Long voyage time impacted trade, no container shortage: Govt to Parliament

Global trade, including Indian exports, is impacted by extended voyage times and conflicts in key regions. Despite no reported container shortages, India’s limited container manufacturing capacity is noted. Measures to reverse startup flipping and PLI schemes have shown substantial economic growth and export contributions.

US President-elect Donald Trump’s social media posts have caused market fluctuations in the past. While Trump has shown unpredictability in his policies, he has been relatively friendly towards India. However, his recent tariff threats and warnings to BRICS nations about moving away from the US dollar create economic uncertainties for India.

India has transported goods to Russia via the Transcaspian route of the International North South Transportation Corridor for the first time. This pilot shipment of agricultural goods aims to assess the feasibility of regular supplies. INSTC includes several routes across the Caspian Sea, through Iran, and via Azerbaijan, with ongoing developments in related infrastructure.

India has achieved exports of organic food products valuing nearly USD 450 million by November 25 of this fiscal year. Union Minister of State for Food Processing Industries Navneet Singh Bittu provided data in Lok Sabha showing the consistent export performance over several years. The exports are certified under the National Programme for Organic Production.

Commerce and Industry Minister Piyush Goyal stated that the Global South is not responsible for global environmental damage, attributing it instead to developed countries with high energy consumption. He emphasized the need for sustainable consumption patterns at the CII Partnership Summit.

US President-elect Donald Trump’s threat to impose 100% customs duties on BRICS countries if they replace the US dollar is deemed unrealistic by think tank GTRI. They suggest India should focus on developing a local currency trading system. Such tariffs would harm American consumers, disrupt global trade, and provoke retaliation from trading partners.

The Blue & Space Economy conference in Mumbai witnessed collaboration between Italian and Indian institutions, celebrating Italy’s achievements in the Space sector. Crucial discussions emphasised bilateral cooperation and integrating digital technologies into new space programs. Maritime sector talks highlighted Leonardo’s contributions to sustainable and secure seas through technology and Indian partnerships.

India and Italy are introducing the ‘Cotton Route’ initiative to enhance trade relations. Italy aims to become India’s third-largest trade partner in the EU. Both countries are eyeing collaboration in defence, space technology, and other emerging sectors. This initiative seeks to strengthen economic ties and improve logistics and port infrastructure to boost exports.

India is setting up a framework to prioritise investments from EFTA nations, which include Switzerland, Norway, Iceland, and Liechtenstein. Norway is eager to invest in renewable energy, while Switzerland eyes the pharmaceutical sector. EFTA countries have committed $100 billion in investments over 15 years under the India-EFTA free trade agreement.

India aims to become the world’s most efficient and trusted trade hub by expanding authorised economic operators (AEOs), integrating free zones, and implementing innovative policies. Technology and trust are pivotal, with 17 of 20 major ports fully automated and efforts to provide online services at all ports.