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Policy & Economy News |
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India already received $13 billion foreign capital inflows: Goldman Sachs Trading with World : Export Promotion Schemes provided by Govt to boost exports from India |
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Business News - The India Boom Factor |
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GSP roll-back: Exports of goods under tariff system to US up 32% India, Russia to boost ties to achieve $30 bn bilateral trade by 2025 : Piyush Goyal Daimler India exports 25,000 commercial vehicles as global demand grows |
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Shipping News |
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Cochin Shipyard launches RO-PAX Vessels for Inland Waterways Authority of India Panamax rates seen rising supported by strong demand for coal import from India |
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Logistics News |
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FFFAI calls for collaboration with Nepal Freight Forwarders Association to increase bilateral trade Leasing of warehousing spaces jumps 31% in first half of 2019 |
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Indian Port News |
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Mansukh Mandaviya visits JNPT for an overview on the port; lays foundation for additional liquid cargo jetty VPT's existing Container Terminal expansion to be ready by Mar, 2021: Dy Chairman |
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Policy & Economy News |
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India already received $13 billion foreign capital inflows: Goldman Sachs Daily Shipping Times - Mumbai, August 14 Top |
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Goldman Sachs India Securities said India has already attracted $13 billion net foriegn funds so far this year and expects the trend to continue. "India has already attracted net capital inflows of about $13 billion so far this year which contrasts with net outflows of $11 billion last year and I expect that trend to continue," the US broking firm's Chief India Economist Prachi Mishra said in the latest episode of the firm's Exchanges at Goldman Sachs podcast. She said foreign investors' appetite for Indian assets has swelled this year, buoyed by Prime Minister Narendra Modi's decisive general election victory in May. Given the Government's strong majority in Parliament, asset managers are anticipating sweeping structural reforms in areas like land use and labour to boost growth, Mishra added. According to Mishra, average GDP growth in India over this decade has been about 7 per cent a year, and three-quarters of that is attributable to consumption. |
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Trading with World : Export Promotion Schemes provided by Govt to boost exports from India Daily Shipping Times - Mumbai, August 16 Top |
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After the "Make in India" initiative by the Modi Government, Indian exports have increased manifold. There are numerous export schemes, financial aids and other benefits provided by the Government of India to exporters which have led to this increase in exports. The following are the various export schemes provided by the Government of India so that the Indian economy grows with a corresponding increase in foreign exchange reserves:
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Business News - The India Boom Factor |
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GSP roll-back: Exports of goods under tariff system to US up 32%
Daily Shipping Times - New Delhi, August 13 Top |
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Exports of Indian goods, which were enjoying benefits under the preferential tariff system GSP, to the US registered a growth of 32 percent in June, according to Trade Promotion Council of India (TPCI). The US rolled back export benefits to over 1,900 Indian goods from June 5. These incentives were provided by America under its Generalised System of Preference (GSP) programme. Citing the data from the United States International Trade Commission (USITC), it said the Indian exports to the US of those goods which were getting GSP benefits stood at $657.42 million in June as compared to $495.67 million in the same period last year. "India's exports to the US on GSP withdrawn products has registered 32 percent growth in June 2019 as compared to the same month last year," TPCI Chairman Mohit Singla said in a statement. This is a very interesting trend as out of $190 million value of GSP benefit claimed earlier, the growth has already covered $161.74 million, month on month for June 2019 compared to last year, leaving a thin margin of US $28.26 million only, he said. The major products which have shown increase in exports include plastics rubber, base metals (aluminium), machines and equipments, transport equipment, hides and leather, Pearls and precious stones. This is a clear indication that Indian products have the full potential to compete globally and not solely dependent on support, contrary to the perception, Singla said. TPCI is a strong advocate of the phasing of subsidies and reducing Government support. He said the need is to incentivise new sunrise sectors like furniture and electrical, by creating a cluster-based mega ecosystem, which can churn export growth completely. The era of continuing fixation of labour incentive sectors should be over, as their growths have already flattened, despite sustained support, he said. India exported goods worth $6.3 billion to the US in 2018 under their export incentive programme. |
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India, Russia to boost ties to achieve $30 bn bilateral trade by 2025 : Piyush Goyal
Daily Shipping Times - New Delhi, August 14 Top |
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India and Russia have called for diversifying and deepening of economic ties in priority sectors to meet the bilateral trade target of $30 billion by 2025, the Commerce Ministry said recently. This was emphasised upon by Russia's Deputy Prime Minister. Yuri Trutnev and Commerce and Industry Minister Piyush Goyal during a business session from August 11-13 in Vladivostok, Russia. A delegation including Chief Ministers of Haryana, Gujarat, Uttar Pradesh and Goa and about 140 Indian companies was led by Goyal at the session. He urged companies of both countries to discuss partnerships directly and come up with concrete project proposals. The Ministry said in a statement that a number of MoUs were signed between regions of the Russian. Far East and five States of India to expand and strengthen cooperation in the areas of trade. |
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Daimler India exports 25,000 commercial vehicles as global demand grows
IBEF - August 14 Top |
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Daimler India Commercial Vehicles (DICV) on Tuesday announced that it had exported 25,000 vehicles from India. The milestone vehicle, a Fuso FJ 1823R, was shipped to Saudi Arabia. The company said that its Oragadam plant, in Chennai, is the only location worldwide which produces engines, transmissions, trucks and buses catering to four brands - BharatBenz, FUSO, Mercedes-Benz and Freightliner. "The milestone of crossing 25,000 units in exports illustrates the demand & acceptance of our products in global markets. It stands testimony to the quality and efficiency of the products that are built in India by Daimler. With new markets constantly getting added to our export fold, our Indian operations will continue to play a strategic role in Daimler's growth story," said Satyakam Arya, MD and CEO, DICV. DICV's exports increased by 8 per cent to 7,054 trucks in 2018 as compared to 6,553 units in 2017. Its parts business has also grown with over 100 million parts being exported to other Daimler entities. DICV also has a warehouse capacity spread over 2,195 sqm that has a monthly pallet handling capacity of 3,000 and container handling capacity of 100 at its facility in Oragadam. The company now supplies vehicles to 50 countries in Africa, Latin America, the Middle East, and Asia - Chile, Ivory Coast, Cameroon, Rwanda, Ghana and Egypt to name a few. Overall, more than 25,000 vehicles have been delivered since the start of DICV's exports business in 2013. |
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Shipping News |
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Cochin Shipyard launches RO-PAX Vessels for Inland Waterways Authority of India
Daily Shipping Times - Kochi, August 13 Top |
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The launching of two Ro Pax vessels designed and built by Cochin Shipyard Limited, for Inland Waterways Authority of India was held on 08 August 2019. The ceremony was attended by Senior Officials of IWAI in the presence of Directors of Cochin Shipyard Limited and employees of Cochin Shipyard Limited. Dr Asha Paul, W/o Shri Mathew George, Director, IWAI and Smt Mini C C, W/o Shri Suresh babu NV, Director(Operations), CSL launched the vessels. The vessels launched at present are the third and fourth vessels in the series of 10 vessel order from IWAI. Cochin Shipyard is building a total of 8 Nos. Ro Pax vessels and 2 Nos Ro-Ro vessels for Inland Waterways Authority of India. IWAI nominated CSL for the construction of these vessels, which will be operated in strategic locations in National Waterways 1&2. These vessels can accommodate around 200 passengers and will have 8 crews and can carry 2 trucks and 4 cars. It is equipped with all the life saving equipments and is built as per the IRS standards. The Company signed contracts for 4 Nos. of Mini Bulk Carriers with Utkarsh Advisory Services Pvt. Ltd. (Part of JSW group) for their Indian coastal operations. These vessels are to be delivered during the period August to December 2020. CSL has also set ambitious plans of expanding geographically and has commenced its ship repair operations at Mumbai Port Trust. |
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Panamax rates seen rising supported by strong demand for coal import from India
Exim News Service - MUMBAI, Aug. 15 Top |
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As the Indian government plans to invest heavily in infrastructure, the recent firmness in coal imports, which has been the main reason for increased rates in the Panamax market, is likely to continue, says a report. Over the next five years, the demand for electricity in India is expected to expand at an increasing pace and demand for non-coking coal will remain high because of the low penetration of gas-fired and renewable-based power plants. Meanwhile, the government's focus on infrastructure development will generate additional demand for steel, in turn increasing imports of coking coal. The Finance Minister, in her Budget speech in July, had proposed investment of $285 billion annually over the next five years on infrastructure-a surge of more than 150 per cent compared with past investment. Also, the government has allocated the highest-ever budgetary support of $12 billion to the highways sector. Some of the other major infrastructure initiatives planned over the next few years include the dedicated freight corridor, urban transportation projects through the PPP model, affordable housing projects, commitment of fresh investment in electric vehicles, and impetus on a national-level water and gas grid through the 'One Nation One Grid' initiative. These initiatives are expected to result in a massive surge in demand for steel, cement and power, with the spurt in demand for cement already generating huge requirements for non-coking coal imports this year, as per the report. |
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Logistics News |
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FFFAI calls for collaboration with Nepal Freight Forwarders Association to increase bilateral trade
Exim News Service - Kathmandu, Aug. 12 Top |
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Speaking at the Silver Jubilee celebration function of Nepal Freight Forwarders Association (NEFFA), held on July 29, 2019 in Kathmandu, Mr S. Ramakrishna, Chairman, Federation of Freight Forwarders' Associations in India (FFFAI), urged for greater collaboration between FFFAI and NEFFA for mutual benefit and enhancement of bilateral trade. On this occasion, the FFFAI Chairman recommended the following points: * FFFAI and NEFFA should work together in disseminating the best practices of each country. * Both the associations should boldly speak about the difficulties that each border faces and how to mitigate the same, by representing jointly to each government for which FFFAI stands committed. * On inland waterways, there should be a meeting participated by India, Nepal and Bangladesh, and freight forwarders, and a joint proposal should be given to all governments to extend the treaty, which already exists with Bangladesh, to Nepal too, especially for Jogighopa and Pandu Multimodal Logistics Parks being opened up in North-Eastern India. * Both FFFAI and NEFFA should have mutual cooperation and trust to help each other in recovery / settlement of payment issues. Currently, freight forwarders in Nepal are concerned over irrational charges levied by shipping lines operating container services on the India-Nepal route, including labour charges, additional surcharges and demurrage charges, resulting in increase in logistics cost. In addition, congestion at dry ports and exorbitant registration charges for use of government's cargo tracking system remain other areas of concern, said a release. Earlier, on July 28, Mr Ramakrishna attended the India-Nepal Logistics Summit where discussions were held on infrastructure developments, issues related to transit time between Nepal and Indian ports, warehousing facilities in Nepal, issues related to tariffs charged by logistics service providers, and requirement of automation of Customs and border clearance, the release added. |
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Leasing of warehousing spaces jumps 31% in first half of 2019
India Seatade News - Mumbai, Aug. 12 Top |
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Leasing of warehousing spaces went up by 31 per cent to over 13 million sq ft across eight major cities in the first half of this year, while investment of more than USD 200 million was witnessed in the industrial and logistics real estate segment, according to property consultant CBRE. The demand for warehousing/logistics space was driven by third-party logistics firms, which absorbed 56 per cent of the total space, CBRE said in its report 'India Industrial and Logistics Market View H1 2019'. Mumbai, Chennai and Bengaluru accounted for more than 60 per cent of leasing activity. Logistics leasing in the country recorded a growth of 31 per cent on a yearly basis, crossing 13 million sq ft, CBRE said in the report. The cities tracked in the report are -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad. "We expect logistics leasing activity to strengthen owing to consolidation/expansion by occupiers," said Anshuman Magazine, Chairman and CEO - India, South East Asia, Middle East and Africa at CBRE. According to the report, third-party logistic players contributed close to 56 per cent of total absorption during H1 2019. On the supply side, about 11 million sq ft space was added in H1 2019, led by Mumbai, Chennai and Ahmedabad. "Domestic corporates drove demand with a share of about 85 per cent of leasing as compared to about 67 per cent in H1 2018," said Jasmine Singh, Executive Director, Advisory and Transaction Services, CBRE India. Sustained occupier interest in locating in quality developments resulted in rental growth of about 5-40 per cent in NH-1 and NH-8 in NCR; about 3-24 per cent in Eastern and Western Corridors in Bangalore; about 12-18 per cent in Western and Southern Corridors in Hyderabad; about 5-7 per cent in Western Corridor II and Northern Corridor in Chennai and about 3-6 per cent in Narol in Ahmedabad on a half-yearly basis. On the outlook, CBRE said that the "logistics sector is experiencing unprecedented structural shifts in the form of automation, leading to the blurring of lines with the retail sector, the transformation of supply chains and growing investments." As technology permeates the sector, demand for quality space is increasing and corporates across segments are opting for large, modern warehouses, it added. CBRE expects that the trend of e-commerce platforms owning and operating their own facilities will result in more built-to-suit facilities, thereby taking off some pure leasing from the market. |
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Indian Port News |
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Mansukh Mandaviya visits JNPT for an overview on the port; lays foundation for additional liquid cargo jetty Exim News Service - Mumbai, Aug. 12 Top |
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Mr Mansukh Mandaviya, Minister of State for Shipping (Independent Charge), Chemicals & Fertilizers, GoI, made his first visit to Jawaharlal Nehru Port Trust (JNPT), India's number one container port, on August 9, 2019 after taking charge of the Ministry. The objective of the visit was to interact with various stakeholders of the port in order to gain a comprehensive overview on the overall operations, recent developments and the strategic roadmap ahead for JNPT to be amongst the best ports globally. The Minister began his day with a formal welcome to the port by Mr Sanjay Sethi, IAS, Chairman, JNPT, followed by a meeting with the CEOs of all the terminal operators at the port. In this meeting, the terminal heads shared a brief overview of their ongoing operations, the various collaborative efforts and the support extended by them for inclusive growth and development of the port in the larger interest of the trade. Mr Mandaviya also attended the Port users meet and interacted with them on their work and the benefits of the Ease of Doing Business initiatives implemented at the Port. He discussed the slew of initiatives underway at JNPT aimed towards not only enhancing their service quality, but also to make trade convenient, safe and economical for all stakeholders. He later visited the key ongoing projects at the port, the 4th Container Terminal and the JNPT-SEZ project. Phase-1 operation of the 4th Container Terminal has already commenced and the second phase is expected to commence operations by 2022-23, thus enhancing the overall port capacity to 10 million TEUs. The JNPT-SEZ project will set a new benchmark for port-led industrialisation as it is a lucrative investment destination for port-based industries. Lays foundation for additional liquid cargo jetty Another key highlight of the day was the foundation laying ceremony for the additional liquid cargo jetty at JNPT at the hands of the Minister. This additional jetty is proposed to have two berths on the other side of JN Port, as offshore berths. The project, estimated to cost around Rs 309 crore (Rs.3.09 billion), can handle liquid cargo of about 4.5 mtpa and is being built to cater to the future demands of liquid cargo at the port, highlighted a release. Commenting on the visit, Mr Sanjay Sethi said, "We are honoured to have our Hon'ble Minister for Shipping to be with us today and spend his day meeting all our stakeholders and port users. It was indeed a great moment for all of them to interact and talk about their work and gain some insights on how the Ministry envisions our role in the larger gamut of the sector. JNPT has been the key driver for the Indian maritime sector and we are eagerly looking forward to an exciting journey ahead under the new leadership at the helm." 30th year anniversary celebrations Apart from the port visit, Mr Mandaviya also graced the 30th year anniversary celebrations and the annual awards ceremony held later in the evening. The aim of the awards ceremony was to recognise the outstanding contributions of the various stakeholders (see pages II and III) of the port, which helped JNPT to upscale its growth trajectory and continue to push the overall progress of the Indian maritime sector. The JNPT annual awards is an effort not only to laud the best performers but is also aimed at encouraging all the stakeholders to strive harder and steer JNPT into the next decades of maritime excellence. The occasion was also graced by Mr Sanjay Bhatia, IAS, Chairman, Mumbai Port Trust and Indian Ports Association, Mr Amitabh Kumar, IRS, Director-General of Shipping, and Mr Vivek Johri, IRS, Chief Commissioner of Customs, JNCH, in addition to a wide cross-section of representatives from the trade. Another highlight of the event was Mr Shantanu Bhadkamkar and Capt. Ram Iyer, representing the stakeholders, lauding the growth and trade facilitation of the port and wishing it further growth and success. |
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VPT's existing Container Terminal expansion to be ready by Mar, 2021: Dy Chairman India Seatrade News - August 16 Top |
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Visakhpatnam Port Trust (VPT) Deputy Chairman P L Haranadh on Thursday stated the extension of the existing Container Terminal, awarded to M/s VCTPL on DBFOT mode at an estimated cost of Rs.633.11 crores (RS.6.3 billion), will be completed by March, 2021. Addressing after unfurled the national flag on the eve of 73rd Independence Day celebrations at Visakhapatnam Port Diamond Jubilee Stadium ground here, Haranadh said that as part of Sagarmala with due diligence, VPT is pursuing developmental programmes and development of one of the two berths, by re-construction of EQ-2 to 5 into two Panamax capable berths taken up at a cost of Rs 198 crores (Rs.1.9 billion)was completed during April 2019 and put into commission. The second berth is slated to be ready September this year, he said after completion of the project, the port will have a total quay of more than 850 meters for container handling with a capacity of nearly 1.2 million TEUs. Visakhapatnam Port has handled 23.70 million tonnes of cargo in the first quarter of the year as against 21.52 million tonnes during the corresponding period last financial year, according to Deputy Chairman P. L. Haranadh. He said the growth was made possible with the co-operation of all the stakeholders. There was substantial increase in the volumes of iron ore and pellets, crude and petroleum products, coking coal and container cargo. Haranadh said the 12 major Ports in the country had handled 236 million tonnes during the first quarter against 232 million tonnes during the previous year and Vizag Port was third in the country. |
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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. |