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Policy & Economy News |
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Fitch Ratings ups India's growth forecast for the current fiscal to 7.8 pc, from 7.4 pc projected earlier Indian economy to reach $5 trillion size by 2022, says PM Narendra Modi |
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Business News - The India Boom Factor |
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Coal import during April-July surges 12 pc Export of pulses doubles in first four months Export-Import Bank of India expects merchandise, non-oil exports to grow over 12% in Q2 FY'19 Indian, Chinese businessmen discuss about export of Indian oil seeds meals to China |
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Shipping News |
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Dunkerque call removed from India Pakistan Express service Höegh Autoliners India provides ideal RoRo solution for break-bulk unit Govt further eases Cabotage rules for fertiliser cargo on foreign ships |
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Logistics News |
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HICT becomes first Gateway Port connecting ICD Balasore |
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Indian Port News |
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Indian Private ports to benefit from transshipment volume Special jetties to build for fruit, vegetable export at major ports: Union Minister Mansukh Mandaviya |
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Policy & Economy News |
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Fitch Ratings ups India's growth forecast for the current fiscal to 7.8 pc, from 7.4 pc projected earlier Press Trust of India - New Delhi, September 21 Top |
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In its Global Economic Outlook, Fitch, however, flagged tightening of financial conditions, rising oil bill and weak bank balance sheets as headwinds to growth. Fitch Ratings Friday upped India's growth forecast for the current fiscal to 7.8 per cent, from 7.4 per cent projected earlier. In its Global Economic Outlook, Fitch, however, flagged tightening of financial conditions, rising oil bill and weak bank balance sheets as headwinds to growth "We have revised up our forecast for FY2018-2019 growth to 7.8 per cent from 7.4 per cent on the back of the better-than-expected 2Q18 outturn. India's growth likely peaked in 2Q18 (April-June) though," Fitch said. The Indian rupee (INR) has been the worst-performing major Asian currency so far this year. "And despite the central bank's greater tolerance for currency depreciation, interest rates have been raised by more than anticipated," the global rating agency said in the report. Fitch also forecast inflation picking up to the upper part of the central bank's target band (4 per cent, plus-minus 2 per cent) within the forecast horizon on relatively high demand-pull pressures and INR depreciation. The upward revision in growth forecast comes in the backdrop of GDP expanding 8.2 per cent in April-June quarter, higher than Fitch's expectation of 7.7 per cent. "This robust performance was partly attributable to a powerful base effect, with GDP growth dampened in 2Q17 (April-June) by companies de-stocking ahead of the rollout of the goods and services tax," Fitch said. It has cut the growth forecasts for FY 2019-2020 and FY 2020-2021 growth by 0.2 percentage points to 7.3 per cent. "Fiscal policy should remain quite supportive of growth in the run-up to elections likely to be held in early 2019. The investment/GDP ratio has stopped trending down, helped by ramped-up public infrastructure outlays, in particular by state-owned enterprises (SOEs)," it said. |
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Indian economy to reach $5 trillion size by 2022, says PM Narendra Modi Press Trust of India - New Delhi, September 20 Top |
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The government's push for Make-in-India has led to 80 per cent of mobile phones currently in use being manufactured within the country, helping save Rs 3 lakh crore (Rs.3 trillion) in foreign exchange. Prime Minister Narendra Modi said Thursday the size of Indian economy will double to USD 5 trillion by 2022 with manufacturing and agriculture contributing USD 1 trillion each. Speaking at the foundation laying ceremony of India International Convention and Expo Centre here, he cited this week's announcement of merger of Dena Bank, Vijaya Bank and Bank of Baroda to create the country's third largest lender to say that the government will not shy away from taking tough decisions in the national interest. Indian economy, he said, will grow at over 8 per cent rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamental of the economy are strong, he said. The government's push for Make-in-India has led to 80 per cent of mobile phones currently in use being manufactured within the country, helping save Rs 3 lakh crore (Rs.3 trillion) in foreign exchange. The government, he said, has courage to take bold decisions. Besides banks' merger, he cited the rollout the Goods and Services Tax (GST), which amalgamated 17 central and state taxes, among the bold measures taken by the government. |
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Business News - The India Boom Factor |
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Coal import during April-July surges 12 pc
Exim News Service - New Delhi, Sept. 16 Top |
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In the first four months (April-July) of the current fiscal, India's coal and coke imports rose 11.9 per cent to 78.7 million tonnes. The corresponding figure in the last fiscal was 70.3 million tonnes, reports said. Coal import in July increased by 42 per cent to 20.79 million tonnes (provisional), over 14.64 million tonnes (revised) in the same month the previous year, reports added. |
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Export of pulses doubles in first four months
Exim News Service - New Delhi, Sept. 16 Top |
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Export of pulses from India more than doubled in the first four months (April-July) of this fiscal after the government set aside the restrictions to increase shipments as it has plans to take the country's agricultural products exports to over $60 billion by 2022. During the April-July period this year, 1,24,465 tonnes of pulses were exported, as against 58,575 tonnes in the year-ago period, up by 112.5 per cent, according to official data. Export of pulses was restricted until November last year, when it was completely made free of all curbs. "All varieties of pulses, including organic pulses, have been made 'free' for export without any quantitative ceilings, till further orders," the DGFT had said in a notification, according to reports. |
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Export-Import Bank of India expects merchandise, non-oil exports to grow over 12% in Q2 FY'19
Daily Shipping Times - Mumbai, Sep 18 Top |
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Export-Import Bank of India expects India's merchandise exports as well as non-oil exports to grow over 12 per cent in the second quarter of the ongoing financial year. While the merchandise exports are likely to grow 12.3 per cent in September quarter, non-oil exports may witness 12.4 per cent growth during the period, Export-Import Bank of India said in a statement. Merchandise exports during September quarter 2017-18 stood at USD 74.21 billion and non-oil exports stood at USD 65.17 billion. The forecast is based on Export-Import Bank of India's Export Leading Index (ELI), which continued to show a positive growth momentum. The next growth forecast for October-December would be released during the first week of December 2018. ELI gauges the outlook for exports and is essentially developed as a leading indicator to forecast growth in total merchandise and non-oil exports of the Country, on a quarterly basis, Export-Import Bank of India said. |
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Indian, Chinese businessmen discuss about export of Indian oil seeds meals to China
Press Trust of India - Beijing, September 20 Top |
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Indian and Chinese businessmen on Wednesday jointly discussed opportunities for the export of Indian oilseed meals to China, the world's major consumer and important importer of the oil meals, a senior official said. Led by the NAFED Managing Director Sanjeev Kumar Chadha, a 20-member Indian delegation, including 18 Indian oil meal exporters, participated in a seminar and discussed about the export possibilities of with the Chinese importers organised by the Indian Embassy today, an official statement said here. The Indian delegations interaction with more than 120 representatives of around 80 Chinese import houses, an Indian Embassy press release said. The event was organised in partnership with China Chamber of Commerce of Foodstuffs, Native Produce and Animal By Products (CFNA) and China Feed Industry Association (CFIA). India is a major producer of best quality rapeseed meal, soya meal and all such other meals. China is a major consumer and important importer of oil meals in the world. Indian Ambassador to China Gautam Bambawale held a detailed discussion with the Indian delegation and explained them about the current level of economic commercial engagement and need to have major push from Indian industry to boost Indian exports with cost competitiveness, quality and timely delivery, the statement said. Prashant Lokhande, Counsellor (Economic and Commerce) said that Indian oil meals are Non-Genetically Modified and hence is very high in quality and demand. In last five months of this year, India exported more than 1.1 million tons of oil meals to South Korea, Vietnam and Thailand, registering a growth of 21 per cent year on year, the statement said. Rong Weidong, Vice Chairman of CFNA who spoke at the meeting called upon Chinese importers to make full utilisation of presence of Indian exporters and try to sign contracts today itself. The seminar was followed by buyer seller meet in which the businesses from both sides had in-depth interactions covering price, quality and delivery commitment, the press release said. |
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Shipping News |
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Dunkerque call removed from India Pakistan Express service
Exim News Service - Singapore, Sept. 16 Top |
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APL has intimated in a new customer advisory that following up on its previous advisory dated July 27, 2018, it will be removing the Dunkerque call from its port rotation on the India Pakistan Express (IPE) service due to delays experienced at Felixstowe. The details are as follows: IPE port rotation Port Qasim - Nhava Sheva - Hazira - Mundra - King Abdullah Port - Southampton - Rotterdam - Antwerp - London Gateway - Le Havre - King Abdullah Port - Djibouti Effective voyage CSAV Tyndall 217 ETA Southampton, September 15, 2018 |
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Höegh Autoliners India provides ideal RoRo solution for break-bulk unit Exim News Service - MUMBAI, Sept. 16 Top |
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Recently Höegh Autoliners India transported a 94.3 MT Mill Shell for a cement plant project in Mali, Senegal. The customer was looking for the most efficient option to transport their cargo and turned to Höegh Autoliners with its direct service and extensive experience in shipping break-bulk. Timely service and low risk With the customers' tight deadline, Höegh Autoliners' direct RoRo (Roll on/Roll off) service from Mumbai to Dakar proved a perfect fit for transporting the break-bulk unit, ensuring a timely service with minimum transit time. The customer had used LoLo (Lift on/Lift off) vessels in the past for their shipments but swapped to RoRo because the operation would be safer and more reliable. The cargo would be directly rolled on and off the vessel, eliminating the need for crane lifting in both load and discharge ports. This reduces the risk of damage to the cargo and ensures a safer and more efficient operation. In addition, due to the sensitivity of the cargo, it would be safely stowed under deck where it would not be exposed to weather or sea water. This meant that the customer would not need to pack the break-bulk unit, saving them a considerable cost. Challenge A challenge, however, was presented as due to the dimensions of the break-bulk unit, primarily the length to weight ratio, it would not be possible to load on Höegh's 62 feet rolltrailer. The entire cargo weight was resting on only two saddles, which meant that the stress on the 100 MT rolltrailer was above the workable limit. To add to this, the total height of the cargo measured 5.75 m. This meant that the only vessels that could ship the cargo were Höegh's Post-Panamax vessels, which are capable of transporting cargo up to 6.5 m high. Solution developed Geir Paulsen, Head of Global Breakbulk Solution, says, "Experience is critical, and it was clear that a customised solution was needed to get the break-bulk unit on board. We contacted the rolltrailer manufacturer and came up with a solution to use steel beams under the cargo to distribute the load across the length of the rolltrailer and reduce the stress." With supervision from Höegh Autoliners' Port Captain on site, and with the customer present, the Mill Shell was safely loaded on board Höegh Target in Mumbai, ready for its ocean voyage to Dakar, said a release. Atuldutt Sharma, Breakbulk Sales Manager, Höegh Autoliners India, says, "The customer was very impressed with the service, level of professionalism and technical expertise provided. This shipment was a perfect example of our dedicated focus and constant innovation to develop Höegh as a leading carrier for break-bulk cargo." | ||
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Govt further eases Cabotage rules for fertiliser cargo on foreign ships Daily Shipping Times -New Delhi, Sep 21 Top |
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The Government has further eased the conditions for foreign flagged ships to carry fertiliser cargo along the coast by modifying the cabotage relaxation announced in June. The Government has further eased the conditions for foreign flagged ships to carry fertiliser cargo along the coast by modifying the cabotage relaxation announced in June. To cite an example, the Shipping Ministry said that if a foreign flag ship carrying 50,000 tonnes of export-import material unloads 20,000 tonnes at Deendayal Port Trust, then the vessel can load any quantity of fertilizer for coastal movement in the empty space, from Deendayal Port to any other Port of lndia. However, if any cargo other than fertilizer is also loaded at Deendayal Port Trust, then the quantity of fertilizer has to be at least 50 per cent of the total coastal cargo loaded at Deendayal Port Trust. lf any Export Import cargo is loaded at the same port, it would have no linkage with the carriage of fertilizer- the restriction of 50 per cent is only on coastal cargo loaded from that particular port. Further, if a foreign flag ship is chartered by an lndian firm, the ship can load any quantity of fertilizer for Coastal movement. But, if any coastal cargo other than fertilizer is also loaded, then the quantity of fertilizer has to be at least 50 per cent of the total cargo loaded on board for coastal trade, PK Sharma, an Under-Secretary in the Shipping Ministry, wrote in the September 10 order. The June 22 order allowing foreign ships to carry fertiliser along the coast was conditional on the commodity contributing to at least 50 per cent of the total cargo on board the ship. Fertiliser firms and shipping companies had sought clarification from the Ministry on the order. The Government will soon resolve the policy logjam on paying freight to incentivise and ease movement of fertiliser along the coast, Shipping Secretary Gopal Krishna said on 10 August. The Fertiliser Ministry currently reimburses freight on the basis of railway receipts only. Hence, there is "no incentive" for a company or a ship owner to reduce costs. "We have suggested to the Fertiliser Ministry not to see any bills. You just allow the shipping company or the fertiliser company to move the cargo and whatever is the rail freight, you just pay them blindly. This way, they will have the incentive to bring down costs and move cargo," Gopal Krishna said. To illustrate this point, he said if the rail freight is Rs 100 and if actually by Coastal Shipping, the freight comes to Rs 90, then they will move by coast and pocket at least Rs 10. Then, the Government will not have to pay more and at the same time we are incentivising fertiliser movement. That's how we have approached the issue," the Shipping Secretary said. By the end of the year, at least 3 mt of fertiliser will move by Coastal Shipping, he added. | ||
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Logistics News |
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HICT becomes first Gateway Port connecting ICD Balasore
Daily Shipping Times -Kolkata, Sep 19 Top |
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The Haldia International Container Terminal (HICT) added one more feather to its cap through rail connectivity linking Haldia Docks with ICD Balasore (CONCOR). Balasore is surrounded by Medinipur District in West Bengal on its North, Bay of Bengal in the East, Bhadrak District in its South and Mayurbhanj and Kendujhar districts on its Western side; along with prominent business corporates like Emami Paper Mills, Balasore Alloys, Birla Tyres, Jagadamba Polymers, Falcon Marine etc. in its neighbourhood Maersk Line (leading Global Shipping liner) partnered with CONCOR to offer store-door services its new customer, Stork Ferro, via HICT. In the month of August 2018, two container rakes bringing in imports of Chrome Ore commenced from Haldia to ICD Balasore. After processing, the first export consignment of Ferro Chrome landed at Haldia Port on the 8th of September 2018. All the export containers were shipped on board M.V SSL Vishakhapatnam on 10th of September 2018. ICD Balasore connected by Rail-Road is spread across 16.5 acres of land well connected with major gateway ports. |
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Indian Port News |
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Indian Private ports to benefit from transshipment volume
Press Trust of India - Beijing, September 20s Top |
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India's cabotage reform law - which opened coastal, container transportation to foreign-flag ocean carriers - was a step essentially intended to discourage transshipment via foreign hub ports by effectively using direct mainline calls at domestic gateway, Major Ports. However, competition from rival, privately operated Minor Ports - which are blessed with the ability to adjust pricing - is putting a strain on that Government objective. A voyage cost analysis by leading global consulting firm found that service rates at key East Coast Major Ports - such as Chennai and Visakhapatnam - for transshipment handling are roughly 15 percent higher than those charged by the Krishnapatnam Port, an emerging, alternative private gateway. Major Ports are about $40 per TEU behind Krishnapatnam. Policy facilitation for Major Ports through the Ministry of Shipping could be considered for offering a CRC [container-related charges] discount in light of revenue share agreements between Major Ports and PPP [private-partnership-project] operators. Further, it is estimated the cost of transshipping cargo to/from Kolkata via Krishnapatnam at $222 per TEU, compared with $260 per TEU at Chennai, and $263 per TEU at Visakhatpatnam. All other factors being equal, that lower price led to a substantial jump in transshipment handling at Krishnapatnam during January-August - which accounted for 125,348 TEU, out of the 164,892 TEU transhipped to/from the region, a 76.2 percent share - according to a previous JOC analysis. In fact as much as 2 million TEU to/from India's East Coast region is transshipped via Singapore, Port Klang (Malaysia), and Colombo (Sri Lanka) - which traffic by origin is broken down as follows: Kolkata - 750,000 TEU; Visakhapatnam - 250,000 TEU; and Chennai - 1 million TEU. Strategy to regain volume The agency suggested authorities pursue a "three-pronged transshipment approach" to regain that volume: first, pick up additional cargo from other ports for existing mainline services; second, work with various carriers to introduce additional ports of call; and third, lure more carriers to call at Indian Ports. "Major Ports along the East Coast of India must have a combined strategic initiative to promote transshipment at their facilities," a report stated. The report also stated that there will be considerable cost benefits if that program works and that many ocean carriers are considering a revamp of their Indian port coverage to take advantage of the cabotage-free, open market environment. For example, Hapag-Lloyd is reportedly looking at the possibility of routing Qatar-bound cargo via Indian ports, instead of relaying over Jebel Ali, United Arab Emirates, due to the prolonged regional trade conflict, whereas Wan Hai Lines is said to be working with the China-India II (CI2) service partners to add a new direct call at the Tuticorin Port - another Major Port near Chennai. Additionally, Taiwan-based Evergreen Line is expected to extend its coverage to the Deendayal Port, a Major West Coast gateway. "Shipping lines are opening up new routings on their internal systems to offer potentially cheaper movement of containers through transshipment from the Eastern Coast of India," the agency said. However, in addition to rates, another factor is hindering transshipment growth: infrastructure. The Consultancy further said that chronic infrastructure inadequacies and productivity issues at Major Ports pose challenges to transshipment growth, which the agency cited as berthing delays for feeder vessels handling cargo from Kolkata and Haldia at Viskhapatnam - requiring up to 48 hours, versus six hours at the privately operated Krishnapatnam or Kattupalli - and long dwell times for imports by train, due to inefficient operations by intermodal logistics provider Container Corporation of India, at Visakhapatnam. |
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Special jetties to build for fruit, vegetable export at major ports: Union Minister Mansukh Mandaviya
Daily Shipping Times - New Delhi, Sep 17 Top |
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In order to ease the movement of fruits and vegetables from the ports of the Country, the Government has decided to build a special jetty in all the major ports, said Union minister for shipping, Mansukh Mandaviya. "Till now, Government of India used to provide subsidies for goods send by air cargo. Now, we have decided to provide similar subsidies to agriculture produce sent through sea routes. This will help our goods sustain in foreign markets," Mansukh Mandaviya said. "There are nine nations in the Gulf (middle-east). They do not have fruits or vegetables. All they have is oil and money. These are currently being supplied by Europe and African countries.. We can send our cargo to the markets in the Gulf by the sea route in just three days from Mundra, Kandla and Pipavav Ports. We have decided that we will develop a special jetty on the all the major ports under the Government of India. From these jetties, farmers' produce like fruits, vegetables, will be sent with relative ease," said Mandaviya while speaking at an annual general meeting of Gujarat State Cooperative Marketing Federation Ltd (Gujcomasol) held here. "The farmers cannot send these fruits and vegetables directly, but farmers' cooperative bodies like Gujcomasol surely can. We should open a consultancy office overseas who can tell us about the local demand and the same can be exported. It will help farmers get better remuneration," he said adding that farmers cooperatives in Maharashtra has already opened similar offices in the Middle-East. The Union Minister said that the Government is also mulling on providing subsidies to help farmers' produce reach foreign shores. "Till now, Government of India used to provide subsidies for goods send by air cargo. Now, we have decided to provide similar subsidies to agriculture produce sent through sea routes. This will help our goods sustain in foreign markets," he said. The Minister said that an irradiation plant in Bavla in Ahmedabad district is helping mango farmers in Gujarat to export their produce to the European markets. "The air cargo hub at Ahmedabad airport helping flowers from Gujarat to be sold in markets of Japan," he told farmers attending the meet. |
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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. |