India poised for double-digit growth in 20-21, says economic survey

According to the Economic Survey released on 29th January, India’s real GDP is set to record a growth of 11 per cent in 2021-22 and nominal GDP by 15.4 per cent-the highest since independence. The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman presented the Economic Survey 2020-21 in Parliament which states that the rebound will be led by the low base and continued normalization in economic activities as the rollout of COVID-19 vaccines gathers traction. The fundamentals of the economy remain strong as gradual scaling back of lockdowns…

Read More

Kisan Rail services picking up momentum

Ever since the first Kisan Rail train was flagged-off on 07.08.2020 between Devlali (Mah) and Danapur (Bihar), 17 more routes have been added to this special services. According to a government release, till 22nd Jan, 157 services of Kisan Rail have been run, transporting more than 49,000 Tonnes of consignments. The primary objective of running Kisan Rail trains is to increase the income in farm sector by connecting production centers to markets and consumption centers. The union government had announced commencing this service in last year’s budget to  transport perishables and…

Read More

GRSE bags Passenger & Cargo Ferry Vessel contract from Guyana

It was a huge boost for the export initiatives of GRSE, when the Harbour Department, Ministry of Public Works, Govt of Guyana recently signed the contract with the shipyard on 13 Jan 21, to build an Ocean-Going Vessel at a cost of 12.7 MUS$.   The 1700 tons(appx) vessel is to be used on the Coastal and Riverine Areas of Guyana, and shall be equipped  with two Caterpillar Marine Diesel Engines coupled with Twin Disc Reduction Gear Boxes to achieve 15 knots speed.   GRSE has been a pioneer warship builder…

Read More

Positive growth in cargo traffic at major ports

After eight months of contraction, cargo traffic at the major ports grew by 3% y-o-y in November 2020. For the April-November period, the traffic has fallen by 10.5% y-o-y — only Mormugao port has seen a higher volume of cargo in the current financial year than a year ago. The cargo volumes for POL (Port of Loading), coal, and containers have declined while that for fertiliser and iron ore have increased from a year ago.  To read complete report, please visit: https://www.indoasiancommodities.com/2020/12/22/cargo-traffic-at-major-indian-ports-showing-signs-of-increase-in-november/

Read More

Truck owners suffering losses due to faulty FASTag transaction

Indian trucking sector is suffering from losses of Rs 2-3 crore /day in faulty toll transactions, revealed a report released by Gurugram based logistics tech startup, WheelsEye Technology. The report has been prepared on the basis of a research conducted on over 5 lakh FASTag users. WheelsEye report claimed that one out of every 60 FASTag transactions is faulty, as a result of which truck owners lose hard-earned money every day.  This survey prompted the startup to develop an auto-detection and refund feature for wrong or double toll deductions from FASTag…

Read More

ASOS-DHL expand long-term partnership in Europe

Global logistics major Deutsche Post DHL Group has expanded its service for ASOS, UK’s biggest online retailer for fashion and beauty. Since 2014, DHL has helped the British brand to expand into several markets worldwide. Starting with Express delivery services worldwide, DHL has also offered standard shipping services for ASOS across borders. This started with Germany and has evolved to 14 markets in Europe. DHL eCommerce Solutions is servicing ASOS through the DHL Parcel Connect platform. It facilitates flexible solutions and seamless integration to a high-quality parcel delivery network throughout Europe.…

Read More

New Merchant Shipping Bill seeks to initiate best practices

Ministry of Ports, Shipping and Waterways recently issued a draft of the Merchant Shipping Bill, 2020 for public consultation that aims to repeal and replace the Merchant Shipping Act, 1958  and the Coasting Vessels Act, 1838. According to a formal release, “the Merchant Shipping Bill, 2020 has been drafted,with the primary aim of promoting the growth of the Indian shipping industry by incorporating the best practices adopted by other advanced countries like the U.S., Japan, U.K., Singapore and Australia.” All up-to-date IMO conventions  or protocols, to which India is a…

Read More

Final draft of National Rail Plan to be released soon

National Rail Plan, 2030, a policy statement which among other things is also expected to provide direction for increase in the market share of Indian railways in the larger national transportation space, is expected to be unveiled in December. Speaking at a webinar organized by industry association Assocham recently, Railway Board chairman and CEO Vinod Kumar Yadav informed that final draft of national rail plan 2030 is ready and is likely to be released next month in December. “Vision 2024 is part of national rail plan 2030 which will be…

Read More

Ministry of Shipping gets new name

The government has renamed Ministry of Shipping as the Ministry of Ports, Shipping and Waterways (Pattan, Pot Parivahan aur Jalmarg Mantralaya) which signals its growing focus on coastal shipping and waterways. On 8th of November, Prime Minister Narendra Modi announced the renaming of Ministry of Shipping while addressing, through video-conferencing, the inaugural ceremony of Ro-Pax ferry service between Hazira and Ghogha in Gujarat. While making this historic announcement, the prime minister said “Now this Ministry will be known as Ministry of Ports, Shipping and Waterways. It is being expanded. In most…

Read More

Exports growth fall in negative territory again

After showing a single digit positive growth for the first time in this Corona pandemic affected fiscal in September,  India’s merchandise exports once again slipped in the negative territory in October. The total exports figure in October stood at $ 24.82 billion which marked a decline of 5.4 percent when compared to $ 26.23 billion in the same month last year. In October 2020, the value of non-petroleum exports was $ 23.21 billion, registering a positive growth of 1.84% over October 2019. The value of non-petroleum and non-gems and jewellery…

Read More