Ports ministry receives 29 proposals worth Rs 3,300 crore from Andhra Pradesh

Ministry of Ports, Shipping and Waterways has received 29 new proposals worth Rs 3,300 crore from Andhra Pradesh covering various projects, including port development and coastal berths, Parliament was informed on Friday. These projects include Ro-Pax and passenger jetties, fishing harbours, port modernisation, and skill development. The ministry has already sanctioned Rs 450 crore for […]

The global shipping industry faced significant challenges, with spot freight rates increasing by around 105% in three months. Companies like Bajaj Auto and CEAT experienced disruptions similar to the pandemic era, highlighting severe container shortages affecting various sectors, including agriculture and automotive.

The Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, approved a significant project for the Jawaharlal Nehru Port Authority (JNPA) valued at Rs. 284.19 crore. This project aims to develop an Export-Import cum Domestic Agricultural Commodity-Based Processing and Storage Facility at JNPA, to be executed on a Public-Private Partnership (PPP) model.

The central government’s upcoming ship owning and leasing entity is set to gain from new permits for companies with a variable capital structure, as announced in the Union Budget 2024-25. Initiatives such as this are part of broader reforms aimed at revitalizing the Indian shipping industry, which has seen a decline in its share of […]

The budget also extends the period for exporting goods imported for repairs from six months to one year. Additionally, the time-limit for re-importing goods for repairs under warranty is increased from three years to five years.

The Union Budget 2024-25, presented by PM Modi and FM Sitharaman, focuses on maritime innovation, job creation, economic growth, and shipping reforms. It includes MSMEs, cruise tourism, shipbuilding, GST simplification, MAKV 2047, inclusive banking, Northeast development, Assam flood management, Pradhan Mantri Janjatiya Unnat Gram Abhiyan, heavy engineering, and boosts agriculture benefiting ‘Annadata’.

India’s sweeping shipping reforms aim to create jobs and remove customs duties on vessel components and warship spare parts. Supported by Nirmala Sitharaman and Sarbananda Sonowal under Maritime India Vision 2047, they include leasing, cruise tourism, tax exemptions, simpler foreign shipping company tax regimes, IFSCA links, and addressing low overseas cargo share through shipbuilding repairs […]

The Economic Survey 2024 highlighted significant advancements in India’s logistics sector, including improved global rankings, digitalization efforts, and efficiency gains. Key initiatives like PM Gati Shakti and National Logistics Policy have contributed to enhanced competitiveness and trade facilitation.

Three Indian Coast Guard ships responded to a distress call from the cargo vessel MV Maersk Frankfurt, which reported explosions on its front deck in the Arabian Sea. The ships Sujeet, Sachet, and Samrat fought the fire for over 12 hours, preventing its spread. The operation, amid rough seas and inclement weather, involved aerial assessments […]

Post-pandemic courier frauds exploit technological trust. Fake officers demand payments for seized parcels. Warning signs include unsolicited payment requests, misspellings, and prize claims. FedEx, with law enforcement, highlights not sharing sensitive details. Critical measures include awareness initiatives, elderly education, direct verification, reporting fraud via cybercrime.gov.in, and disconnecting suspicious calls.