GUJ-11-03-2024

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Pg. 6 See

AHMEDABAD : (079) 26569995, E-Mail:dstgujarat@gmail.com

DP World secures $422 Mn Gujarat Container Terminal deal strengthening India-UAE ties

DUBAI: The economic relationship between India and the United Arab Emirates (UAE) has witnessed significant growth, marked by flourishing business deals and strategic collaborations Notably, Dubai-based port operator DP World has made headlines with its latest endeavour, securing a substantial loan from Indian funders to embark on a transformative project in Gujarat.

Deendayal Port Authority observes 53rd National Safety Week 2024

APM Terminals Pipavav sets new monthly liquid cargo volume record

PIPAVAV: Gujarat Pipavav

Po r t L t d [ A P M Te r m i n a l s Pipavav] created new monthly volume record for liquid cargo in February 2024. The port handled:

• 64 LPG rakes – The highest liquid rakes loaded in a month.

• staggering 1,36,690 metric tons of liquid and gas cargo in a month.

• 86903 MT of LPG – The highest LPG handled in a month. It is noteworthy that all the volumes were imported via VLGC [Very Large Gas carriers] showcasing port’s advance infrastructure to cater to the VLGCs.

Cont’d Pg. 19

This extraordinary accomplishment not only showcases our commitment to customer-centricity through operational efficiency but also underlines our consistent assurance to enhance our own benchmarks to redefine industry standards. As the port continues to set new benchmarks, it solidifies its position as an industry leader and a reliable partner to our customers.

GPPL celebrates 25 Years of Successful LPG handling at the Port

PIPAVAV: GPPL (APM Terminals Pipavav) marks a significant milestone as it celebrates 25 years of successful and safe handling of Liquefied Petroleum Gas (LPG) at the port. This remarkable achievement stands as a testament to the long-standing partnership between GPPL and Aegis Vopak Terminals Limited, a leading name in global infrastructure solutions and a trusted partner in the safe and efficient handling of bulk liquid p r o d u c t s a n d g a s e s T h e p o r t s t a r t e d t h e environment friendly rail siding in the beginning of 2022 and within a few months, the port loaded 1 0 0 0 t h L P G r a k e , r e i n f o r c i n g o u r commitment in providing s a f e m o v e m e n t o f LPG cargoes by rail.

GPPL is investing in a new liquid berth to cater to

the increasing demand for liquid cargoes and drive economic growth in the region The partnership has provided vital LPG supplies to major Public Sector Undertakings (PSUs) like Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited, and Hindustan Petroleum Corporation Limited, contributing to the success of the Pradhan Mantri Ujjwala Yojna.

Furthermore, in August 2023, GPPL elevated its liquid berth capability to a Very Large Gas Carrier (VLGC) compliant facility, providing a competitive edge in efficiently by handling VLGC vessels. Looking ahead, GPPL is poised to establish connectivity to the KGPL (Kandla Gorakhpur LPG Pipeline) by mid-2024. This strategic move is set to enhance the growth of LPG supply to central and northern India, complementing existingroadandrailevacuationcapabilities

As we celebrate 25 years of success, these strategic advancements affirm GPPL's commitment to innovation and growth in the dynamic landscape of LPG handling. We remain committed to continuously enhancing our capabilities and services to play a vital role in meeting the evolving LPG import needs of the nation.

CJ-XI

Master Logitech 12/03

CJ-XII Shamim Armita India 12/03

CJ-XIII Helga Bulker Rishi Shpg. 17/03

CJ-XIV Amis Brave Interocean 14/03

CJ-XV Ghousta MNK & Co. 15/03

CJ-XVA Broad Yuan Mihir & Co. 13/03

CJ-XVI Karunia Gmilang II Mihir & Co. 14/03

TUNA VESSEL'S NAME AGENT'S NAME ETD Golden Star Interocean 15/03 Edgar Ambica Log.

OIL

OJ-I

OJ-II

OJ-III VACANT

OJ-IV VACANT

OJ-V VACANT

OJ-VI

OJ-VII VACANT

CJ-XIV

VESSELS IN PORT

DUE FOR IMPORT DISCHARGE

GENERAL CARGO VESSELS

SHIPS

WITH EXPORT CARGO

292482-29/02

NOTICE TO CONSIGNEES

m.v. “MSC ARIA III” Voy : XA410A I.G.M. NO. 2370662 Dtd. 06-03-24 Exch rate 85.35

The above vessel has arrived on 08-03-2024 at MUNDRA PORT with Import cargo from NINGBO, SHANGHAI, SHEKOU, TIANJINXINGANG.

Please note the item Nos. against the B/L Nos. for MUNDRA delivery.

MUNDRA

Consignees are requested to kindly note that the above item Nos. are for the B/L Nos.arrived for Mundra Delivery. Separate IGM will be lodged with Kandla Customs for CFS - Gandhidham. Consignees are requested to collect Delivery Order for all imports delivered at Mundra from our Import Documentation Deptt. at Siddhi Vinayak Complex, 2nd Floor, Off. No.201-208, Opp. Reliance Petrol Pump, Nr. Rotary Circle, on Presentation of duly discharged Original Bills of Lading and payment of relevant charges. The container detention charges will be applicable after 5 days from the GLD for containers meant for delivery at Mundra. The containers meant for movement by ROAD to inland destinations will be despatched upon receipt of required documents from consignees/receivers and the consignees will be liable for paymeant of port storage charges in case of delay in submission of these Documents. Our Surveyors are M/s. Master Marine Services Pvt. Ltd. and usual survey conditions will apply.Consignees are also requested to note that the carriers and their agents are not bound to send individual notification regarding the arrival of the vessel or the cargo.

- Charges enquiry on land line - 619100

- IGM No./Item No./Destuffing point enquiries can also be done at our computerized helpline No.(079)

m.v “GH TRAMONTANE” V-2408S (EGIA -CMA), I.G.M. NO. 2370738 DTD. 07/03/2024.

The above vessel has arrived at Mundra on 08-03-2024 as per following details.

Consignees are requested to obtain the DELIVERY ORDERS on presentation of ORIGINAL BILLS OF LADING duly discharged and on payment of relative charges as applicable within 5 days or else Detention Charges will be applicable.

If there is any delay in CY-CFS / lCD's movement due to port congestion or any other cause beyond the control of the Shipping Line / Agents are not responsible for the same. Also note that the Shipping Line / or their Agents will not be held responsible for auction by Port / Customs / Custodian of uncleared cargo on expiry of stipulated period as laid down in the byelaws. Consignees are advised that the carriers and/or their Agents are not bound to send individual notifications regarding the arrival of the vessel or the goods.

For vessel ETA / IGM- ITEM/ Exchange Rate / Local charges & Detention Charges please contact our office.

Emirates Shipping Agencies (India) Pvt. Ltd

Aura Commercial Building, Ward 6, Plot No. 23 Commercial, Office No. S/3 & 4, 2nd Floor, Aerodrome Road, Opp. Om Cineplex, Gandhidham, Gujarat - 370201.

In case of any query kindly contact the below E-mail IDS & Phone Numbers :

IMPORT related : ravi.vaghela@in.emiratesline.com

Tel. No. : +91-2836-239378 / 239379 - Mob. : +91 89809 97977

EXPORT related : hardik.jadeja@in.emiratesline.com

Tel. No. : +91-2836-239378 / 239379 - Mob. : +91 98980 76324

IGM Tracking : http://www.emiratesline.com : 8090/eadmins/igm_main.jsp.

NOTICE TO CONSIGNEES

m.v. “ESL DACHAN BAY” V-2406E (CIVS - ESL), IGM NO.: 2370731 DTD. 06/03/2024.

The above vessel has arrived at Mundra on 07-03-2024 as per following details.

42

Consignees are requested to obtain the DELIVERY ORDERS on presentation of ORIGINAL BILLS OF LADING duly discharged and on payment of relative charges as applicable within 5 days or else Detention Charges will be applicable.

If there is any delay in CY-CFS / lCD's movement due to port congestion or any other cause beyond the control of the Shipping Line / Agents are not responsible for the same. Also note that the Shipping Line / or their Agents will not be held responsible for auction by Port / Customs / Custodian of uncleared cargo on expiry of stipulated period as laid down in the byelaws.

Consignees are advised that the carriers and/or their Agents are not bound to send individual notifications regarding the arrival of the vessel or the goods.

For vessel ETA / IGM- ITEM/ Exchange Rate / Local charges & Detention Charges please contact our office.

Emirates Shipping Agencies (India) Pvt. Ltd

Aura Commercial Building, Ward 6, Plot No. 23 Commercial, Office No. S/3 & 4, 2nd Floor, Aerodrome Road, Opp. Om Cineplex, Gandhidham, Gujarat - 370201.

In case of any query kindly contact the below E-mail IDS & Phone Numbers :

IMPORT related : ravi.vaghela@in.emiratesline.com

Tel. No. : +91-2836-239378 / 239379 - Mob. : +91 89809 97977

EXPORT related : hardik.jadeja@in.emiratesline.com

Tel. No. : +91-2836-239378 / 239379 -

:

98980 76324

Govt extends RoDTEP support to Advance Authorisation Holders, EOUs and SEZ Units

NEW DELHI: Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal a n n o u n c e d t h e e x t e n s i o n o f Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme support to additional export sectors in New Delhi today The Government of India has announced extension of the RoDTEP Scheme support to additional export sectors i e Advance Authorisation (AA) holders, Export Oriented Units (EOU) and Special Economic Zones (SEZ) export units. This decision comes in recognition of the significant contribution these sectors make to I n dia ’ s E x p o r t s, c o n st it u t ing approximately 25% of our exports. Amidst global economic uncertainties and supply chain disr uptions, extending RoDTEP to the uncovered

sectors such as AA, EOU, and SEZ units will help the exporting c o m m u n i t y i n h a n d l i n g t h e international headwinds.

The Remission of Duties and Ta x e s o n E x p o r t e d P r o d u c t s (RoDTEP) Scheme is a key initiative by the Government of India aimed at refunding various embedded taxes and duties on exported products Since its inception in January 2021, the RoDTEP Scheme has already provided support amounting to Rs. 42,000 Crores to more than 10,500 export items at 8-digit ITC HS Code level. In the current financial year, the scheme has a budget of Rs. 15,070 Crore with an additional increase of 10% in FY 2024-25.

Keeping budgetary allocation in view, the extension of RODTEP to additional sectors is presently till 30 09 2024 The extension of the

RODTEP scheme to these sectors is aimed at enhancing India’s export competitiveness in international markets Key sectors such as Engineering, Textiles, Chemicals, Pharmaceuticals & Food Processing and many others stand to benefit from the measure.

By providing support to crucial export sectors, the government aims to not only enhance their competitiveness but also create employment opportunities and contribute to overall economic growth, aligning with the vision of building an Aatmanirbhar Bharat. The government is confident that the proactive measures being taken, including efforts to negotiate new FTAs, will further accelerate India’s journey towards achieving USD One trillion merchandise export levels

Sarbananda Sonowal approves project worth more than Rs. 800 crore to transform Syama Prasad Mookerjee Port

KOLKATA: The Ministry of Ports, Shipping & Waterways has approved one of the ambitious projects, Re-Construction of Berth No. 8 and Mechanization of Berth Nos. 7 and 8 at Netaji Subhash Dock of KDS, Syama Prasad Mookerjee Port, Kolkata. This significant decision was taken by the Union Minister for Ports, Shipping, and Waterways, Shri Sarbananda Sonowal, marking a pivotal moment in the port's development journey

The approved project will be executed on a Design, Build, Finance, Operate, and Transfer (DBFOT) basis through Public-Private Partnership (PPP) mode. The estimated project cost stands at Rs. 809.18 crore, underscoring the magnitude of this endeavor.

This project is poised to bring a paradigm shift in the operational landscape of the Syama Prasad Mookerjee Port. Key benefits include the establishment of an effective, efficient, and environmentally s u s t a i n a b l e i n t e g r a t e d c a r g o h a n d l i n g s y s t e m , w h i c h w i l l significantly bolster the port's operational efficiency Additionally, the creation of additional berthing and cargo handling facilities will cater to both import and export activities, thereby amplifying the port's capacity and versatility, resulting in enhanced o v e r a l l p e r f o r m a n c e a n d competitiveness.

'Under the leadership of the Prime Minister and by taking several initiatives at ports, the cargo handling

capacity of the ports has doubled in the last ten years. The Mechanization at ports isn't just about upgrading infrastructure; it's about empowering our nation's trade ecosystem with e f f i c i e n c y a n d g l o b a l competitiveness,' said Shri Sonowal.

In West Bengal, the Sagarmala Programme oversees 62 projects valued at Rs. 16,300 crore, with 19 c o m p l e t e d p r o j e c t s w o r t h approximately Rs. 1,100 crore and 43 projects at various stages of implementation totaling around Rs. 15 thousand crore Additionally, 11 projects, partially funded by MoPSW, amounting to around Rs. 650 crore have seen 6 projects completed (worth Rs. 400 crore) and 5 projects ( w o r t h R s 2 5 0 c r o r e ) u n d e r development. Notably, the Coastal Districts Skill Development Program - Phase 2 - West Bengal, sanctioned for Rs 6 32 crore, has yet to commence despite Rs. 2.10 crore being released in Dec 2019. Among the achievements, projects like Road Connectivity Improvement (worth ~Rs. 100 crore) have led to traffic decongestion and improved port connectivity, while the Upgradation of tracks at EJC yard of Kolkata Port ( R s 4 7 c r o r e ) h a s e n h a n c e d operational efficiency and reduced incidents of derailment.

Under Maritime Amrit Kaal Vision 2047, various initiatives have been towards world class next generation ports which include developing port c l u s t e r s i n v o l v i n g m a j o r a n d non-major ports with capacities more

than 300 MTPA, creation of deeper drafts (18-23 m) at ports, developing transshipment hub, developing two new major ports, reduce vessel related charges, increase private s e c t o r p a r t i c i p a t i o n t h r o u g h implementation of projects under PM Gati Shakti – NMP and Asset Monetization Plan etc.

Further, Maritime clusters have been also identified in Maritime Amrit Kaal Vision 2047 Action Plan include creating industrial clusters along the ports which include DPA, VoCPA, SMPA (Haldia) and also at Andaman & Nicobar Islands. The key initiatives for creating the maritime industrial clusters include identification of models with private sector for developing the industrial clusters, identification of focus commodities for the industrial clusters, adoption of investor friendly policies etc.In addition to industrial clusters, development of three islands namely Greater Nicobar & Port Blair at Andaman and Nicobar Island can be developed as a bunkering hub and Ship repair respectively. In addition, Kalpeni Island can be developed for Vessel Spares and Stores. There are 30 initiatives identified under the theme, of which the key initiatives for developing these islands would involve infrastructure, institutional and policy/regulatory initiatives.

This transformative initiative underscores the government's steadfast commitment to fostering infrastructural development and bolstering maritime commerce.

Piyush Goyal urges textile beneciaries to be vocal for local and

take local to global

NEW DELHI: The Union Minister for Textiles, Consumer Affairs & Food & Public Distribution and Commerce & Industry, Shri Piyush Goyal during his interaction with beneficiaries of Textile Sector here urged them in attendance to be vocal for local. “Be vocal for local and take local to global. That’s the clarion call from Prime Minister Shri Narendra Modi to showcase our products at the world stage”, he said.

Shri Goyal further noted that ramping up textile production in the country will spur income, open up employment opportunities and play a vital role in making the country ‘Atmanirbhar’ as well. The Minister urged the artisans to register their businesses on the Government e-Marketplace (GeM). He said that he has instructed GeM to register all artisans and weavers connected with handicraft and handloom without any registration fee.

India’s steel exports surge, imports remain stable in February

NEW DELHI: India witnessed a notable increase in steel exports by around 21 per cent in February compared to January, reaching 1 million tonnes (mt). Conversely, steel imports remained steady at 0.76 mt during the same period. This marks the second consecutive month in 2024 where India has been a net exporter of steel.

According to a report by the steel ministry, on a year-onyear basis, outbound steel shipments surged by 78 per cent in February, while finished steel shipments showed a 29 per cent increase for the month. In January 2024, exports stood at 0.8 mt, with imports totaling 0.77 mt.

A Steel Ministry official noted that the import situation is gradually improving and is being closely monitored, attributing the fluctuations to short-term phenomena.

The increase in exports has led to a reduction in the deficit between outbound and inbound shipments, making India a net importer by 0.9 mt for the first 11 months of FY24 (April – February), with the gap narrowing by 0.2 mt.

Imports during this period rose by 36 per cent year-on-year to 7.58 mt, while exports increased by 13 per cent to 6.65 mt.

Imports exceeded exports by 1 1 mt during the April to January period, marking the highest disparity in recent times However, exporters anticipate a balancing out of this difference soon, citing an upward trend in exports over the past few months, particularly in Q4 (January – March), which is typically a strong quarter. Additionally, the global production glut has reduced, stabilising imports as well

The Steel Ministry report highlights that non-alloy steel, a significant offering, witnessed a staggering 100 per cent year-on-year increase in exports to 0.98 mt in February Meanwhile, alloyed and stainless steel exports experienced a 44 per cent rise to 50,000 tonnes. Conversely, imports of non-alloyed steel surged by 42 per cent to 0.61 mt last month, while alloyed and stainless steel imports saw a 4 per cent decline to 0.155 mt.

India’s P&I Club for Coastal Shipping likely to start on domestic waters

NEW DELHI: The Ministry of Ports, Shipping and Waterways has spoken to several insurers to allay concerns and iron out details of its proposal to set up a domestic protection and indemnity (P&I) Club for coastal ships and vessels operating on inland waterways, a senior government official said.

“At a recent roundtable of financers and insurers, the ministry deliberated on the way forward for the setting up of this club,” the official said Another official said that stakeholders are awaiting more financial and regulatory clarity The Shipping Ministry, on February 14, conducted a stakeholder meeting on shipbuilding, financing, and insurance. Here, representatives from insurance firms had expressed their intent to participate in the sector.

“The idea is to start small. We are looking at a small corpus through a mutual insurance association of shipbuilders, shipping operators, and general insurers,” the official said.

Several coastal and riverine vessels are not covered under the P&I framework, as they operate in domestic waters. So, the local club will initially focus only on such

vessels. Eventually, the P&I club would look at covering overseas transit as well.

Overseas marine insurance covers amounts running into billions of dollars, which India’s entity would not be able to undertake initially.

Meanwhile, a Finance Ministry panel has said that the Insurance Act — in its present form — does not allow the operation of mutual insurance associations in the sector Industry veterans previously called for this entity to be formed jointly with the Inland Waterways Authority of India (IWAI).

The Centre will later decide if it will also pool in its own funds for this entity, sources said.

Shipowners buy P&I insurance to cover themselves from huge costs of any accident that could harm cargo, lives of people, and the environment. This cover is usually bought through not-for-profit clubs of like-minded shipowners.

The International Group, or IG, comprises 13 P&I clubs. This group provides marine liability cover to 90-95 per cent of all global sea tonnage.

Leading Industry Association condemn Houthi attack on MV True Confidence

LONDON : Industry Associations express their deep concern over the tragic loss of life and injuries suffered by the crew of MV True Confidence in an attack in the Red Sea on 6 March 2024 The loss of life and injuries to civilian seafarers is completely unacceptable. Merchant vessels crewed by civilian seafarers transporting global trade have a right to innocent passage through the region

without the threat of attack.

The frequency of attacks on merchant shipping highlights the urgent need for all stakeholders to take decisive action to safeguard the lives of innocent civilian seafarers and put an end to such threats. Our heartfelt sympathies go out to all those affected by this terrible event.

Govt aims to make all inland waterways ports 100% green in 5 yrs: Shipping Secretary

NEW DELHI: The Government plans to make all coastal and river p o r t s i n i n l a n d w a t e r w a y s “completely green” in five years by using renewable energy, said a senior civil servant.

VO Chidambaranar Port in T h o o t h u k u d i i n Ta m i l N a d u , Deendayal Port Authority in Kandla in Gujarat, Visakhapatnam Port and Jawaharlal Nehru Port in Navi Mumbai already use green energy for all their needs.

"We will ensure that we find ways of making 100 per cent renewable energy efficient ports within a period of about five years," said T K Ramachandran, secretary in the Ministry of Ports, Shipping & Waterways at the FICCI Green Shipping & Ports Conclave 2024

inNewDelhi

"If not in international shipping, at least in the coastal and river inland waterways – that is under our control," he said. "So, we are working on making that completely green in five years."

Under the Amrit Kaal plan launched by Prime Minister Narendra Modi in October, the government has set 2047 as the deadline to make “all major ports” in the country use green energy All such ports will have green hydrogen storage and bunkering facilities by 2047, says a vision documentfortheplan.

The Government has identified three ports, in Kandla, Tuticorin and Paradip, to be pilots in green hydrogen production,saidRamachandran.

The Centre, in February, released guidelines for undertaking green hydrogen pilot projects in the shipping sector under the National Green Hydrogen Mission.

Two areas have been identified as thrust areas under the pilot projects. First is retrofitting of ships to enable them to run on green hydrogen or its derivatives. The second is the development of bunkering and refuelling facilities in ports on international shipping lanes for fuels based on green hydrogen.

Ramachandran said his Ministry has allocated Rs 80 crore to the Shipping Corporation of India to enable older ships to use methanol as fuel. "Couple of them are already in the process," he said.

Indian Box volumes pick up despite Red Sea-linked supply chain disruption

NEW DELHI: Containerised trade through India’s major and minor private ports saw measurable traction last month. Combined volumes hit nearly 1.9 million TEUs in February, up nearly 5% from 1.8 million TEUs in January

Of this, Adani Group-owned Mundra Port accounted for 635,000 TEUs in February, compared with some 618,000 TEUs in the prior month.

Nhava Sheva Port (JNPA), the busiest public container handler, contributed about 565,000 TEUs, rising from 516,000 TEUs. At Nhava Sheva, PSA Mumbai (BMCT) has emerged as the largest terminal operator, racking up 158,000 TEUs, versus 148,000 TEUs in January, according to collected data.

The overall month-on-month u p w a r d t h r o u g h p u t t r e n d i s significant as Indian shippers have had considerable supply chain challenges over the past three

months due to the Red Sea crisis.

Apart from service reliability issues as a consequence of vessel diversions over the Cape of Good Hope in southern Africa, Indian exporters had also voiced concerns over high freight rates, which they said were forcing them to hold back shipments of low-margin goods.

Especially, agricultural exporters and traders have halted cargo movements due to soaring shipping costs and equipment availability problems.

As ocean freight rates have now seen some downward corrections in the last few weeks, there are expectations that exporters will try to maximise shipments in March, the last month of the fiscal year 2023-24.

India’s merchandise exports by value saw a 3% year-over-year increase in January, bringing back some hopeful signs for industry stakeholders and gover nment leaders.

“The increase in exports, despite the Red Sea crisis posing challenges on the logistics front, goes to show not only the resilience of the sector but also of the exporting community, which has continuously been braving such odds since the Russia-Ukraine war,” said Israr Ahmed, President of the Federation of Indian Export Organisations (FIEO) in a statement

Ahmed further noted, “The exporters have consistently been performing, driving the growth of exports, and also adding to the growth momentum of the economy.”

He went on to add, “The main growth drivers of merchandise exports during the month included petroleum products, engineering goods, iron ore, electronic goods, drugs and pharmaceuticals, which itself is a good sign as most of these sectors are labour-intensive sectors and are giving boost to employment creation in the country.”

RBI, Bank of Indonesia sign MoU promoting use of local currencies for trade

NEW DELHI: The Reserve Bank of India and the Bank of Indonesia on Thursday signed a Memorandum of Understanding establishing a framework to promote the use of local c u r r e n c i e s f o r c r o s s - b o r d e r transactions.

“The MoU covers all current account transactions, permissible capital account transactions and any

other economic and financial transactions as agreed upon by both countries,” the RBI said on Thursday.

The framework will enable exporters and importers to invoice and pay in their respective domestic currencies – the Indian rupee and the Indonesian rupiah. In turn, this will facilitate the development of a rupeerupiah foreign exchange market, the

RBI said, adding that the step would optimise costs and settlement time for transactions.

The MoU, which was signed by RBI Governor Shaktikanta Das and Bank Indonesia Governor Perry Warjioyo, will deepen financial integration and strengthen economic relations between the two countries, the domestic central bank said.

DFC starts beneting Farmers from South Gujarat

SURAT: A goods train exclusively for carrying Chiku (sapota) fruits of South Gujarat to Delhi arrived at New Ancheli station of the Western Dedicated Freight Corridor of Indian Railways 350-tonne Chikus were loaded in 15 bogies on this train Navsari – Gandevi area’s 10 mandli and one Agriculture Produce Market Committee (APMC) benefitted from this service.

Gandevi taluka is famous for its Chiku fruits. Amalsad, Ajrai, Gandevi, Dhanori, Kharel, Gadat, Manekpor, Vedchha, Abrama, and Navsari Mandli and APMC purchase Chiku from farmers.

The fruits then travel to North India’s Delhi and other markets in trucks. However, the process takes 32–34 hours, which causes a huge waste of fruits en route.

With trains operating on the We s t e r n D e d i c a t e d F r e i g h t Corridor, the fruits reach Delhi in just 24 hours. The centre has a l l o c a t e d a s p e c i a l t r a i n f o r Chiku after successful trials on t h e M u m b a i – D a d r i f r e i g h t corridor

The train will run three days a week and offer lower transport costs compared to trucks.

India’s Maritime Development Fund likely to be in place by year-end

NEW DELHI: India’s proposed Maritime Development Fund – that looks at providing long term, low cost financial support and push towards indigenous ship-building – is likely to be ready by the end of this year Contours of the fund, and guidelines towards spending the same, is currently under-discussion and it will have participation from industry stakeholders, financial institutions and Ministries.

Sources said, the two options under discussion include setting up dedicated maritime vertical under a proposed development finance institution, while the second one involves having a standalone company with multi-agency equity Leasing ships

Right now India spends close to $75 billion annually on leasing ships from outside. India owns about 2 per cent of the world’s total tonnage and has some 1500-odd ships under its flag.

“We want to ensure that we have a ship-building industry, that is local. So we want to do the entire value chain here – that include ship-building, flagging, ownership financing, leasing, among others. If not the entire, we want to have upto 5 per cent

of world’s tonnage soon. That is what the Maritime Development Fund will work towards,” TK Ramachandran, Secretary, Ministry of Ports, Shipping and Waterways (MoPSW) was recently quoted as saying, on the sidelines of an event orgainsed by FICCI here in the city

Another official, requesting anonymity said, the Maritime Development Fund would also promote cruise tourism and other activities like mechanization and capacity expansion of existing ports through PPP , etc.

Infrastructure Status

D o c u m e n t s s h o w, t h a t t h e Maritime Development Fund is proposed to start with a corpus of Rs. 25,000 crore spread over a sevenyear-period “Multiple funding mechanisms— Debt, Equity, VGF and buyer credit support will be part of the fund mandate,” the official explained.

The official maintained that, internal review of the Ministry has s h o w n t h a t I n d i a n s h i p p i n g companies struggle to grow tonnage “due to difficulties in accessing required finance”, as there is a mismatch in tenure of loan offered (5 to 10 years) versus life of vessel ( generally 30-odd or more years).

“Lack of infrastructure status limit potential avenues for long-term low-cost funds for shipping making it less attractive sector And we are working with the Finance Ministry for that We have proposed to provide ‘infrastructure’ status to enable vessel operators shipping companies to raise long term-low cost finance,” the official said.

Other Provisions

“We have compared working of similar funds in Norway, Korea and Japan. Found out what more we can add, so as to benchmark and better the provisions making it more attractive to invest here,” the official said. Factors like buyer default cover or vendor default cover are being included in the Indian version.

The official added that global benchmarking reveals, tax incentives are being provided for ship leasing that include having concessional rate of 0 per cent and 8.25 per cent for ship leasing management activities.

“It is proposed to evaluate similar tax benefits to be extended to domestic ship – lessors and ship management companies. Detailed p r o p o s a l t o b e d e v e l o p e d i n consultation with Ministr y of Finance,” the official said.

India’s GDP growth to exceed Govt estimate of 7.6% in FY24: RBI Governor

MUMBAI: The Indian economy is likely to grow at a rate exceeding the Central gover nment’s Second Advance estimate of 7.6 per cent in the ongoing financial year, Reserve Bank of India Governor Shaktikanta Das said recently “I would not hesitate to say that India’s GDP growth in FY24 will exceed 7.6%, it might be closer to 8%,” he said in an interview.

Reaffirming the forecast made d u r i n g t h e M o n e t a r y Po l i c y Committee’s February meeting, Das said he believes India may grow at 7 per cent in the next financial year, i.e., FY25 as well, Das said. “So, 9.7%, 7%,

and 7.6%. If you take the average, it is 8%. And the 7.6 can be closer to 8%. So, the momentum is continuing to be very strong and so therefore we are quite optimistic about next year,” Das added.

“Coming to next year, we have given a growth projection of 7%. We are sticking to 7%. But I will wait for the next MPC, our research teams to do their analysis, but at the moment as I speak to you, I would stick to 7% which we have projected for next year,” Das said, adding that “other forecasters have given much lower projections for next year.”

Das expressed confidence in the numbers for the cur rent quarter, saying that India’s growth could be closer to 8% this year “The implicit growth for the Q4 is 5 9% Our sense and understanding of the high-frequency indicators and the momentum of economic activity tells us that this 5 9% could b e e x c e e d e d a n d w h e n t h a t happens, growth will be more than 7.6%,” Das said. “And I think there is quite a good chance of the growth, GDP number for the current year being very close to 8%,” he added.

India’s forex reserves surge by $6.55 bn to $625.63 bn as of March 1

MUMBAI: India’s foreign exchange reserves are up by of $6.55 billion to $625.63 billion for the week ending on M a r c h 1 , l a t e s t d a t a b y t h e Reserve Bank of India (RBI) showed. Previously, forex reserves surged by

$2.98 billion to $619.07 billion, for the week ended on February 23, 2024.

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) i n c r e a s e d b y $ 6 . 0 4 b i l l i o n t o

$554 23 billion Gold reserves were up by $569 million to $48 42 billion, whereas SDRs dipped by $17 million to $18 18 billion

Reser ve position in the IMF decreased by $41 million to $4.8 billion.

Cont’d from Pg. 4

DP World secures $422 Mn Gujarat Container Terminal deal strengthening India-UAE ties

With its strategic location and burgeoning industrial landscape, Gujarat emerges as a focal point for international trade and investment. Situated on the western coast of India, Gujarat boasts a robust maritime infrastructure, making it an ideal hub for port-related developments. Establishing the container terminal at Tuna Tekra in Deendayal Port holds immense promise for enhancing the region’s connectivity and facilitating smoother trade flows.

The financing of DP World’s mega project reflects a collaborative effort involving prominent Indian financial institutions The National Bank for Financing Infrastructure and Development (NaBFID), backed by t h e I n d ia n g o ve r nm e n t , a lo n g side Mu m b a iheadquartered Axis Bank, have extended support by providing the requisite loan. Notably, this marks a significant milestone for NaBFID, as it signifies its

inaugural foray into funding the port sector, underscoring the government’s commitment to bolstering maritime infrastructure.

The successful collaboration between DP World and Indian financiers not only underscores the growing economic partnership between India and the UAE but also highlights the mutual trust and confidence shared by both nations Both parties aim to unlock new avenues for trade expansion, stimulate economic growth, and strengthen geopolitical ties by investing in critical infrastructure projects, such as the Gujarat container terminal. As DP World proceeds with its ambitious venture in Gujarat, stakeholders on both sides envision a future marked by enhanced trade facilitation and increased investment inflows. Leveraging Gujarat’s strategic advantages and DP World’s expertise in port operations, the project holds immense potential to serve as a catalyst for regional developmentandeconomicprosperity

Deendayal Port Authority observes 53rd National Safety Week 2024

Cont’d from Pg. 4

The inaugural event featured a warm welcome to the guests, including the presentation of flower bouquets and a traditional lamp-lighting ceremony. Safety Officer Shir Bhavesh Madhavi initiated the proceedings with a welcome speech, leading a safety pledge, and providing an insightful overview of the week's planned activities.

Week-Long Safety Activities:

The week promises a series of activities designed to promote safety awareness, including Virtual Reality Safety training, Safety competitions, a Mega Medical Campaign, Hazardous Material

well-being of all but also contributes significantly to cost-saving and increased productivity

Handling Training, Safety Film Shows, a Mega Personal Protective Equipment (PPE) Distribution Campaign, Firefighting drills, and a culminating Safety Award Ceremony

Insights and Leadership Focus: Shri Priyabrata

Shaw, Add. Asst. Director Dock Safety, Kandla, shared valuable insights on "Focus on Safety Leadership for ESG Excellence." Notably, the event emphasized that adherence to safety measures not only ensures the

Strategic Prevention and Zero-Accident Target: Deputy Chairman Shri Nandeesh Shukla, IRTS underscored the strategic importance of preventing accidents within the port, aligning with the vision of achieving zero accidents as part of Maritime India Vision 2030. Chairman Shri S.K. Mehta, IFS advocated for safety leadership through example, suggesting motivation/recognition schemes for personnel and punitive actions against safety norm violators. Heencouragedstakeholders'activeinvolvementin providing safety suggestions for the development of a roadmap to achieve the zero-accident target.

Interactive Virtual Reality Safety Training:

The Chairman inaugurated the "Virtual Reality Safety Training" campaign stall, engaging personally with the work-at-height module This interactive initiative reflects the port's commitment to leveraging technology for effective safety training.

Collaborative Efforts for "Safety First": Representatives from KPSAA, including Shri Bharat Gupta (President KPSAA), Shri Mitesh Dharamshi, Shri K. M. Thakker, Bv Prasad, Hasmukh Thakkar, And Yuri Fernandes, played a crucial role in e m p h a s i z i n g t h e p a r a m o u n t i m p o r t a n c e o f "Safety First." They presented safety helmets and jackets to all honored guests, symbolizing a unified commitment to safety excellence.