22 hours Ago
New Delhi: India will reduce certain charges at ports and purchase five additional second-hand container vessels in a move to boost exports and resolve shipping related issues of trade such as high freight. These measures were announced after commerce and industry minister Piyush Goyal Thursday met senior officials of ministries including shipping, ports, finance, civil aviation and railways, exporters body FIEO Federation of Indian Export Organisations, freight forwarders, transport operators and shipping companies. India’s goods exports have declined for two consecutive months, with August witnessing 13-month low contraction of 9.
3% which traders said was due to rising shipping costs, a slowdown in China and recessionary trends in western markets. “I am confident that it (decisions taken at the meeting) will result in significantly bringing down shipping cost , improve availability of empty containers, help faster evacuation of export consignments and significantly reduce the congestion at ports,” Goyal said. The minister on Wednesday said that exports of goods and services in FY25 could cross $825 billion.
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The corporation also announced that it is chartering container ships to significantly increase the container capacities and on an immediate basis capacity will be enhanced by 9,000 TEUs (twenty-foot equivalent unit). Further the shipping ministry said that the port capacities have already been enhanced by 2.3 million TEUs.
The Railway Board and Container Corporation of India announced that empty containers can now be stored at the yard at zero cost for 90 days and the charges of Rs 3,000 that is being levied beyond 90 days is now halved to Rs 1,500. Moreover, the storage and handling rates would be reduced for 40 feet containers to Rs 2,000 from Rs 9,000 and for 20 feet containers, to Rs 1,000 from Rs 6,000. The Central Board of Indirect Taxes and Customs announced that custom clearances at the ports will be expedited by simultaneous screening of two twenty feet containers while the Jawaharlal Nehru Port Trust assured to eliminate any congestion and bottleneck at the NhavaSheva port.
It was also decided that private container yards will have to mandatorily register themselves with GST authorities and not accept any charges in cash in order to ensure illegal profiteering arising out of shortage and delay. “The shipping lines assured that all charges like container transportation and Lift-on-Lift-off at yards would be embedded in the delivery order given to shippers,” said an industry representative, adding that infrastructure at Mumbai airport would be augmented for truck docking and holding area. (You can now subscribe to our Economic Times WhatsApp channel ).
