|
||
|
|
||
|
Policy & Economy News |
||
|
FDI norms eased for single brand retail, digital media, manufacturing
In this fiscal, possibility of 15 per cent growth in exports: FIEO India's GDP expansion much higher than Global growth: Finance Minister |
||
|
Business News - The India Boom Factor |
||
|
Varanasi to become hub for fruit and vegetable exports India to import more from US : Prime Minister Narendra Modi FIEO sees strong flow of exports from Eastern India |
||
|
Shipping News |
||
|
OOCL announces service connecting South-East India with North Europe |
||
|
Logistics News |
||
|
CONCOR commences reefer container services at ICD PSWC Dhappar |
||
|
Indian Port News |
||
|
Record number of pipes loaded at Deendayal Port BPCL & Petronet LNG to build new Floating LNG Import Terminal on East Coast by 2022 Cargo volume at Major Ports grows 2% in April-July period |
||
|
Policy & Economy News |
||
|
FDI norms eased for single brand retail, digital media, manufacturing IBEF - August 29 Top |
||
|
The Union Cabinet on Wednesday relaxed the rules for single-brand retail, more than seven years after the foreign investment cap was removed for the segment to attract marquee foreign brands such as Gucci, Louis Vuitton, Ikea and others into the country. The latest government move is in line with the recent Budget announcements on FDI changes. While 30 per cent local sourcing remains a mandatory condition for single-brand retail, the government has now agreed to a long-standing industry demand to make things easier for foreign retailers. With the change, foreign retailers' India buy for exports will be factored in to meet the 30 per cent domestic sourcing norm. Companies in the single-brand space can also start online retailing without opening brick-and-mortar stores first, something that was not allowed earlier. While 100 per cent FDI is allowed in single-brand retail, whenever the foreign investment exceeds 51 per cent, the mandatory local sourcing norm kicks in. It was not immediately clear whether the new rules would enable Apple to open fully owned stores in India or not. Most analysts were optimistic about the Tim Cook-led American major making an entry after the latest rule change. But, others such as Arvind Singhal, chairman of Technopak Advisors, argued manufacturers like Foxconn, which make products for Apple, may not be able to comply with the sourcing norms even after the relaxation. Foxconn's sourcing from India is believed to be marginal for the export market unlike in the case of chains like Ikea and H&M. Foreign companies including Ikea, which brought the first big piece of FDI in single-brand retail, see the latest Cabinet decision as a positive. Welcoming the move, Swedish furniture major Ikea, which had committed Euro 1.5 billion investment in the country in 2012, said in a statement that the company was committed to increase local sourcing from India. Besides single-brand retail, the Cabinet allowed 100 per cent FDI under automatic route in contract manufacturing and commercial coal mining and related processing infrastructure. Sourcing for contract manufacturing will also be counted towards total sourcing commitments. Also, for the first time, the government has set an FDI cap at 26 per cent for digital news media, which till now was not covered under any foreign investment rules. Digital media companies with more than 26 per cent FDI will now be required to bring down their foreign equity level. Officials said they would start a case by case assessment of organisations that have already hit the cap. "There's a slowdown in the FDI situation worldwide. Even in this situation, we hope India maintains its pre-eminent position after these announcements," Commerce and Industry Minister Mr Piyush Goyal said while briefing the media in New Delhi after the Cabinet meeting. Investors now want to open manufacturing centres globally, Goyal said. 'They are looking at India to make products for the Indian markets as well as for exports. We have till now focused on those that retail in India, but the country gets a double advantage when investors export from India.'As for the single-brand decision, the Department for Promotion of Industry and Internal Trade (DPIIT), the nodal body for investment-related policy, will now also count local sourcing in phases. It will be counted as an average of the total value of the goods purchased by a retailer in the first five years in a single block. After that, the sourcing norms will kick in annually. For coal mining, so far 100 per cent FDI under automatic route was only allowed for captive coal production. It has now been decided to permit 100 per cent FDI for not just commercial coal mining but for associated processing infrastructure as well, including coal washery, crushing, coal handling, and separation. |
||
|
In this fiscal, possibility of 15 per cent growth in exports: FIEO IBEF - August 28 Top |
||
|
When it comes to decision making, India needs to move quick. Moreover, issues like refund of embedded taxes and legal complexities on land purchase should be settled so as to increase exporters' confidence. As per Mr. Sharad Kumar Saraf, President, Federation of Indian Export Organizations (FIEO), despite trade challenges there is a possibility that exports from India will grow at around 15 per cent FY 2019-20. However, to achieve this growth, it is imperative that Centre should ease out the regulations and capacities should be increased to cater the exports to China, the United States and the UK. Due ongoing trade war between the US and China, Indian exporters have been receiving number of business queries which are anticipated to be materialised during over a period of time. In the same way, Brexit will also offer numerous opportunities to the India exporters. The Union Commerce Ministry recently identified around 200 potential products where India can increase exports to the US market by replacing Chinese products, along with 150 other products where exports to China can be increased. "Be it the trade-war between US and China, or Brexit, there is opportunities that Indian exporters should take. A 15 per cent growth in exports this fiscal is possible. But for that the Centre must step in by easing regulations and other confidence boosting measures," Saraf told during an interview. The Centre is required to come up with propositions that will help allocating the land for manufacturing setups in India and regulations regarding the land purchase should be taken care of, he added. |
||
|
India's GDP expansion much higher than Global growth: Finance Minister Daily Shipping Times New Delhi, August 27 Top |
||
|
Seeking to dispel doubts over the economy and Government's growth agenda, Finance Minister Nirmala Sitharaman has recently said the India's GDP continues to grow at a faster pace than the global economy and any other major economy. Addressing a press conference, she said reform is a continuous process for her Government and it tops the agenda. Global GDP growth may be revised downwards from the current estimate of 3.2 per cent, she said adding that globally the demand was going to be weak. But the Indian economy was growing faster than the global average and all other major economies, Sitharaman added. As a result of US-China trade war and currency devaluation, very volatile situation has developed in global trade, she said. |
||
|
Business News - The India Boom Factor |
||
|
Varanasi to become hub for fruit and vegetable exports
Press Trust of India August 27 Top |
||
|
The government aims to make the city of Varanasi a fruit and vegetable export hub. Major production of fruits and vegetables grown in the region and adjoining districts will be branded as 'Benaras Brand' and 'Kashi Brand' respectively and marketed and exported to the world market. This will be another step towards making the country become a USD 5 trillion economy. Fruits and vegetables produced in Varanasi and adjoining districts are preferred in the global markets, which is why the Centre has planned to make Varanasi a hub for exporting fruits and vegetables. According to Pawan Kumar Barthakur, Chairman, Export Development Authority, the exercise has started and he added that in 2018-19, fruit-vegetable exports from Uttar Pradesh amounted to Rs 2.78 billion (34.7 mln) out of which Varanasi and surrounding areas accounted for 40 per cent. Plans for export During a meeting on Thursday, in the presence of Pawan Kumar Barthakur in the Commissionerate Auditorium, a primary plan was discussed with regards to making Varanasi the hub fruits and vegetable export hub. In the plan, farmers will be encouraged to grow quality fruits and vegetables by imparting training to them for production of fruit and vegetable that meet global standards. Limited pesticides will be produced in conformity with Singapore and European countries along with the Gulf countries. Each district will have a packhouse, which will have grading, shorting, packaging and testing. After testing and the packing process, the fruits and vegetables will be exported. Chairman Pawan Kumar Barthakur said that initially Agriculture and Processed Food Products Export Development Authority (APEDA) has prepared a 2-phase action plan for infrastructure. Export of fruits and vegetables to developed countries will be a priority and in order to get a good price and also increase the demand for Varanasi products in the world market, fruits and vegetables will be branded as 'Kashi Brand' and 'Benaras Brand'. Infrastructure in Varanasi Commissioner Deepak Aggarwal said that the infrastructure has grown rapidly in four-five years in Varanasi which will help in expansion of exports of fruits and vegetables. The export of fruit and vegetable will play an important role in doubling the income of the farmer and increasing the economy to 5 trillion, he added. |
||
|
India to import more from US : Prime Minister Narendra Modi
Daily Shipping Times Biarritz, August 28 Top |
||
|
Prime Minister Narendra Modi recently informed President Donald Trump that India plans to further step up imports, including oil, from the US and that USD 4 billion worth of imports were already "in the pipeline", as the two countries sought to overcome their differences on tariffs and market access. The Modi-Trump meeting assumes significance in the wake of the strain that has popped up in the bilateral relationship on a host of trade and economic issues. Meeting on the sidelines of the G7 Summit in the French city of Biarritz, where India was a special invitee, Modi and Trump agreed that preferably before the Prime Minister visits US next month, there will be an interaction between their Trade Ministers at which "the whole range of trade issues will be discussed," Foreign Secretary Vijay Gokhale said. India's exports to the US in 2017-18 stood at USD 47.9 billion, while imports were at USD 26.7 billion. The trade balance is in favour of India. The Foreign Secretary described the bilateral meeting between Modi and Trump as a very positive one. |
||
|
FIEO sees strong flow of exports from Eastern India
Daily Shipping Times New Delhi, August 27 Top |
||
|
The Federation of Indian Export Organisations (FIEO) has said it is expecting a strong flow of exports from Eastern India, especially in the iron and steel sector.
Gems and jewellery, iron and steel, petroleum and marine products occupied some of the top segments with regards to exports from West Bengal, said a statement from the exporters' body. "We are continuing to endeavour to seek fresh contacts with newer and upcoming markets with import demand so that it can boost export prospects of our members and others to add to the country's foreign exchange", FIEO Eastern Region Chairman Sushil Patwari said. In the Indian economy, the exports contribute substantially to the country's GDP, he said. India's GDP in 2018-19 stood at USD 2.7 trillion and during the year, the Country's export of goods touched an all time high of USD 331 billion and USD 204 billion in services, the statement said. On an average, the exports contributed about 20 per cent to India's GDP for the financial year 2018-19, it said. |
||
|
Shipping News |
||
|
OOCL announces service connecting South-East India with North Europe
Exim News Service - Chennai, Aug. 27 Top |
||
|
* Having a total of 5 consortium partners, it is scheduled to launch end-October with calls at Vizag, Krishnapatnam, Chennai, Tuticorin & Cochin OOCL has announced that it will be extending its North Europe service network to the South-East Indian Subcontinent by introducing its new Middle East/Indian Subcontinent-North Europe Service (IP3), which is scheduled to be launched in October 2019. OOCL is part of a consortium in this service, also comprising Hapag-Lloyd, COSCO Shipping, YML and ONE. While Hapag-Lloyd and COSCO are deploying 4 and 2 vessels, respectively, OOCL, YML and ONE are contributing a vessel each, it is learnt. The average capacity of the vessels will be 5,500-6,500 TEUs. As per a release, IP3 is the only dedicated South-East India to North Europe service in the market. It provides extensive coverage of Indias South-East coast and facilitates direct linkage between the Middle East, India, Sri Lanka, Egypt, Greece, the Netherlands, the United Kingdom, Germany, Belgium and France. It also offers more competitive and reliable services than transhipment options. IP3 port rotation: Vizag Krishnapatnam Chennai Tuticorin Colombo Cochin Damietta Piraeus Rotterdam London Gateway Hamburg Antwerp Le Havre Damietta Jeddah Colombo Vizag Tentatively, the first sailing will begin from Vizag with ETD on October 27, 2019, the release disclosed. |
||
|
Logistics News |
||
|
CONCOR commences reefer container services at ICD PSWC Dhappar
Exim News Service - New Delhi, Aug. 25 Top |
||
|
The Container Corporation of India (CONCOR), in its continuous endeavour to provide ex-im trade services at the doorstep of customers, has joined hands with Punjab State Warehousing Corporation (PSWC) for management and operations of ICD Dhappar, located on the Ambala-Chandigarh highway, before Dhappar Toll Plaza. The facility has been given a fresh facelift by CONCOR and is being operated and managed wholly by it. Adequate Customs manpower is posted at the terminal, said a release. Ex-im operations at the facility commenced on March 18, 2019 and the first container train carrying dry containers was despatched on March 29. After running regular dry cargo train services, CONCOR has now taken another initiative, to provide reefer train services to the trade from ICD Dhappar. The first reefer train was flagged off from the ICD on August 10, 2019 for Mundra Port. ICD Dhappar has 72 reefer plug-in points and sufficient captive power arrangement for alternate supply in case of power failure. There are also sufficient mobile power packs for the reefer containers while being moved from the ICD to the gateway port. The ICD is ideally located to cater to customers in Baddi, Dera Bassi, Dhappar, Kala Amb, Karnal and Paonta Sahib areas. It will be beneficial to the ex-im fraternity in the catchment areas to utilise this facility of CONCOR, to reduce overall logistics cost and transit time, the release added. |
||
|
Indian Port News |
||
|
Record number of pipes loaded at Deendayal Port Exim News Service - Gandhidham, Aug. 26 Top |
||
|
OTA Kandla was the stevedore; A Group Handling was the handling agent Deendayal Port Trust (DPT), Kandla has achieved a new record by the loading of 293 units of pipes in 2.5 days. The B/L quantity loaded was 293 units of steel pipes of 16 MT average weight and having 80 inch OD, on to the vessel m.v. NIKATOR which arrived on August 19, 2019 for loading the cargo. This was the highest number of 80 inch OD pipes handled, on to the vessel m. v. NIKATOR within 2.5 days, highlighted a release. Mr Sanjay Kumar Mehta, IFS, Chairman, and Mr Kirupanandasamy, Traffic Manager (I/C) of Deendayal Port Trust, congratulated the exporter, Man Industries. The agent of the vessel and the stevedore was OTA Kandla Pvt. Ltd, the CHA act infraport, and the handling agent A Group Handling, who were all appreciated by the Chairman and Traffic Manager, the release said. |
||
|
BPCL & Petronet LNG to build new Floating LNG Import Terminal on East Coast by 2022 Daily Shipping Times New Delhi, August 30 Top |
||
|
India plans to build a new Floating LNG Import Terminal (FLNG) with a 1.0 million mt/year capacity on its Eastern Coast, at the Port City of Krishnapatnam in Andhra Pradesh State, by 2022, Oil Ministry officials said recently. The FLNG terminal will be Indias sixth LNG import facility to-date and is in line with expectations of high gas demand in the Eastern region of the South Asian Country in coming years, on the back of increasing urbanization and industrialization. The officials said the FLNG terminal will be built by Bharat Gas Resources Ltd, or BGRL, a subsidiary of state-owned fuel retailer Bharat Petroleum Corp Ltd or BPCL, at an estimated cost of $21 billion-$24 billion. We have plans to scale up the initial capacity to 3 million mt or 5 million mt later on, BPCL Chairman D Rajkumar said on the sidelines of an industry event. BPCL will hold a 74% share in BGRL, while the remaining 26% will be held by Petronet LNG Indias state-run LNG company. |
||
|
Cargo volume at Major Ports grows 2% in April-July period Daily Shipping Times Mumbai, August 29 Top |
||
|
Cargo growth at India's Major Ports grows to two per cent in April-July this fiscal year. Ports in Karnataka's New Mangalore, Goa's Mormugao, and Tamil Nadu's Chennai and Kamarajar (Ennore) reported cargo shipment decelerating in the period. The Mormugao Port was hit after the Supreme Court banned mining in the State and neighbouring Karnataka curbed iron ore exports. Other ports were affected by cyclical slowdown in key sectors. "The cargo performance of some of the key Major Ports has been muted. Steel sector demand has flagged and liquid cargo has not shown the growth as was anticipated," said a top official of a major port. Liquid cargo like crude oil, petroleum products, LPG and LNG grew by 2.63 per cent, contributing largely to muted volumes. Fertiliser cargo shipments were a dampener too. Raw fertilizer cargo moved through Major Ports nosedived 17.66 per cent whereas finished fertilizers slid by 1.74 per cent. Thermal coal shipments witnessed a de-growth of 10.1 per cent but were somewhat offset by coking coal that continued its growth momentum led by imports, rising 16.18 per cent. The other positive for Major Ports is the robust comeback of iron ore cargo. After a dull FY19, iron ore cargo volumes spiked 22 per cent year-on-year (y-o-y). Ports at Haldia, Paradip and Visakhapatnam profited from the surge in iron ore shipments. Visakhapatnam was the only Major Port that grew in double digits (10.13 per cent) during the first four months of the fiscal. Mumbai and Jawaharlal Nehru Port Trust (JNPT) almost stagnated, logging cargo growth of 0.76 per cent and 0.79 per cent respectively. The other Major Ports of Kolkata (8.36 per cent), Paradip (6.77 per cent) and Deendayal Port Trust (5.75 per cent) had to contend with modest growth rates. |
||
|
--------------------------------------------------------------------------------------------------------------------- |
||
|
|
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 |
|
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. |