India needs to boost container production, promote domestic use, strengthen shipping firms, and enhance port infrastructure. High freight costs, container shortages, and reliance on foreign carriers challenge exports. Domestic shipping handles only 5-10% of trade volume, with heavy dependence on Chinese containers making India vulnerable to supply disruptions.
Higher freight costs, container import dependence hurt India’s exports: GTRI
India faces challenges in exports due to rising freight costs, container shortages, and reliance on foreign carriers. GTRI suggests boosting domestic container production and enhancing local shipping companies to mitigate risks and costs. The report highlights the need for significant investments and policy support to strengthen India’s shipping industry.
The government has removed the minimum export price of $950 per tonne for basmati rice, leading to increased global enquiries. This move is expected to stabilize the falling prices of basmati rice, which may rise from Rs 55 per kg to Rs 65 per kg initially. India holds an 80% share in the global aromatic […]
India plans to establish two operational Mega shipbuilding parks by 2030, aiming for a share of the $100 billion global market. The parks will be located on both the East and West coasts, with basic infrastructure provided by the government and critical equipment by private players. This initiative will enhance domestic shipbuilding capabilities and create […]
Cochin Shipyard Limited has laid the keel for India’s largest dredger, DCI Dredge Godavari, with a hopper capacity of 12,000 cubic meters. Built in collaboration with Royal IHC, Netherlands, this advanced vessel will enhance the capabilities of the Dredging Corporation of India and support the growth of coastal and inland shipping markets.
The government has extended benefits to exporters using courier services, supporting smaller sellers on online platforms. Amendments by the CBIC to various tax neutralisation schemes will boost e-commerce exports. The new rules, effective September 12, aim to enhance flexibility and efficiency in supply chains, aligning with the Foreign Trade Policy 2023.
Commerce Minister Piyush Goyal launched two digital initiatives to assist exporters. The Jansunwai Portal provides necessary information and direct communication with officials, while the ERP portal of ECGC offers online services like claims and credit support. These measures aim to streamline export processes and enhance MSME exports.
India raises import tax on edible oils
2 years ago
India has increased the basic import tax on crude and refined edible oils by 20 percentage points to support local oilseed farmers. This change will raise the total import duty on these oils, potentially increasing prices and reducing demand for imports of palm oil, soyoil, and sunflower oil.
The government has extended export incentives through the courier medium to boost e-commerce shipments. Benefits like RoDTEP, RoSCTL, and drawback will now apply to all courier exports. Plans are also underway to extend these benefits to postal route exports, promoting a more equitable environment for e-commerce exporters.
The rush to avoid higher US tariffs on Chinese goods has led to a container shortage in India, as empty containers are being shipped to China. This has impacted India’s trade numbers for August and September. However, officials expect the situation to improve in the coming months, aiding Indian exports.