Sustainability has been at the core of the G20 agenda: Piyush Goyal

Group Chairman & CEO, DP World : We believe India has an amazing growth and UAE

has invested USD 15.3 Billion between 2020-22 in India.

NEW DELHI : Union Minister Piyush Goyal recently said that sustainability has been at the core of the G20agendaforseveralyears,butitisawayoflifeforIndia.

The Minister’s remarks came while inaugurating the CII Partnership Summit 2023, organised by CII, in partnership with the Department for Promotion of Industry and Internal Trade, (DPIIT) Ministry of CommerceandIndustry.

Goyal who is the Chairman of the CII Partnership Summit 2023 said that sustainability in India may go back thousands of years and Indians hold every element of natureinhighreverence.

“It is important that we build resilience in our e c o n o m i e s a n d e n f o r c e sustainability while focusing on inclusivity. Partnerships between citizens, communities and countries, when working together in the spirit of cooperation, collaboration and sometimes competition, collectively can contribute to a more stable and prosperous future,”hesaid.

Sultan Ahmed Bin Sulayem, Group Chairman & Chief Executive Officer, DP World, United Arab Emirates said that “India has the fastest growth rate among the major economies. We believe India has an amazing growth and UAE has invested USD 15.3 Billion between 2020-22 in India. India will account for 15% of the global economy in 2023 and is our 2ndlargesttradepartner”

“ M e e t i n g physical and digital i n f r a s t r u c t u r e needs can reduce transport costs and build efficient and s u s t a i n a b l e t r a n s p o r t networks,”hesaid.

Dukgeun Ahn, M i n i s t e r f o r Trade, Republic of Korea said that India is playing a prominent role in the IT sector, including Artificial Intelligence and Big Data, as the world’s largest source of human talent and outstandingengineers.

Gan Kim Yong, Minister for Trade & Industry, Republic of Singapore said that businesses must accelerate to become responsible, innovative, sustainable and equitable, but must also identify partnerships to achieve these goals.

Abdulla bin Touq Al Marri, Minister of Economy, United Arab Emirates said that global issues require global solutions and cannot be resolved by a single nation or a small group of nations, andrequiresignificantconcreteactions.

“UAE is dedicated in collaborating with international partnersbilaterallyandmultilaterallyinordertotacklethe world problems and build a more sustainable and prosperousfutureforall,”hesaid

Govt taking steps to make India $5 trillion economy ‘at an early date’: Finance Ministry

NEW DELHI - The IMF’s World Economic Outlook earlier said the size of the Indian economy will increase from $3.2 trillion in 2021-22 to $3 5 trillion in 2022-23 and cross $5 trillion in 2026-27 However, the Government has been taking steps to make the Country a $5 trillion economy at an early date,” Minister of State for FinancePankajChaudharyinformedtheUpperHouserecently

Observing that the outbreak of the Covid pandemic in 2020 and the Russia-Ukraine conflict in 2022 has impacted the world output, increased inflation in several countries and raised uncertainty in the world economy, he said, “lower uncertainty in the global economic outlook will help India become a $5 trilliondollar economy earlier”.

Some of the important measures taken by the Government in the past to boost economic growth include the making of the

National infrastr ucture pipeline of projects, push t o c a p i t a l e x p e n d i t u r e , i m p l e m e n t a t i o n o f t he Production Linked Incentive (PLI) scheme, finalisation of the National Monetization Pipeline of public sector assets and formulation of National Logistics policy, he said.The Minister further said that capital expenditure will be speeded up by PM Gatishakti for integrated planning of infrastr ucture and s y n c h r o n i s e d p r o j e c t i m p l e m e n t a t i o n a c r o s s a l l concer ned central ministries, departments and state Governments.

The Union Budget 2023-24, Chaudhary said, “further sustains the growth momentum with an increase in capital investment outlay for the third year in a row by 33 per cent to Rs 10 lakh crore (3 3 per cent of GDP)”

Global Tank Container fleet surpasses 800,000 units : ITCO

CHICAGO-Accordingtothisyear’sInternationalTank Container Organisation (ITCO) survey, the global tank container fleet hit 801,800 units on 1 January 2023, up from 737,935 on 1 January 2022, representing an 8.6% increase yearonyear

In order to meet the ongoing high demand for new equipment, a total of 67,865 new tank containers were constructed, up from 53,285 new units the prior year – a 14,580 unit rise

The survey demonstrates how, in terms of numbers, the industry is still controlled on a worldwide scale by a relatively small number of large tank container owners and leasing firms

The top 10 tank container operators account for over 281,160 tanks, representing over 49% of the global tank container operators’ fleet, while the top 10 leasing companies account for 299,300 tanks, representing about 83% of the total leasing fleet

“This growth in demand in 2022 was fuelled by the massive disruption and challenges in the supply chain during the Covid-19 Pandemic – which has underlined the critical role that the tank container can, and does, play in the logistics requirements of the tank container’s major customers,” said Reg Lee, president of ITCO.

He went on to add, “This resulted in manufacturers ramping up production to meet short-term high demand, Theknock-oneffectofthiswillbeanoversupplyoftanks, a reduction of new production – and, possibly an increase in the number of tanks being disposed of ”