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Policy & Economy News |
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Exporters looking forward to PM for reforms, stability & stronger economic growth, says FIEO President India's economic growth to gain pace due to strong domestic demand & policy changes, says report India to remain world's fastest growing economy |
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Business News - The India Boom Factor |
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India's coal import up in April India-China trade set to cross USD 100 billion this year: Senior Indian diplomat |
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Shipping News |
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Iran & India launch third direct shipping route connecting Qeshm & Kandla |
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Logistics News |
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Facilitation, logistics of trade may get separate department |
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Indian Port News |
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JN Port going from strength to strength as it completes 30 years Paradip Port completes movement of a record 30 vessels within 24 hours APSEZ handles record 208 MMT |
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Policy & Economy News |
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Exporters looking forward to PM for reforms, stability & stronger economic growth, says FIEO President Exim News Service - MUMBAI, May 26 Top |
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While congratulating the Prime Minister, Mr Narendra Modi, on his landslide victory in the just-concluded general elections, the FIEO President, Mr Ganesh Kumar Gupta, said that the exporting fraternity was looking forward to his continuous guidance and support encompassing economic growth, and sustainable and inclusive development for all based on robust fundamentals, said a release. Mr Gupta pointed out that the PM's leadership had energised the trade and industry, further assuring the continuity of reforms, stability and stronger economic growth towards a more resurgent, powerful and new India. The historic win has created a strong mandate for his developmental and reform agenda and the country has been placed globally at a very high platform, he added. Moreover, a stable government will further enhance the investment climate and propel the economy towards higher trajectory, he stressed. The government plans to prepare a list of the issues to take up during the first 100 days in office, with emphasis on efficiency, delivery systems, implementation and resolving of all pending issues urgently, said the release. |
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India's economic growth to gain pace due to strong domestic demand & policy changes, says report Exim News Service - New Delhi, May 27 Top |
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Despite rising trade conflict between the US and China spilling onto the global scene and policy uncertainties growing, India's economic growth is set to gain pace over the next two years due to strong domestic demand and policy changes, say reports released by the United Nations (UN) and the Organisation for Economic Cooperation and Development (OECD). The Indian scenario is seen as different from the global one. Despite downward revisions, growth in India remains strong amid robust domestic demand, reports say. |
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India to remain world's fastest growing economy Exim News Service - Paris, May 30 Top |
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A recent report by the Organization for Economic Cooperation and Development (OECD) sees India's status as the world's fastest growing economy widening in the coming two years as the Chinese economy is impacted by its escalating trade war with the US. As the Modi-led government takes charge for a second term, with the economy as a top priority, India's GDP is estimated at about 7.25 per cent in 2019 and rising to 7.5 per cent by 2020, according to OECD. "India has the fastest growth among G20 economies. Accommodative monetary policy and additional fiscal support will boost economic growth despite subdued demand from partner countries," the report said. This will be aided by higher domestic demand, fiscal and quasi-fiscal stimulus, including new income support measures for rural farmers, and recent structural reforms. At the same time, a fall in oil prices and the appreciation of the rupee will reduce pressures on inflation and the current account deficit, the report added. |
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Business News - The India Boom Factor |
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India's coal import up in April
Exim News Service - NEW DELHI, May 30 Top |
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India's coal import increased by 13.4 per cent to 20.72 million tonnes (mt) in April 2019 compared to 18.27 mt in the same month last year. Of the total imports during April 2019, non-coking coal or thermal coal shipments were at 15.08 mt, according to provisional data by m-junction services, said a report. Imports of coking coal used in iron and steel making were 3.52 mt in April while metallurgical coke imports during the month amounted to 0.22 mt. m-junction, a joint venture of Tata Steel and SAIL, is a B2B e-commerce company that also publishes research reports on coal and steel verticals. Coal and coke imports during 2018-19 increased by 9.66 per cent to 235.35 mt as compared to 214.61 mt imported in 2017-18, the latest m-junction data showed. Meanwhile, the government has urged state-run Coal India to achieve self-sufficiency in production so as to eliminate import of thermal coal. The government has set a target of 1 billion tonnes of coal production by 2019-20 for the company, as per the report. |
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India-China trade set to cross USD 100 billion this year: Senior Indian diplomat
Economic Times - Beijing, May 31 Top |
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India has further liberalised e-visa rules for Chinese businessmen as the bilateral trade is set to cross USD 100 billion this year, a senior Indian diplomat here said on Friday. The India-China bilateral trade last year touched a historic high of USD 95.54 billion, according to the official data released by China early this year. The trade deficit in 2018, according to the data, climbed to USD 57.86 billion from USD 51.72 billion in 2017. "We are glad that our bilateral trade will cross the significant mark of USD 100 billion this year," India's Deputy Ambassador in China Dr Acquino Vimal said while addressing an event on 'India-China business forum, exploring opportunities, enhancing cooperation' specially in the IT sector. A large number of Chinese investors and Indian IT firms based in China attended the get-together organised by NASSCOM -- a trade association of Indian Information Technology (IT) and Business Process Outsourcing (BPO) industry -- and the Indian embassy. "Closer development partnership between India and China has been growing steadily for the last several years. Since the last 20 years, the scale and profile of bilateral trade and investment between India and China has increased several folds. "This has been further strengthened in April 2018, when Wuhan witnessed the first Informal Summit between our Prime Minister (Narendra) Modi and President Xi Jinping. This Summit has provided a fresh impetus to our growing bilateral engagement," Vimal said. As a result, the number of visits by trade and investment delegations have increased and the comfort and trust levels have improved, he said. "This is demonstrated in the increase in the number of visas we have been issuing in the last few months. In order to ensure that such engagement is promoted and encouraged, I'm happy to inform that we have further liberalised visas for Chinese travellers to visit India by the introduction of 'electronic visa' facility," the Indian diplomat said. Since March 2019, the e-visa facility for Chinese businessmen has also been expanded. "We are now issuing one-year multiple entry e-business-visa, with a provision to stay up to 183 days without any registration with local authorities. This has considerably eased the travel of Chinese businessmen to India. I'm sure that the Chinese companies will benefit from this," he said. Over and above the large IT companies of India, the Indian IT companies in the small, medium size sector have also developed a niche space for themselves by developing expertise in highly-specialised areas of manufacturing, automation and Artificial Intelligence (AI), he said. Their collaboration with companies in China, who are looking at various IT products and solutions to make them more efficient and competitive, is a clear opportunity for a win- win solution, Vimal said. Senior Director at NASSCOM Gagan Sabharwal made a presentation on the three IT corridors -- Dalian, Guiyang and Suzhou to promote India-China collaboration. The corridors connect the Indian IT/IT-enabled companies, specially small and medium sized ones with Chinese companies looking at potential partners from India in this field. The IT corridors have a strong and dynamic AI-enabled online platform called the 'Sino-Indian Digital Collaboration Plaza (SIDCOP)," Vimal added. |
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Shipping News |
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Iran & India launch third direct shipping route connecting Qeshm & Kandla
Exim News Service - Tehran, May 28 Top |
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As per reports in the Iranian media, Iran and India have launched their third direct shipping route to connect the former's port city of Qeshm to Kandla. An Indian vessel delivered 13,000 tonnes of goods from India to the Iranian port to officially inaugurate the Qeshm-Kandla route, reports said. The first shipping route between the two countries was operationalised in 2017 between Iran's strategic Chabahar port, which India is developing, and Mumbai. This was followed, in January 2019, by the launch of the second direct shipping route through Mumbai, Mundra, Kandla, Chabahar and finally Bandar Abbas in southern Iran. With this new shipping route, more goods and agricultural products are expected to be shipped between the two countries, the reports added. Also, Afghanistan is part of a trilateral transit agreement with Iran and India, which facilitates movement of goods to the country through Iranian ports. |
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Logistics News |
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Facilitation, logistics of trade may get separate department
Economic Times - New Delhi, May 28 Top |
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The commerce and industry ministry has proposed creation of a separate department for trade facilitation and logistics for better coordination among different government agencies. In its 100-day agenda for the new government, the ministry said, "Economic Advisory Council to the Prime Minister (PMEAC) has also recommended the same. This will lead to better coordination." At present, the logistics division in the Department of Commerce is mandated to develop an action plan for the logistics sector in the country, by way of policy changes, improvement in existing procedures, identification of bottlenecks and gaps, and introduction of technology. However, there is no single department to look at all the aspects related to logistics covering various modes of shipment such as sea, roads and railways. India's logistics and transportation costs are pegged at 14.4% of the gross domestic product, much higher than China's 8%. In January, the PMEAC had suggested setting up of a separate logistics department to boost the transport sector and to improve ease of doing business. The 10-point action plan has also proposed rolling out policies on national and multi-modal logistics, integrated national logistics action plan, and logistics planning and performance management tool. As per the plan, a Multi-Modal Transportation of Goods (MMTG) Bill will be introduced in Parliament to replace the existing MMTG Act, 1993. The new bill would introduce concepts such as regulation of self-regulatory agencies and facilitation of smooth movement of products for both domestic consumption and foreign trade. |
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Indian Port News |
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JN Port going from strength to strength as it completes 30 years Exim News Service - Navi Mumbai, May 27 Top |
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As it celebrated 30 wonderful years of successful operations, Jawaharlal Nehru Port Trust (JNPT), now led by Mr Sanjay Sethi, IAS, as Chairman, continues to grow from strength in volumes and all other respects as it consolidates its position as India's No. 1 container handling facility and port for international trade. After 2018-19's record 5.13 million TEUs, crossing the 5-million TEU mark for the first time, JN Port lost no time in beginning the new fiscal on a high note by handling 4.31 lakh TEUs of container traffic in April 2019. This was 3.90 per cent more than the throughput handled in the corresponding month of the previous fiscal. The port also showed its prowess in handling non-containerised cargo, registering an all-time high bulk cargo throughput of 8.5 million tonnes in 2018-19. This was a 5.58 per cent increase over 2017-18. Its total overall throughput was over 70 million tonnes in the just-concluded fiscal, inclusive of bulk and liquid. In December 2018 alone, it had handled 4.45 lakh TEUs, the highest volume of containers handled in a single month at the port. Ease of doing business initiatives of the port have also found favour with the trade. In March 2019, it routed more than half of its container traffic, at 51.75 per cent, through Direct Port Delivery (DPD) services. This will significantly enhance port operational efficiency and cut time and cost for the ex-im community. As regards another facilitation, till date over 7 lakh trucks have completed more than 9 lakh transactions through inter-terminal transfer of tractor trailer (ITT) services since the start of the service. Besides, it is the only Indian container port to be listed amongst the Top 30 container ports globally, as per the recent Lloyds Report. JNPT notched up five spots, to be 28th on the list, compared to its previous ranking. JNPT has also launched its App service to facilitate better tracking and ease the trade process for its ex-im partners. The App will allow traders to access all the relevant information about their consignment and port-related updates regarding traffic and weather, on their fingertips. The App will keep updating the relevant information at regular intervals so that traders are abreast with the latest updates. It is available on Android and iOS. Besides, as part of the effort to automate procedures and digitalise processes, JN Port has discontinued Manual Form 13 and Form 11 and now has e-versions. It also has RFID-enabled gate automation systems in order to provide faster and efficient entry/exit for container trucks. And it plans to further enhance efficiency with the addition of 3 mobile scanners and a drive through scanner equipped with the latest technology. Looking ahead, JNPT is already on a major expansion drive with some key projects like the ongoing work on the second phase of the mega 4th terminal, developing a centralised parking plaza, improving the port-connecting roads, widening of highways and development of coastal berth. The port is also implementing specific processes at the operational level to make it standardised and more efficient across terminals, among many other initiatives in the pipeline. India is gaining precedence as a favourable trade destination and the initiatives at JNPT have been credited for helping the country improve its position in the World Bank Ranking in trading across the borders from 146 to 80, a jump of 66. A port communique on the occasion of completing 30 glorious years of continuous growth and excellence to serve the maritime industry, thanked all the stakeholders and the ex-im community for extending their support that enabled JN Port to achieve its goals. It emphasised that this three-decade journey has seen innumerable milestones and success stories, facilitating the port to handle over 50 per cent of the total container traffic among all major Indian ports. |
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Paradip Port completes movement of a record 30 vessels within 24 hours Exim News Service - Paradip, May 28 Top |
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Paradip Port has added another feather to its cap by successfully completing the movement of a record 30 vessels within 24 hours, beginning from 7.30 am on May 27, 2019 till 7.30 am on May 28. This includes 10 incoming vessels, 9 outgoing vessels, 3 shifting of vessels and 8 shipping support vessels. Such shipping movement has been contributing enormously to the increasing cargo throughput of the port. At present, 39 vessels are waiting at anchorage to enter the harbour. The previous high stood at 27 vessels in a period of 24 hours on October 15, 2018. This record achievement was made possible by the responsive Harbour Master, marine pilots and staff of PPT, as also the able guidance of Capt. Atulya Kumar Mohapatra, Deputy Conservator, PPT, shipping agents, exporters and importers, and the cooperation extended by the Traffic Department. Paradip Port is now gearing up to enhance its cargo throughput further, as it vies for the coveted top position in the country, with a slew of infrastructure and modernisation initiatives. Last fiscal, it had clocked an impressive 109.27 million tonnes of cargo traffic and secured the 2nd position among the Major Ports. The target for this fiscal is 120 million tonnes, said a release. |
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APSEZ handles record 208 MMT Exim News Service - Ahmedabad, May 29 Top |
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Adani Ports has achieved a record cargo volume of 200 MMT at its ports throughout India. Some operational highlights: * Cargo volume grew by 15 per cent. * Ports across western & southern regions reported strong growth. While Mundra-the flagship port of APSEZ grew by 13 per cent, Hazira and Dahej grew by 16 per cent and 30 per cent, respectively. The southern port of Kattupalli registered a growth of 18 per cent. * Ennore Port in Chennai commenced commercial operations in October, 2018 and handled 57,000 boxes in FY19. * Cargo volume across the four terminals located in major ports, namely, Tuna, Goa, Vizag and Ennore grew exponentially. Terminals at these ports together handled 12 MMT, a growth of over 127 per cent over FY18. * All segments of cargo registered significant growth. While coal grew by 17 per cent, container grew by 13 per cent, crude grew by 31 per cent and bulk cargo other than coal registered a growth of 9 per cent. * During the year, four new services were added at its various ports, said a release. |
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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. |