oil imports in April-February 2018-19 were $ 128.72 billion (Rs 9,01,538.30 crore) which was 31.98 per cent higher in dollar terms (43.57 per cent higher in rupee terms) compared to $ 97.53 billion (Rs 6,27,961.37 crore) over the same period last year. Non-oil imports in February 2019 were estimated at $ 26.89 billion (Rs 1,91,497.29 crore) which was 4.45 per cent lower in dollar terms (5.72 per cent higher in rupee terms) compared to $ 28.14 billion (Rs 1,81,140.29 crore) in February 2018. Non-oil imports in April-February 2018-19 were $ 335.28 billion (Rs 23,44,652.13 crore) which was 3.09 per cent higher in dollar terms (11.94 per cent higher in rupee terms) compared to $ 325.23 billion (Rs 20,94,630.82 crore) in April-February 2017-18. Non-oil and non-gold imports were $ 24.30 billion in February 2019, recording a negative growth of 3.72 per cent as compared to non-oil and non-gold imports in February 2018. Non-oil and non-gold imports were $ 305.73 billion in April-February 2018-19, recording a positive growth of 3.97 per cent as compared to non-oil and non-gold imports in April-February 2017-18, said a release. |
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India one of world's fastest growing large economies: IMF Press Trust of India - Washington, March 22 Top |
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India has been one of the fastest growing large economies in the world, the International Monetary Fund (IMF) has said, asserting that the country has carried out several key reforms in the last five years, but more needs to be done. Responding to a question on India's economic development in the last five years at a fortnightly news conference here, IMF communications director Gerry Rice Thursday said, "India has of course been one of the world's fastest growing large economies of late, with growth averaging about seven per cent over the past five years." "Important reforms have been implemented and we feel more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has," he said. Details about the Indian economy would be revealed in the upcoming World Economic Outlook (WEO) survey report to be released by the IMF ahead of the annual spring meeting with the World Bank next month, he said. This report would be the first under Indian American economist Gita Gopinath, who is now IMF's chief economist. "The WEO will go into more details. But amongst the policy priorities, we would include accelerate the cleanup of banks and corporate balance sheets, continue fiscal consolidation, both at centre and state levels, and broadly maintain the reform momentum in terms of structural reforms in factor markets, labour, land reforms and further enhancing the business climate to achieve faster and more inclusive growth," Rice said. |
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Business News - The India Boom Factor |
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Iron ore imports surge
Exim News Service - Mumbai, March 18 Top |
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India's iron ore imports have risen a whopping 157 per cent during April-December 2018, mainly attributed to higher logistics costs for sourcing it domestically and lower import duties, as per a report. Of the total imports of 11.75 million tonnes in 9M FY19, Australia's share was the highest at 57 per cent, more than triple compared to the corresponding period of last year, reports added. |
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Automakers invest around US$ 491 million in Indian start-ups in 2018
Business Standard - Chennai, March 20 Top |
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Automobile manufacturers have invested around $491 million in 2018 in Indian automobile industry start-ups, led by Essel Green Mobility's investment of $300 million into Bengaluru-based on-demand AC bus service provider Zipgo, according to market intelligence firm Venture Intelligence. There were 13 investments during the year. In 2018, Taiwanese two-wheeler manufacturer Kwang Yang Motor, known as Kymco, invested $65 million in Gurugram-based electric two-wheeler maker Twenty Two Motors, while auto major Mahindra and Mahindra invested $40 million in self-drive car company Zoomcar. Toyota Tsusho Corporation, the trading arm of Toyota Group, invested around $30 million in Droom Technology, the operator of India's largest online automobile marketplace by co-leading Series D fundraising of the company. The firms also concluded a pact on the overseas expansion of the used car and motorcycle marketplace business. |
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India and Africa should try to forge free trade pact: Prabhu
India Seatrade News - March 19 Top |
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India and Africa should examine if they can enter into a free trade agreement or preferential trade agreement, Commerce Minister Suresh Prabhu has said. Addressing a conference here, the minister said India's exports of services and merchandise together would touch a record $540 billion in the current financial year ending March 31, reflecting its robust economic fundamentals. "Please think about a free trade agreement between Africa and India. We can think about a preferential trade agreement....and the fundamental principle would be how Africa will benefit first and India later," he said, adding this could be another way of increasing Africa's share in the global marketplace. The India-Africa trade stands at $62 billion. India mainly exports pharmaceuticals, engineering and electronic products to Africa and imports natural resources and diamonds. According to the minister, India received record FDI inflows in the last fiscal, and the country's outbound investment flows are also increasing. Africa would be the preferred destination for Indian investments, Prabhu said. Commerce Secretary Anup Wadhawan said the balance of trade is in favour of Africa. In 2017-18, India's exports to Africa were valued at $24 billion, whereas India's imports from Africa were at $38 billion. He said there is a huge potential to expand India-Africa bilateral trade flow, towards which India should look to geographically diversify its ties with African countries, as also diversify the bilateral trade basket. Addressing the CII EXIM Bank Conclave on India Africa Partnership here Sunday evening, he said India is committed to working with Africa in areas prioritised by African countries in the spirit of 'Partners in Progress'. The minister added that even as India gears up to become a $5 trillion economy in the next few years, and a $10 trillion economy thereafter, the country endeavours to help Africa sustain its own economic growth momentum. He pointed out that while physical connectivity between the two regions is being strengthened, the opportunity to expand digital connectivity between India and Africa could obviate the need for widespread and capital-intense physical infrastructure connectivity. Keeping in view Africa's central location on the global map, India could help establish strong logistics linkages in the region, Prabhu said. He also highlighted the opportunities for deeper India-Africa bilateral cooperation and partnerships in agriculture and food processing, power projects, new and renewal energy development, skills development, among others. He added that Indian industry will extend all support to African nations to process natural resources in Africa itself. |
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Shipping News |
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Liner Break-Bulk service Marhaba Express calling Port of Duqm
Exim News Service - Duqm, March 17 Top |
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'Marhaba Express', a joint venture between Gold Star Line and SARJAK Container Lines, recently commenced its Liner Break-Bulk service connecting West Coast of India and the Arabian Gulf, namely, Nhava Sheva, Mundra, Duqm, Jebel Ali, Abu Dhabi, Shuhaiba, Umm Qasr, Dammam, Sohar and Nhava Sheva. The launch of this service is particularly important for Port of Duqm (PDC) since it not only enhances connectivity between PDC and the Indian Subcontinent, but also with other major ports inside of the Gulf. PDC was one of the ports of call in the port rotation for discharging steel pipes (approximately 500 mt) and loading project cargo (heavy lift). PDC loaded the heavy project cargo containing 3 low pressure (LP) separators which was manufactured by Special Technical Services (STS) Nizwa for a project in Kuwait. The dimension of each LP separator was 27.3 (L) x 6.4 (W) x 6.1 (H) metres and weighing approximately 160 mt. The second package of this project will be a bigger volume (322 mt x 2 units) and is likely to be loaded from Port of Duqm by mid of March 2019. PDC in the past has already proven its capability to efficiently perform the discharge of heavy lift project cargo of much bigger dimensions. However, for the first time PDC has proven its capability to efficiently perform a loading operation of a massive heavy lift cargo. Port of Duqm is endeavouring to be the most preferred multi-purpose port in the region, said a release. |
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RCL joins Partners in adding Kattupali call on RMB Service
Daily Shipping Times - Bangkok, March 20 Top |
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RCL is pleased to join its partners ONE, XPress Feeders and COSCO in merging the TCX and TSC services which are currently RCL will continue branding the service as RMB, while contributing the M.V. Felixstowe as its vessel contribution on the service. With the merger, an RCL spokesperson said that "The RMB will be the only direct service between Thailand and East Indian Ports of Chennai and Kattupalli. Both importers and exporters in Andhra Pradesh will enjoy a choice of discharge and loading ports whichever is more convenient and cost advantageous to their businesses".  |
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Logistics News |
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South Central Railway registers record freight traffic volume
Daily Shipping Times - Kolkata, March 22 Top |
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The South Central Railway (SCR) has registered a highest-ever freight traffic business so far. The freight loading in the current financial year as on March 18, 2019 was at 117.16 million tonnes. Previously, the zone had set a recorded in freight loading at 116.80 million tonnes in 2014-15. "The best ever freight traffic record of SCR's achievement has been possible to a significant extent on account of the heavy rise in demand for coal from power houses in the region,'' SCR said in a release. The transport of coal to various destinations for Singareni Collieries Company Ltd (SCCL), handling of freight loads to and from the Krishnapatnam Port Company Ltd (KPCL) located in South Coastal Andhra Pradesh, among others were instrumental in achieving higher freight traffic business by SCR. Similarly, around 27 million tonnes of cement has been transported by the zone in the current fiscal. Other commodities transported include fertilisers, imported iron ore, food grains and raw material for steel plants. The container traffic, petroleum oil lubricants and other goods also contributed to freight business. The freight earnings of the zone rose to Rs. 10,745 crore (Rs.107.4 billion) in the current fiscal 2018-19 till March 18, 2019 as against Rs. 8,331 crore (Rs.83.3 billion) during 2017-18. |
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Logistics market seen growing 10.5% a year, to reach US$ 215 bn by 2020: Study
Business Standard - Bhubaneshwar, March 19 Top |
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The market size of the logistics sector is seen climbing to $215 billion by 2020, logging 10.5 per cent compounded annual growth rate (CAGR) over 2017. The logistics sector earned the 'infrastructure' status in 2017 when its market size was estimated at $160 billion. A study by the India Brand Equity Foundation (IBEF) pegs annual investments in the logistics sector to reach $500 billion by 2025. Between 2018 and 2020, the warehousing segment is poised to receive Rs 50,000 crore (Rs.500 billion) investments. The logistics and warehousing sector will get a fillip with the foray of Hiranandani Group, pledging Rs 2,500 crore (Rs.25 billion) investments on two projects in 2019. In 2017, the logistics sector absorbed 22 million people. Employment is expected to surge to 40 million by 2020. Traditionally, steep logistics costs are a grave concern in India. By the end of 2017-18, logistics expenses accounted for 14 per cent of the GDP. The share is set to shrink to 10 per cent by 2022. Logistics costs in India exceed those in other countries. The figure is higher compared to 10-11 per cent for BRIC countries and eight to nine per cent for developing nations. USA spends 9.5 per cent of the GDP on logistics while Germany is even more competitive with a share of eight per cent. Higher logistics costs in India could be ascribed to the lack of efficient inter-modal and multi-modal traditional systems, As of now, the logistics sector is dominated by transportation which has over 85 per cent share in value terms- its share is set to remain high for the next few years. The rest 15 per cent share is borne by storage. The sector is employment intensive, absorbing 22 million people. Logistics costs have a significant bearing on exports. It is estimated that slashing logistics costs by 10 per cent could widen exports by five to eight per cent. Currently, the Indian logistics industry is highly fragmented and unorganized. Owing to the presence of numerous unorganised players in the industry, it remains fragmented with the organized players accounting for approximately 10 per cent of the total market share. With the consumer base of the sector encompassing a wide range of industries including retail, automobile, telecom, pharmaceuticals and heavy industries, logistics industry has been increasingly attracting investments in the last decade. Also, the logistics industry faces challenges such as under-developed material handling infrastructure, fragmented warehousing, multiple regulatory & policy making bodies, lack of seamless movement of goods across modes, minimal integrated IT infrastructure. In order to develop this sector focus on new technology, improved investment, skilling, removing bottlenecks, improving inter-modal transportation, automation, single window system for giving clearances, and simplifying processes would be required. |
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Indian Port News |
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JN Port handles record cement in Feb. Exim News Service - Navi Mumbai, March 17 Top |
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Jawaharlal Nehru Port Trust (JNPT), the premier container port in the country, continues to upscale its growth trajectory and has notched up another milestone achievement. It has handled over 1,13,560 MT of coastal cargo cement at the shallow water berth in February this year. This is a record handling of cement in a month, surpassing the earlier highest of 1,03,500 MT achieved in the same month last year at JN Port. This was possible only due to efficient bowsers movement by UltraTech Cement, vessel agent J. M. Baxi & Co. and the operational excellence of the Traffic Department at JNPT that enabled faster turnaround of the vessel and thus maximised the output at the shallow water berth, said a release. |
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APM Terminals Mumbai & CMA CGM Group set new record by handling largest volume in a single port call Exim News Service - Navi Mumbai, March 18 Top |
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APM Terminals Mumbai, India's busiest container terminal, has achieved yet another milestone. It set a new national record for handling/servicing the largest volume exchange in a single port call-11,026 TEUs on March 12, 2019. Working closely with the CMA CGM Group India Operations team, APM Terminals Mumbai set this new Indian container terminal operation record on the CMA CGM-owned M. V. APL New York during a single port call. This milestone once again reaffirms APM Terminals Mumbai's commitment to India's ex-im trade. The new record is a testimony to the terminal's customer-centric, safe and productive operational credentials, emphasised a release. Commented Mr Ravi Gaitonde, COO, APM Terminals Mumbai: "We would like to thank CMA CGM India for believing in the terminal's capability to execute this operation as per their requirement. It is our constant endeavour to deliver on our customer expectations." He added, "This national record is a fine example of excellent collaborative efforts by the operations team, commercial team and all the support functions at APM Terminals Mumbai. They have efficiently and smoothly handled the gate, yard and vessel operations in close coordination with the operations team at CMA CGM." Mr Ugo Vincent, Managing Director, CMA CGM Agencies India, added: "The CMA CGM Group is proud to achieve this national record-breaking number of 11,026 TEUs (7,179 container moves) of cargo handling with the APL New York, in close association with APM Terminals. This achievement confirms the Group's commitment to India's economic development and to spur the country's growing role in world trade." |
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Adani Group places order with VAHLE to upgrade Kattupalli Port Daily Shipping Times, Ahmedabad, March 22 Top |
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WESTOCKER / AHMEDABAD: The Adani Group, biggest private port operator in India, has placed an order with VAHLE for the retrofit of 18 aisles and 15 RTG for the Port of Kattupalli. The project includes 3 kms of the 4-pole vCONDUCTOR U35 conductor system as well as 3 km of positioning system. The modification including commissioning is planned for late summer 2019. In the meantime, the Adani Group has commissioned the retrofit of 14 further aisles. The Trimotion system is remote control ready and only the vCOM data rail SMGX needs to be added. After retrofitting of 15 RTG cranes, the Port of Kattupalli, Member of Adani Group, is the first container terminal of its kind in India. From now on it is possible to handle fully automated and remote controlled the containers inside the alleys. |
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World's Largest Cruise Liner - Queen Mary 2 - calls Chennai Port Daily Shipping Times - Chennai, March 20 Top |
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CHENNAI: The Cunard's flagship Queen Mary 2, the world's largest ocean cruise liner, a Bermuda flag cruise called at the Chennai Port on 17th March 2019 with 2,258 passengers and 1,255 crew on board. Of these, 29 passengers embarked and 74 passengers disembarked. The luxury cruise liner arrived with guests from the United Kingdom (UK), United States (US), Australia, Germany, Canada New Zealand and other countries. Under the command of Capt Christopher Wells, the ship arrived from Langkawi, Malaysia, Chennai, and sailed to Kochi the same day. With a gross tonnage of 148,528 tonnes, the post-Panamax ship having served as the flagship of the Cunard Line. Queen Mary 2 is 345 meters long, 48.7-meter breadth and has a draft of 10.3 meters. The facilities on the ship include fifteen restaurants and bars, five swimming pools, a casino, a ballroom, a theatre, and the first planetarium at sea, and has eight decks with 1,363 cabins, stated a press release from Chennai Port Trust. |
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GMB Ports handles 7% higher cargo during April-February 2019 Daily Shipping Times - Gandhinagar, March 19 Top |
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The Gujarat Maritime Board (GMB) Ports registered a strong growth over 7% between April-Feb of FY19 compared to the same period of the preceding year. During the period GMB Ports handled 360.63 MMT of cargo. Nearly 91.97% of crude oil was handled accounting for about 25.5%. In fact, from meagre 3% in 1982-83, traffic at GMB Ports have consistently increased and during 2016-17 Non Major Ports of Gujarat handle about 31% of total national traffic. During the same period, share of Major Ports has decreased from 94% in 1982 to 57% in 2016-17, whereas Gujarat's share accounts for 71.3% of traffic for Non-Major Ports of India in 2016-17. During 2017-18, GMB Ports grew by 7.24% and had handled 371 MMT of cargo. The Major Ports grew by 4.77% during this term and handled 679.3 MMT of cargo. Gujarat Maritime Board (GMB) has established itself as maritime leader in port development, privatisation and specialised cargo handling in India. It is also the first Maritime Board of the Country which was created up in 1982 with a vision "To enhance and harness ports and international trade as vehicles for economic development. With foresighted thinking and strategically located longest coastline of 1600 kms, GMB charted a different and unexplored route of port development in 1980s. This was the era when major ports enjoyed monopoly over sea freight, with very little or no port capacity with State Governments. |
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Corporate Office:
106/107, Technopolis Knowledge Park, Mahakali Caves Road, Chakala, Andheri (E), Mumbai - 400 093, India Tel:+91 22 66775000 Fax:+91 22 66775050 Email:corporate@samsaragroup.com |
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Disclaimer:
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. |