Exports from SEZs may cross Rs 3 lakh crore mark

The cumulative exports from 230 operational Special Economic Zones (SEZs) is slated to grow beyond a staggering Rs 3 lakh crore mark at the end of this fiscal. The total number of approved SEZ units in the country is over 400, out of which 355 have been notified and 230 are currently operational. According to a recent commerce and industry ministry submission in the lower house of the parliament, the quantum of exports from the designated SEZ units has been on a consistent rise – going up from Rs 2,14,501…

Read More

IATA issues positive outlook for cargo business

The International Air Transport Association (IATA) forecasts the global airline industry net profit to be $35.5 billion in 2019, slightly ahead of the $32.3 billion expected net profit in 2018 (revised down from $33.8 billion forecast in June). And an important constituent of this positive outlook is the expected improvement in the global air cargo business. According to a recent release by the apex aviation agency, cargo tonnes carried are expected to reach 65.9 million in 2019 (up from 63.7 million in 2018). “The 3.7% annual increase in cargo tonnage…

Read More

India’s share in the global GDP on a rising curve

In a recent written submission in the Rajya Sabha, the finance ministry has maintained that  the share of Indian economy in world(measured as a ratio of India’s GDP to world’s GDP at current US$) has increased from 2.6 percent in 2014 to 3.2 percent in 2017 (as per World Development Indicators database). The average share of Indian economy in world during 1960 to 2013 was 1.8 percent. The average growth of the Indian economy during 2014-15 to 2017-18 was 7.3 per cent, fastest among the major economies in the world.…

Read More

Govt. to set up trade promotion bodies in 15 countries

Union Minister of Commerce &Industry and Civil Aviation, Suresh Prabhu, recently indicated government going ahead with the proposal of setting up trade promotion bodies in 15 countries to promote exports of SMEs from India. Suresh Prabhu was speaking at the inaugural session of the 15th Global SME Business Summit in New Delhi last week.  The Minister informed the participants of the Summit about the commitment of the Ministry of Commerce and Industry towards the growth of the SMEs that are the pivot of the overall economic growth of the country. The…

Read More

Huge discount in haulage rate for empty containers

To draw more containerized traffic, the Ministry of Railways has come out with an innovative policy intervention which tends to respond to empty container transportation worries of the operators. It has announced a discount of 25% on extant haulage rate per Twenty Feet Equivalent Unit (TEU) on transport of empty containers as well empty flat container wagons in order to facilitate movement of containers by rail towards ports, thereby leading to higher loading by rail from ports. It is expected to enhance efficient handling of traffic at ports and attract…

Read More

Nearly 100% jump in major ports capacity

During the course of this decade, the port capacity in the country has jumped by a staggering margin. According to a recently released paper by the Ministry of Shipping which highlights the positive impact of measures like amendment of Model Concession Agreement, revision of tariff guidelines and Ease of Doing Business, the port capacity in the country has shot up from around 745 million tonnes in 2012-13 to a commendable 1451 million tonnes at the end of 2017-18. The cargo traffic growth has also been in tandem with the capacity…

Read More

Flat trends in exports growth

Exports in November 2018 were US $ 26.50 billion, as compared to US $ 26.29 billion in November 2017, exhibiting a positive growth of 0.80 per cent. Cumulative value of exports for the period April-November 2018-19 stood at US $ 217.52 billion (Rs.15,14,369.74 Crore) as against US $ 194.93 billion (Rs.12,57,811.49 Crore) during the period April-November 2017-18, registering a positive growth of 11.58 per cent in Dollar terms (20.40 per cent in Rupee terms). Non-petroleum and Non Gems and Jewellery exports in November 2018 were US $ 18.57 billion, as…

Read More

Patna becomes a major station on waterways cargo circuit

Bihar’s capital Patna witnessed  a new landmark in India’s Inland Water Transport (IWT) sector with 16 TEUs of container cargo (equivalent to 16 truckloads) belonging to food giants PepsiCo India and Emami Agrotech from Kolkata reaching the city’s Gaighat IWT terminal on river Ganga last Friday. The 815 kms long voyage was a momentous one with the opening up of Kolkata-Patna as a new Origin-Destination pair on Inland Waterways.Plans are also at an advanced stage to operationalise Patna-Varanasi sector of NW-1 for container cargo movement. The Ministry of Shipping is…

Read More

Double-digit containerized trade growth in July-September

India’s containerised trade with the world grew 10% in Q3 as against the same quarter in the previous year. According to the latest trade report released by Maersk, improved demand in various destination countries has propelled exports to grow at 10% year-on-year. The demand for India-made goods such as vehicles and mechanical appliances; as well as refrigerated cargo such as onions, meat, seafood and pharmaceuticals have driven exports.Simultaneously, imports have risen 9% year-on-year, largely dominated by a heavy inflow of paper, metal and white goods. Overall, the containerized market has displayed…

Read More

Govt targets $60 billion agriculture exports by 2022

The Union Cabinet recently approved the new agriculture export policy which aims to double the exports of Indian agricultural produce by 2022 – from the current $30 billion level to $60 billion by 2022. The initiative is also aligned with the larger objective of the government to double the income of the farmers in the next four years. The policy would seek to diversify  exports basket with a special focus to boost high value and value added agricultural exports including focus on perishables. It has also provisioned promoting novel, indigenous,…

Read More