India and the UK are set to resume talks in October for a proposed free trade agreement, aiming to resolve pending issues. Both nations seek market access for goods and services, with India focusing on skilled professionals and the UK on reducing import duties. Bilateral trade has seen recent growth.
India, UK may hold next round of talks on proposed trade agreement in Oct
The Great Eastern Shipping Company, India’s largest private ocean carrier, is considering entering the container shipping sector. This move could help mitigate risks associated with oil trade as the world shifts towards green energy. The company prefers to invest countercyclically and may enter the market when it is weaker.
Tuticorin Intl container terminal dedicated to nation; to reduce logistics costs, save forex
1 year ago
The Tuticorin International Container Terminal was inaugurated by Union Minister Sarbananda Sonowal, enhancing VOC Port’s capacity. Prime Minister Modi highlighted its deep draft and significant berth length. The terminal aims to reduce logistics costs, save foreign exchange, and promote gender diversity with 40% female employees. Multiple development projects were also launched.
The government is considering amending the SARFAESI Act, 2002, to allow banks to hold security interest in shipping vessels, removing special exemptions for fishing vessels. This change aims to fast-track loan recovery processes and address ambiguities that delay recoveries. Other debt recovery laws are also under review for quicker resolution of non-performing loans.
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.
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.
China to open anti-dumping probe on halogenated butyl rubber imports from Canada, Japan, India
1 year ago
China’s commerce ministry announced an anti-dumping investigation into halogenated butyl rubber imports from Canada, Japan, and India. This material is essential in manufacturing tires, pharmaceutical stoppers, sealants, and various other products, starting from Saturday.
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.