|
||
|
|
||
|
Policy & Economy News |
||
|
OECD expects India's economy to grow close to 7.5% in 2019, 2020 Indian automotive aftermarket may touch Rs 75,000 cr (Rs.750 billion) by 2020 Blue economy crucial for India's economic development: Union Shipping Minister Nitin Gadkari |
||
|
Business News - The India Boom Factor |
||
|
Govt allows 5 pc MEIS benefit on export of non-basmati rice for the next four months India & China ink protocol amending DTAA Engineering exports projected to touch new high India to export marine products to China : Commerce Ministry Exports of Indian Grapes to China expected to rise by 200% by 2020 : APEDA & PHDCCI 'India to become largest coking coal importer by 2022' |
||
|
Shipping News |
||
|
PIL upgrades PMX service CONCOR to launch Coastal Shipping services from January |
||
|
Logistics News |
||
|
West Bengal seen having potential to become logistics hub on the east coast FIEO announces Mega Logistics Meet to Improve India's Global Logistics movement |
||
|
Indian Port News |
||
|
KGPL signs concession pact for greenfield port with AP govt VOC Port handles vessel with parcel size of 82,170 MT Cochin Port Trust in talks with private rice millers of West Bengal |
||
|
Policy & Economy News |
||
|
OECD expects India's economy to grow close to 7.5% in 2019, 2020 Daily Shipping Times -New Delhi, November 27 Top |
||
|
India's economy will grow close to 7.5% in 2019 and 2020 as higher oil prices and rupee depreciation put pressure on demand and inflation, the Organization for Economic Cooperation and Development (OECD) has said. India's gross domestic product (GDP) grew 6.7% in 2017-18. OECD projects GDP at market prices to grow 7.3% in 2019 and 7.4% in 2020 from 7.5% in 2018. "Economic growth will slow somewhat but remain robust, at close to 7.5% in 2019 and 2020," the Paris based organisation said for India in its 2018 Economic Outlook. Tighter financial conditions, higher oil prices, adverse terms of trade, lower growth in partner countries, and rising political uncertainties in India and abroad will tend to reduce growth, it said. |
||
|
Indian automotive aftermarket may touch Rs 75,000 cr (Rs.750 billion) by 2020 Press Trust of India - Mumbai, November 27, 2018 Top |
||
|
Mumbai: The domestic automotive aftermarket, which has grown at a compounded annual growth rate (CAGR) of 14 per cent in the last five years, is expected to touch Rs 75,000 crore (Rs.750 billion) by 2020, a report said Monday. The country's car market also has the potential to grow up to over six millions units annually by 2020, up from 3.7 million in 2016, the report by industry body CII named 'Transformation Shifts in Mobility and Impact on Aftermarket in India' said. "Total aftermarket has grown at a CAGR of 14 per cent over the last five years. The vibrant automotive sector is driving the growth of the automotive aftermarket in India and is estimated to grow at Rs 75,000 crore (Rs.750 billion) by the fiscal year 2020," the CII said in its report. The states of Tamil Nadu, Andhra Pradesh, Karnataka and Kerala together contribute more than 75 per cent of the total aftermarket potential, it added. Noting that increasing vehicle ownership (new and used vehicles) in semi-urban and rural markets are driving demand for auto components, the report said the number of vehicles are expected to grow 6-7 per cent during the next year. "This offers substantial opportunity for independent aftermarket service providers both existing and new entrants to grow," it added. According to the report, India's move towards a unified tax regime and push for 'Make in India' offer opportunity to establish and strengthen the local presence. In addition, relatively lower manufacturing costs make it possible to make the country an export hub for auto parts similar to the case in news cars, it said. India is targeting the deployment of five to seven million electric vehicles in the country by 2020 under the National Electric Mobility Mission Plan (NEMMP) 2020. The NEMMP is targeting 400,000 passenger battery electric cars (BEVs) by 2020, which could lead to a reduction in fuel consumption of up to 120 million barrels of oil, the CII report stated. CII also expects the new mobility solutions market to grow to around USD 2 trillion market by 2030. Revenue from the taxi cluster alone is expected to exceed USD 1 trillion by 2030, the report said. |
||
|
Blue economy crucial for India's economic development: Union Shipping Minister Nitin Gadkari India Seatrade News - November 28 Top |
||
|
Highlighting India's strategic advantages in the Indian Ocean Region, Union Shipping Minister Nitin Gadkari has said the blue economy is crucial for the country's economic development. The minister left for Nairobi on Tuesday to attend the Sustainable Blue Economy Conference, organised by Kenya with Canada and Japan as co-hosts. He will address the conference on Wednesday. The Blue Economy refers to sustainable use of ocean resources for growth, jobs and improved living standards, while preserving the ecosystem. It encompasses areas like maritime transport, fisheries, renewable energy, waste management and tourism, according to the World Bank. "Gadkari said India has a strategic location in the Indian Ocean Region, and on this basis, it endorses the growth of the blue economy in a sustainable, inclusive and people-centred manner through the framework of the Indian Ocean Rim Association," the shipping ministry said in a statement. The minister said India is developing maritime infrastructure as well as inland waterways and coastal shipping through the launch of ambitious Sagarmala Programme, which will revolutionise maritime logistics and port-led developments in the country. India's national vision about the sector is clearly articulated in the term 'SAGAR: Security and Growth for All in the Region' coined by Prime Minister Narendra Modi, the statement quoted Gadkari as saying. The Sagarmala Programme has identified over 600 projects entailing an investment of around Rs 8 lakh crore (USD 120 billion) by 2020. This will save the country nearly USD 6 billion per annum in logistics costs, besides creating 10 million new jobs and boosting port capacity by 800 million metric tonne per annum (MMTPA) to an overall 3,500 MMTPA, the statement said. Gadkari said coastal economic zones (CEZs) are being developed under Sagarmala with a proposed investment of USD 150 million per location, it added. He added that the CEZs would become a microcosm of the blue economy, wherein industries and townships that depend on the sea and contribute to global trade through sea connectivity are envisaged. |
||
|
Business News - The India Boom Factor |
||
|
Govt allows 5 pc MEIS benefit on export of non-basmati rice for the next four months
Exim News Service - NEW DELHI, November 25 Top |
||
|
After shipments of the commodity declined 13 per cent during the first half of the current fiscal, the government has allowed 5 per cent Merchandise Exports from India Scheme (MEIS) benefit on export of non-basmati rice during the next four months. The move is to help exporters boost shipments. Non-basmati rice has been made eligible for MEIS benefits at the rate of 5 per cent for exports made between November 26 and March 25, 2019, the Directorate-General of Foreign Trade (DGFT) said in a notification. MEIS was initiated in 2015, under which exporters get 2-5 per cent (of FOB value) of their exports as duty credit scrip. The value on the scrip can be adjusted against payment of the import duty and the GST. India exported 37.23 lakh tonnes of non-basmati rice worth Rs 10,426 crore (Rs. 104.2 billion) during April-September as against 42.87 lakh tonnes in the last fiscal. |
||
|
India & China ink protocol amending DTAA
Exim News Service - New Delhi, November 27 Top |
||
|
The governments of India and China signed a protocol on Monday to amend the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. Besides other changes, the protocol updates the existing provisions for exchange of information to the latest international standards. Further, it incorporates changes required to implement treaty-related minimum standards under the Action reports of Base Erosion & Profit Shifting (BEPS) project, in which India had participated on an equal footing. Besides minimum standards, the protocol brings in changes as per BEPS Action reports as agreed upon by the two sides, said a release. |
||
|
Engineering exports projected to touch new high
Exim News Service - KOLKATA, November 28 Top |
||
|
According to Engineering Export Promotion Council of India (EEPC India) Chairman, Mr Ravi Sehgal, Indian engineering exports are expected to reach the three-digit level soon, having achieved an all-time high of $76.2 billion in the last fiscal and a 11.3 per cent increase over the first seven months during the current fiscal. "Indian engineering exporters' aspirations for reaching a three-digit level in their annual shipments could soon be a reality," he said while speaking at the 34th Eastern Regional Awards of the apex body here. Concern was, however, expressed over the ambiguity on continuation of generalised system of preferences (GSP), which allows duty-free entry of 1,937 products worth $5.6 billion from India into the US, benefiting exporters of textiles, engineering, gems and jewellery, and chemical products. Mr Sehgal also said that the tariff war between the US and China, possible phasing out of India's export promotion schemes, and rise of trade protectionism in developed countries are among the notable challenges impeding the growth of Indian exports in future, reports said. |
||
|
India to export marine products to China : Commerce Ministry
Daily Shipping Times - New Delhi, November 30 Top |
||
|
The Vice Minister, General Administration of Customs of China (GACC), Hu Wei, led a six-member delegation to India to discuss various issues of market access for different products like milk and milk products, agricultural products like soy meal, fruits and vegetables, tobacco and pharmaceutical products for which India has been seeking market access from China. Departments of Animal Husbandry, Dairying and Fisheries, Agriculture Cooperation and Farmers Welfare and Health and Family Welfare and associated agencies participated in the meeting held in New Delhi. The meeting was coordinated by the Department of Commerce. Both the Indian and Chinese sides appreciated each other's concerns and agreed to resolve the market access issues expeditiously to achieve the vision of the leaders of both the countries by promoting a more balanced trade. A protocol on Hygiene and Inspection requirements for the export of Fish Meal and Fish Oil from India to China was signed recently. The signing of Protocol formalises the consensus reached by both sides on hygiene and inspection requirements of fish meal and fish oil to be exported from India to China, and will enable India to commence export of fish meal and fish oil to China. China imports fish oil to the tune of USD 143.29 million, and fish meal to the tune of USD 263.43 million, and signing of the protocol between the two countries paves the way for export of Indian fish oil and fish meal to China. In the last 6 months this is the second product to get clearance from China. A few months ago, during the meeting of two leaders in Wuhan, the protocol for Indian rice export to China was signed paving the way for export of Indian rice to China. |
||
|
Exports of Indian Grapes to China expected to rise by 200% by 2020 : APEDA & PHDCCI
Daily Shipping Times - New Delhi, November 30 Top |
||
|
Agricultural and Processed Food Products Export Development Authority (APEDA) in association with PHDCCI recently made a prognosis, stating that the exports of Indian grapes to China are likely to increase by 200% both in quantity and value terms by 2020. Currently, the estimated exports of Indian grapes away to China are pegged at 600 million tonnes. "APEDA is making efforts to expand its export market to China. The collective efforts of Ministry of Commerce and Industry through APEDA in association with the grape growing states, and the National Research Centre for grapes is making efforts to improve the quality of fresh grapes. The promotional schemes of Central and State Governments will boost the export of Indian grapes and other tropical fruits", said the statement issued here. Chairman, APEDA, Mr. Paban K. Borthakur shared the initiatives taken by APEDA here for boosting exports and further assessment of exports scenario. While welcoming the delegates of the 3 Days event which includes the Reverse Buyers Sellers Meet and visit of Chinese buyers / importers to the Grape Farms and pack houses in Nashik, Mr. Borthakur informed that on the initative of Ministry of Commerce and Embassy of India in Beijing, and series of meetings of officials of both the sides, it was decided to send a delegation of Chinese importers to have B2B meetings in Mumbai followed by trust building visit to the vineyards and packhouse facilities in Nashik. He informed that 19 companies with 25 representatives have participated along with over 100 representatives from 54 companies. APEDA and PHD Chambers of Commerce and Industry, the organisers of the RBSM elaborated that India is the fruit basket of the world and provides a large number of varieties of quality and tasty tropical fruits of large range. |
||
|
'India to become largest coking coal importer by 2022'
Press Trust of India - November 27 Top |
||
|
India is expected to become the largest coking coal importer through sea route by 2022 as the country pushes for more steel production, a Tata Steel official said on Tuesday. India currently imports about 85 per cent of its coking coal demand through imports and, by 2022, the demand of coking coal is projected to grow to 67 million tonne from about 56 million tonne now. "India may become be the largest coking coal importer by 2022 through sea route," Tata Steel raw material strategy group chief Somesh Biswas said in his address at the mJunction organised 12th India coal market conference. China is the largest importer of Australian coking coal but it is reducing gradually due to various factors, Biswas said. He later clarified that these were his personal comments and observations. Former Coal India chairman N C Jha also said India to remain heavily dependent on imported coking coal. "The national steel policy forecasts coking coal demand of 161 mtpa by 2030-31, 31 mtpa of non-coking coal for PCI, 105 mtpa of non-coking coal requirement for DRI route," Jha said. Jha said, "Thirty five per cent of total requirement of 161 mtpa coking coal by 2030-31 is about 56.35 mtpa. This is a challenge to coal and steel producers. India has to heavily depend on imported coking coal for its plan to produce 300 mt of crude steel by 2030-31." Overall, coal and coke imports during the first half of the current fiscal increased by 13.9 per cent to 119.42 mt, compared to 104.81 mt in the same period last year. |
||
|
Shipping News |
||
|
PIL upgrades PMX service
Exim News Service - Singapore, November 27 Top |
||
|
Pacific International Lines (PIL) has announced the upgrading of the existing Pakistan-Mundra Express (PMX) service with effect from November 2018. This revamp provides an enhanced direct service between Central/South China and Pakistan/Mundra while calling two Karachi terminals (PICT/KICT), said a release. Rotation of new PMX: Shanghai - Ningbo - Fuzhou - Shekou - Singapore - Port Klang (north) - Colombo- Karachi (KICT) - Karachi (PICT) - Mundra - Port Klang (north) - Singapore -Shanghai |
||
|
CONCOR to launch Coastal Shipping services from January
Daily Shipping Times - Mumbai, November 28 Top |
||
|
Vishwa Samudra joins as exclusive service partner The state-run Container Corporation of India Ltd (CONCOR) has picked Vishwa Samudra Coastal Lines Ltd to launch Coastal Shipping services from January, seeking to benefit from the impetus given by the Government to the waterway mode to decongest the road and rail network. Vishwa Samudra Coastal placed the lowest per voyage rate of Rs 2.49 crore (Rs.24.9 million) in a tender issued by Concor to select a service provider, at least two persons briefed on the outcome of the tender said. Seaport Cargo Logistics Pvt Ltd, a unit of the CVR Group that runs Krishnapatnam Port in Nellore district of Andhra Pradesh, holds a 60 per cent stake in Vishwa Samudra Coastal, with Hyderabad-based Vm Logistics Consulting LLP holding the balance stake in the joint venture company. The 10-year contract involves deploying two coastal ships capable of carrying as much as 700 twenty-foot equivalent units or TEUs with maximum gross weight of 21,000 tonnes (cargo plus container weight). Vishwa Samudra Coastal will exclusively haul bulk/ break-bulk cargo and loaded and empty containers between Deendayal Port Trust (formerly Kandla Port Trust) in Gujarat and New Mangalore Port Trust, Cochin Port Trust and V O Chidambaranar Port Trust (formerly Tuticorin Port Trust). The contract includes a revenue share concept for containers/ non-containerised cargo loaded at the originating port (Deendayal Port Trust), which will be applicable only if the contractor deploys higher capacity ships. The contractor will be permitted to carry other containers in excess of 700 TEUs and/ or bulk/ break-bulk cargo (both domestic as well as export-import containers) after 700 TEUs have been loaded by CONCOR. However, the contractor should do the extra bookings through CONCOR only. Domestic container traffic movement shall be done according to the CONCOR tariff, while the contractor will be free to fix the tariff for non-containerised cargo and export-import containers with the approval of CONCOR. The sea voyage revenue (total revenue minus port handling charges and other cargo related charges) earned by carrying cargo/ containers in excess of the 700 TEUs capacity will be shared in the ratio of 10 per cent to CONCOR and 90 per cent to the contractor for domestic containers and 5 per cent to CONCOR and 95 per cent to the contractor for non-containerised cargo and export-import containers, according to the contract terms. However, if less than 700 TEUs with a gross weight less than 21,000 tonnes is loaded by CONCOR, then the revenue share arrangement will be subject to certain conditions. Any container or break-bulk cargo loaded en-route, that is, at New Mangalore to Cochin/ Tuticorin or from Cochin to Tuticorin and in the return direction (from Mangalore/ Cochin/ Tuticorin to Kandla) by CONCOR/ contractor in the same vessel (either vessel of 21,000 tonnes gross weight carrying capacity or of higher capacity) will also be eligible for the revenue share subject to certain conditions. |
||
|
Logistics News |
||
|
West Bengal seen having potential to become logistics hub on the east coast
Exim News Service: KOLKATA, November 26 Top |
||
|
The West Bengal Finance Minister, Mr Amit Mitra, has said that the state has the potential to become a logistics hub on the east coast and attract investments of around Rs 50 billion by 2020. This would also help create direct and indirect jobs for 50,000 people, he added. On whether the state government would offer any specific sops to boost the logistics sector, the Minister said he would first seek suggestions from stakeholders in this regard. "The target is to bring down the logistics cost to 10 per cent for the industry from 14 per cent now," he added. He also said that in the aviation sector, sharp growth is being seen at the Kolkata and Bagdogra airports. He stressed that West Bengal should see a maritime revolution given the new potential in inland waterways and a deep sea port. The deep sea port project at Tajpur is under progress with the techno-feasibility study ongoing, he disclosed. West Bengal holds 26 per cent stake in the project while the rest is with Kolkata Port Trust, reports said. |
||
|
FIEO announces Mega Logistics Meet to Improve India's Global Logistics movement
Daily Shipping Times -New Delhi, November 28 Top |
||
|
Over 20 countries to participate in January 2019 event On whether the state government would offer any specific sops to boost the logistics sector, the Minister said he would first seek Federation of Indian Export Organisations, announced a major initiative to improve Logistics Cost effectiveness and operational efficiencies for India's Global Trade. Shri Suresh Prabhu, Hon'ble Minister of Commerce & Industry and Civil Aviation,Govt. of India launched the event logo and brochure of Logix India 2019 and welcomed the initiative taken by FIEO. "India is now one of the fastest growing economies of the world, and is seeking superior logistics linkages with nations all over the world, we are pleased to announce Logix India 2019, scheduled in New Delhi from 31 January to 02 February 2019. Logix India will enable effective international trade logistics and help provide efficient and cost-effective flow of goods on which other commercial sectors depend upon." said Shri Prabhu. Speaking to the press, Shri N. Sivasailam, Special Secretary (Logistics), Department of Commerce, said, "logistics is regarded as the backbone of our export sector, and the industry is facing challenges such as high cost of logistics impacting competitiveness in global market, underdeveloped material handling infrastructure, fragmented warehousing and lack of seamless movement of goods across modes, among others." Shri Ganesh Kumar Gupta, President FIEO said, "Over 20 countries are sending their delegations to explore logistics partnerships with India. FIEO is focussing on logistical solutions for difficult to reach markets and over 100 International delegates are expected to attend Logix India 2019." "Further development of global logistics would give a boost to external demand thereby encouraging manufacturing and 'job creation'. This will in turn be instrumental in improving Country's GDP", added Shri Gupta. Dr. Ajay Sahai, Director General & CEO, FIEO, said, "India ranked 44 in the World Bank Logistics Performance Index 2018. As per the Economic Survey 2017-18, India's logistics industry which is worth around USD 160 billion is likely to touch USD 215 billion in the next two years. The sector provides employment to more than 22 million people has grown at a compound annual growth rate (CAGR) of 7.8 per cent during the last five years and will grow at a CAGR of 10.5 per cent over the next 5 years." FIEO will also focus on Investment opportunities in Infrastructure development, Warehouse consolidation, Technology integration and IT Enablement, Skilling of Manpower etc. at the three day meet. |
||
|
Indian Port News |
||
|
KGPL signs concession pact for greenfield port with AP govt
Exim News Service - HYDERABAD, November 25 Top |
||
|
For developing a greenfield commercial port, Kakinada Gateway Pvt. Ltd (KGPL), a subsidiary of the GMR Infrastructure-promoted Kakinada SEZ Ltd (KSEZ), has recently signed a concession agreement with the Andhra Pradesh government. The port is to be developed on design, build, finance, operate and transfer (DBFOT) basis at Kona village in East Godavari district of the state. The total cost of the project is estimated at Rs 2,323 crore (Rs.23.23 billion), reports said. |
||
|
VOC Port handles vessel with parcel size of 82,170 MT
India Seatrade News - November 29 Top |
||
|
V.O. Chidambaranar Port, for the first time in its history, handled a vessel with a parcel size of 82,170 MT on Wednesday. 'MV Bottiglieri Giorgio Avino', an Italian-flagged vessel, with a draft of 14 metres was docked at Berth-9 at 3.36 p.m. The vessel, which has 93,275 DWT (deadweight tonnage), a length of 229.2m and beam of 38m, arrived from the Port of Mina Saqr, United Arab Emirates. It was laden with limestone. Earlier, the port had handled a 77,000 MT parcel size mounted on the vessel, 'MV Yannis Gorgias', on November 2. Capt J. Kingston Neel Durai, pilot under the guidance of Capt. Bhabatosh Chand, Deputy Conservator guided the ship to the berth, said a press release. |
||
|
Cochin Port Trust in talks with private rice millers of West Bengal
India Seatrade News - November 30 Top |
||
|
After luring the Food Corporation of India (FCI) to transport a big consignment of rice through coastal shipping, the Cochin Port Trust (CPT) is holding talks with the private sector to move their goods to Kerala via the coastal route.A V Ramana, deputy chairman, CPT, met the private rice millers of West Bengal in Kolkota to convince them of the benefits of the coastal movement of rice to Kochi the other day. Officials said this is a major thrust area for port, and more sectors will begin to use the coastal route for transport of goods and consignments to the state. In September, 25,000 tonnes of cement from Krishnapatnam arrived at the CPT, marking the beginning of operations of the fourth cement terminal at the Cochin Port. "This modal shift in transport of cement from road/rail to sea is another step towards promoting coastal shipping as a cost-effective and environment-friendly means of transportation as envisaged under the Sagarmala Programme of Ministry of Shipping. Cement being a high-volume, low-value product, lower-cost sea transport is very important as a game changer in logistics," officials said. The CPT's other three terminals are Ambuja, UltraTech and Zuari, and they handle 7,83,000 tonnes of cement annually. The bagging terminal of Penna Cement Ltd. is the fourth such terminal at Cochin Port. The terminal has been set up in 1.14 ha of land leased by Cochin Port Trust and is expected to handle 3 lakh tonnes of cement annually. Recently, a consignment of 4,732 tonnes of rice from the FCI arrived in 182 containers at the International Container Transshipment Terminal at Vallarpadam here. The consignment of rice - which is for public distribution in Kerala - arrived at the Vallarpadam terminal in a container ship 'SSL Kochi' from Kakinada Port via Krishnapatnam (both in Andhra Pradesh), said a statement from Cochin Port. Until recently, FCI brought the rice to Kerala mostly via trains. It is expected 10,000 tonnes of rice will be brought every month from Andhra Pradesh to Kerala in the days to come. "This is a modal shift to coastal shipping as it has proved cost-effective for FCI," officials said. |
||
|
--------------------------------------------------------------------------------------------------------------------- |
||
|
|
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. |