E-commerce export procedure through India Post to be simplified

With rising e-commerce exports, the government is now planning India Post to become a major intermediary in the space for outbound shipments. For this, the customs department will be simplifying procedures. The e-commerce exports facility through Foreign Post Offices (FPOs) is available since 2016 under Merchandise Export from India Scheme (MEIS) incentives from post offices at three locations – Chennai, Mumbai and Delhi. “Now, customs may be leading the reform race by permitting e-commerce exports through all FPOs, though without MEIS benefits for now,” a recent Finance Ministry statement said.…

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Abu Dhabi oil company commences storage in India

Minister of Petroleum and Natural Gas, Dharmendra Pradhan witnessed the loading of first consignment of 2 million barrels of ADNOC crude for Mangalore Cavern on 12th May. During an early visit of the PM Narendra Modi, Indian Strategic Petroleum Reserves (ISPRL) had signed an agreement with Abu Dhabi National Oil Company (ADNOC) of UAE under which ADNOC will store about 5.86 million barrels of crude oil in India’s Strategic Petroleum Reserve (SPR) facility at Mangalore at its own cost. ISPRL has built 5.33 million tonnes (around 39 million barrels) of…

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Hactl handles new Western Global freighter operation

Florida-based freighter operator Western Global Airlines has appointed Hong Kong Air Cargo Terminals Limited (Hactl) to handle its first scheduled service into Hong Kong. The new twice-weekly 747-400F service between Hong Kong and Los Angeles is being operated in partnership with US forwarder Flexport. The airline plans to add a further weekly flight from September. Hactl is providing ramp handling, terminal handling and all documentation for the flights. Announcing the launch of the joint service, Neel Jones Shah, Flexport’s SVP and Global Head of Air Freight said: “This new partnership…

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Goverment to promote pharma exports in new markets

Ministry of Commerce and Industry is fully committed to promoting the Indian pharmaceuticals industry globally, said Commerce and Industry Minister, Suresh Prabhu, after inaugurating ‘iPHEX’ in New Delhi early this week. The Minister said that Government is committed to promoting pharmaceutical exports to untapped markets, including China which has agreed for a high level bilateral Round Table to pave the way for Indian Pharma to get market access and penetration in their vast market. Prabhu also emphasized the need for reaching out to newer markets, especially in Africa, where affordability…

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Prabhu asks DGFT officials to closely examine logistics issues

In a meeting of port officers organized by the Directorate General of Foreign Trade (DGFT), in Delhi last week, the Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu urged the regional officials to reorient their thinking and start functioning more as a facilitator than a regulator. Strongly emphasizing that foreign trade is now a strategic issue for India as it not only benefits the domestic economy but also links the country with global trade, he urged DGFT to set up a committee headed by the chief secretary…

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RBI’s relaxation of funding norms to help port operators

In a significant recent decision, Reserve Bank of India (RBI) – the apex bank in the country, announced relaxation in the funding norms for the port operators. The policy intervention, among other things, clears the decks for the overseas borrowings for port operators. Analysts have welcomed the move saying the relaxation could well turn out to be a major cushion for the ports at a time when most of them are in the midst of a significant capacity expansion/modernization drive. “RBI’s move to allow ‘Port Trusts’ constituted under the Major Port…

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Over 4 percent growth in core sectors in March

The Eight Core Industries, comprising 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), grew by 4.1 per cent in March. However, it is slightly lower than the growth registered during April to March, 2017-18 – 4.2 per cent. Coal and cement were the star performing segments during the month. Coal production  increased by 9.1 per cent in March, 2018 over March, 2017 while the growth in cement sector crossed the double-digit margin -13 percent. On the energy side, businesses like crude oil,…

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Railways reports remarkable improvement in automobile carriage

Indian Railways’ share in automobile carriage is inching up and it has finally begun to emerge as a preferred mode of transportation for automobile manufacturers, much like the trends in the developed markets. In a recent release, the railways ministry has claimed a robust double digit jump in auto products carriage last year which has also given a boost to the railways’ earning. “During 2017-18, the loading from automobiles traffic has increased by 16% and earning from automobile traffic has increased by 18% as compared to 2016-17,” the release stated.…

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Air cargo growth in Asia-Pacific declines in March

The Association of Asia Pacific Airlines (AAPA), the body representing the interest of major carriers in the APAC region, has reported a decline of 2.8 percent in air cargo traffic measured in freight tonne kilomteres (FTKs) in March. The growth on the same parameter had stood at 13 percent in March, 2017. According to AAPA monthly report, the carriers had increased their cargo capacity by 5.6 percent but the resultant impact on load factor was negative with a decline of 1.8 percent. “The airline operating environment remains challenging, with competitive…

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Spare part reverse logistics market to grow by 5 percent

Technavio’s latest market research report on the global reverse logistics market of spare parts for the manufacturing industry has projected a CAGR of over 5% in the business between 2-18-2022. According to the report, the growth in the business will also be contributed by the expanding manufacturing activities in the emerging economies like China and India. “The growth in the manufacturing industry globally is a major factor driving the market’s growth. Industrialization and global manufacturing activities are increasing at a considerable rate in emerging countries such as Brazil, China, India, Mexico, and South Africa.…

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