News

Unprecedented rise in Bangladesh’s economic activity a boon for Indian exports

While India’s exports to traditional markets took a fall due to the ravaging crisis caused by the coronavirus pandemic, Bangladesh reported unprecedented economic growth; jumping four places to emerge as India’s fifth-largest export destination in the fiscal year that ended on 31 March. Exports to Bangladesh reported a surge of 11% in the previous fiscal […]

India’s Domestic Road Logistics Sector witness strong rebound: ICRA Ratings

After having to go through a disheartening phase, the Indian economy can finally rejoice as uplifting figures from domestic road logistics sector comes in on the backdrop of India posting exponential export of $95 billion in the first financial quarter of the current year. According to the ICRA Ratings, the domestic road logistics sector has […]

Commerce Ministry’s Logistics Division reveals plans for ‘Freight Smart Cities’, launches portal

With growing urbanisation, requirements of rapid economic growth including e-commerce and associated first and last mile freight movements; increasing congestion, noise and sound pollution in the Indian cities is a menace affecting both public health and local economies. The Logistics Division under the Ministry of Commerce and Industry has decided to work in a planned […]

India all set to become the third-largest online retail market globally

Following the footsteps of the US and China, India is now set to become the third largest online retail market globally, with annual gross merchandise value (GMV) touching USD 55 billion in 2021, and USD 350 billion by 2030, says consulting firm Redseer. Besides the online retail market, kiranas are also expected to achieve approximately […]

The INSTC: Another stepping stone in India’s Export Journey

Export businesses offer plenty of benefits and opportunities to a country and help boost its economic aspects, especially at a time when Covid is jeopardizing the economic might of the global economy. Export widens the consumer’s base and expands business network which further increases profits exponentially. It also provides opportunities to reach out to many […]

FM announces relief measures to boost exports and help pandemic hit sectors

As the nation reels under the adverse effects caused by the second wave of the COVID pandemic, Finance Minister Nirmala Sitharaman on Monday announced a slew of economic relief measures totalling INR 6,28,993 crores to bring to speed the economic slowdown and boost the pandemic hit sectors. “We are announcing about 8 economic relief measures, […]

A sneak peek into the new draft Indian Ports Bill, 2021

With a view to revolutionising the ports management and make investment hubs through public and private partnership, the Ministry of Ports, Shipping and Waterways had presented the draft Indian Ports Bill, 2021 which aims at abolishing the Indian Ports Act, 1908 and substituting it with a more relevant and contemporary act addressing present and future […]

The Colombo Port City Project: Why it concerns India

The Sri Lankan parliament approved the Colombo Port City Economic Commission Bill after a two-day debate on it, last month. The 225-member Sri Lankan Parliament approved the bill 148-59, according to news reports. What is the Colombo Port City? The Colombo Port City is a special financial zone being built next to Colombo, mostly on […]

Exports growth trend to continue, reveals FIEO

The order book position of exporters are healthy and exports growth trend is set to continue, reveals a study by the Federation of Indian Export Organisations (FIEO). The federation noted that India has started on a healthy note in 2021 and exports have so far seemed encouraging. It added that the growth story will continue […]

Long-Range Drone Delivery soon to become a reality in India

The use of drone delivery in India, which once seemed like a distant dream, might soon see the light of the day. As per the government officials and company executives, India is set to witness the first experimental long-range drone flight in parts of Karnataka, Tamil Nadu, Rajasthan and Punjab, later this month. These drones […]

Despite rise in exports, container prices remain high at major Indian Ports

Despite recovering economies and increasing export demand, the container prices at major ports such as Chennai, Mundra and Nhava Sheva maintained a constant high. As informed by shipping companies, the average price of a 20-ft dry container at the Chennai port in May 2021 increased by almost $600 as compared to May 2020. The price […]

APM Terminals Pipavav resumes container operations; berths Transworld group’s PIC2

APM Terminals Pipavav (Gujarat Pipavav Port Ltd) resumed container operations on Tuesday with the Port berthing Transworld Group’s– SSL Brahmaputra. The Port had resumed other landside operations from May 22 onwards, while marine side operations waited, following the landfall of extremely severe cyclone ‘Tauktae’. The power and communication network were severely impacted since the cyclone […]

GST Council Meeting Takeaways: Import of Covid-related items exempted from IGST till 31 Aug

In its 43rd meeting, the Goods and Services Tax Council chaired by Finance Minister Nirmala Sitharaman, discussed on a range of key issues yesterday. One of the key highlights from the meeting was that import of Covid-related relief items have been exempted from IGST till Aug. 31. The Finance Minister said that the any import […]

Govt mulls air corridors to Central Asia

The Government of India proposes to open air corridors to Central Asian countries for transportation of fruits and vegetables, food and other agricultural products. Civil aviation and air cargo transportation hold untapped potential for boosting connectivity between India and Uzbekistan. This was discussed at a meeting between Mr Dilshod Akhatov, Ambassador of the Republic of […]

DP World Port Terminal Cochin develops direct connectivity to West Africa

Global logistics company and smart trade DP World added a new weekly “Far East West Africa India Express” service (FEW3) operated by Maersk Line. The new service with a fixed-weekly sailing will deploy 13 vessels of 4,500 to 5,500 TEUs capacity. The company had recently operated International Container Transshipment Terminal (ICTT) at Cochin. The new […]

Cisco initiates digitisation of select seaports, inland waterways in India

In a bid to help companies digitise their processes, technology company Cisco has tied up with some of the largest Indian seaports and inland waterways, including Visakhapatnam, Deendayal, Kolkata Port and IWAI (Inland Waterways Authority of India). The company is currently working on 14 projects across seven ports in India, of which three projects have […]

Breather for Pharma: China’s Sichuan Airlines resumes cargo services to India

In what comes as a breather for the country’s pharmaceutical industry, Chinese state-owned Sichuan Airlines has resumed its cargo services to India. In view of the alarming rise in COVID-19 cases, Sichuan Airlines had decided to suspend its services to India for 15 days from the end of last month. In consequence thereof, this step […]

India’s Cold Chain sector to record over 20% CAGR by 2025: JLL

Owing to the transformation of cold storage from conventional to modern, the nation’s cold chain sector is likely to record over 20 percent CAGR by 2025, says a report by JLL. The commercial real estate company believes that the Cold Chain sector in the coming years might see an addition of 1.5 lakh to 2 […]

Indian Air Force’s management cell ensuring seamless distribution of foreign aid

The Indian Air Force has been operating around the clock Covid Air Support Management Cell (CASMC) at Palam Air Base since April 27, so that a seamless flow of information and minimal time delays in distribution of relief aid coming from foreign countries could be ensured, the Ministry of Defence informed on Sunday As per […]

Government allows import of oxygen concentrators bought through post, courier for personal use

Amid the surge in COVID-19 cases in the country, to meet the rising demand for oxygen supply, the government on Friday said it has included import of oxygen concentrators for personal use, including those purchased from e-commerce portals, through post or courier, in the list of exempted categories, where customs clearance is sought as gifts. […]

Indigo in the process to procure four A321ceo freighter aircraft

The nation’s largest domestic airline, IndiGo is in the process of leasing four A321ceo freighter aircraft, each having the capacity to handle 27 tonnes of cargo, the airline said in a statement on Wednesday. “A Letter of Intent has been signed with a lessor for two aircraft already, and IndiGo expects to reach an agreement […]

E-com shipments slated to grow 4x to 12 billion by 2024.: RedSeer Report

With the outbreak of the covid-19 pandemic brands across the industries are realigning their strategies to focus more on e-commerce, giving third-party logistics players such as Delhivery, Ecom Express, Xpressbees scope to grow. According to a report released by consulting firm RedSeer this week, the companies, which currently account for 0.85 billion e-commerce shipments in […]

Maersk India launch ‘Automotive Express’ for efficient movement of auto parts and components

Maersk India, in collaboration with GatewayRail, has launched the first “Automotive Express” – a dedicated rail service between Gurugram and APM Terminals Pipavav Port for a seamless and efficient automotive supply chain. The automotive manufacturers require highly reliable logistics services that can move their raw material and finished products on precise schedules to ensure uninterrupted […]

Verification of identity mandatory for new importers, exporters : Centre

Verification of identity has become mandatory for new importers, exporters and customs brokers. The government has stated that importers, exporter and customs brokers will need to verify their identity, including Incorporation Document, PAN, Aadhaar as well as Physical Verification of Place of business. The Customs (Verification of Identity and Compliance) Regulations, 2021, also gives customs […]

Centre launches “DGFT Trade Facilitation App” for Providing instant access to Exporters/Importers

Commerce & Industry Minister Mr Piyush Goyal today launched DGFT ‘Trade Facilitation’ Mobile App during an online video conference, for promoting ease of doing business and providing quick access to information to importers/exporters. Speaking on the occasion, Mr Goyal said that very often, the simple trade-related process becomes cumbersome, and when they are available with […]

India Ratings predicts logistics stable outlook in FY22

Amid the turmoil of the past year, India’s logistics sector is exhibiting signs of growth as it looks stable in financial year 2021-22 as a recovering economy builds demand, predicts India Ratings and Research (Ind-Ra) on Monday, citing the commissioning of a dedicated freight corridor. Adani Ports and Special Economic Zone figured among ports that […]

Xander Group leases 11 lakh sq ft of warehousing space to E-com giants Amazon, Flipkart

Alternate investment firm Xander Group has leased around 11 lakh sq ft of warehousing space to e-commerce firms Amazon India and Walmart-owned Flipkart in Bhiwandi, Maharashtra, as per industry sources. The leasing transaction has been done from Xander’s warehousing platform, a $250 million industrial real estate venture that it set up in 2019. The adjacent […]

BIAL Launches India’s First Dedicated Express Cargo Terminal

The Kempegowda International Airport, Bengaluru (KIAB/ BLR Airport) today inaugurated India’s first dedicated Express Cargo Terminal for export and import of international couriers. The terminal was inaugurated by M. Srinivas (IRS), Chief Commissioner of Customs, Bengaluru Zone in the presence of Ashok (IRS), Principal Commissioner of Customs, Airport & Air Cargo Complex, Shiv Kumar Mohanka, […]

Centre ramps up cold storage preparation at airports for the COVID-19 vaccine

The central government has ramped up arrangements for setting up a cold chain storage chain for the COVID-19 vaccine that will eventually be approved for use in India and is finalising transport arrangements with top airlines to deliver the much-anticipated vaccine once it is out, officials in the know of the development shared. In keeping […]

Ministry of Ports, Shipping and Waterways issues Draft Merchant Shipping Bill, 2020

The Ministry of Ports, Shipping and Waterways has issued a draft of the Merchant Shipping Bill, 2020 for public consultation that aims to repeal and replace the Merchant Shipping Act, 1958 (Act No. 44 of 1958) and the Coasting Vessels Act, 1838 (Act No. 19 of 1838). The Merchant Shipping Bill, 2020 has been drafted […]

Govt to mull over proposals for setting up FTWZs on Nov 27

The government on November 27 will mull over two new proposals for setting up Free Trade and Warehousing Zones (FTWZs) in Maharashtra. According to an office memorandum of the Department of Commerce, the Board of Approval(BoA), which is the highest decision making body for SEZ (special economic zones) will consider the proposals in its meeting […]