GUJ-18-03-2024

Mundra Port achieves new milestone: Surpasses 7 Mn TEUs handling capacity

MUNDRA: Mundra Port, operated by Adani Ports and Special Economic Port Ltd (APSEZ), has reached a significant milestone by surpassing the 7 million twenty-foot equivalent units (TEU’s) mark for the first time in its 25-year history.

“This achievement underscores Mundra Port’s robust infrastructure, efficient operations, and capacity to handle large volumes of cargo,” the Company said.

The achievement comes just days before the fiscal year ends on 31 March.

In FY23, Mundra Port handled 6.64 million TEUs, accounting for 64 per cent of the total cargo managed at the port

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DPA and DP World - Empowering Trade, Enriching Lives: A Partnership for Progress

The ceremony was graced by Shri S.K. Mehta, IFS, Chairman-DPA in the presence of Shri Nandeesh Shukla, IRTS, Dy Chairman; Shri J K Rathod, Chief Vigilance Ofcer; Shri V. Raveendra Reddy, Chief Engineer; Shri Suresh Joseph, Director-Project Tuna Tekra (DP World); senior officials of Port; stakeholders, Portusers,tradeunionsandemployeesatlarge.

The project, located adjacent to the existing Dry Bulk Terminal in Tuna Tekra, Kandla, signifies DPA's dedication to meeting global trade and maritime logistics needs. Awarded through a rigorous global competitive bidding process in January 2023, the Build-OperateTransfer (BOT) concession spans 30 years, with an option to extend for an additional 20 years.

The Concession Agreement was signed on 25th August 2023, in the esteemed presence of Shri Sarbananda Sonowal, Hon’ble Cabinet Minister, and Shri Shantanu Thakur, Hon’ble Minister of State, whose support has been invaluable. Noteworthy is the virtual foundation stone laying by Hon’ble Prime Minister Shri Narendra Modi on 17th October 2023, underlining the government's commitment to infrastructural development and economic growth.

The investment of approximately Rs. 4500 Cr in this project marks the highest capital investment in a PPP project at any Major port in India, showcasing global confidence in DPA's potential. DP World's bid of Rs.6500/per Container for Royalty is also the highest in a PPP project in Major Ports of India.

The terminal, expected to commence operations by early 2027, boasts a 1,100m berth capable of handling next-generation vessels carrying over 18,000 TEUs, with a total capacity of 2.19 million TEUs per Annum. DP World's Royalty share of about Rs. 1500 crores per annum on optimal capacity operation showcases the project's economic benefits.

The Concession Agreement allows commercial flexibility for dynamic market adaptation, fostering innovation and efficiency in port operations. DPA has fulfilled obligations by completing the four-lane Approach Road up to the terminal's Back-up area.

The terminal's strategic location will reduce logistics costs, increase trade efficiency, attract shipping lines, and stimulate economic growth, transforming the region's economic landscape and generating employment opportunities.

This milestone reinforces DPA's commitment to excellence, innovation, and inclusive growth, with gratitude extended to stakeholders for their support. Together, we embark on a transformative journey towards a brighter, more prosperous future for our nation and its people.

Shri S.K. Mehta, IFS addressing the gathering

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NORTH WEST INDIA SERVICES

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CHINA / INDIA EXPRESS

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ASIA SUB-CONTINENT SERVICE

ARABIAN SEA EXPRESS

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Head Office - Mumbai :

Unit 802, B Wing, 8th Floor, Godrej Two, Pirojsha Nagar, Eastern Express Highway, Vikhroli (E), Mumbai, 400079, India

Tel: +91 022 61247300, Fax: +91 022 26665780

Delhi Office :

238, 3rd Floor Okhla Industrial Estate, Phase-3 New Delhi-110020, India

Tel: +91 011 66266627 / 66266625, 66266609, 66266628, 66266608 , 66266618

Mundra Office : Second Floor, Plot

86, Sector 1A, Near Hero Motorcycle Showroom, Gandhidham – 370 201

Cargo

Agent's ETD

CJ-V

CJ-VI

CJ-VII VACANT

CJ-VIII VACANT

CJ-IX VACANT

CJ-X

CJ-XA

CJ-XI Shamim Armita India 19/03

CJ-XII Sounion Trader Hapag Llyod 19/03

CJ-XIII Kathy Ocean Chowgule Bros 24/03

CJ-XIV GF Trader DBC 21/03

CJ-XV African Jay Synergy 26/03

CJ-XVA Crested Eagle Cross Trade 25/03

CJ-XVI Asian Bulker DBC 21/03 TUNA VESSEL'S NAME AGENT'S NAME ETD

OIL JETTY VESSEL'S

OJ-VII

FOR FAR EAST,

Indian businesses building more resilient supply chains globally: Report

MUMBAI: Indian businesses are deploying innovation and technology in supply chains to capitalise on opportunities arising out of the shifting geopolitical and trade landscape, a new report showed.

Indian companies are turning to technology to build more resilient supply chains, with 66 per cent employing or planning to employ augmented or virtual reality for t r o u b l e s h o o t i n g a n d r e p a i r s surpassing the 54 per cent global average, according to the report, titled ‘Trade in Transition’, by multinational logistics company DP World and led by EconomistImpact.

Around 79 per cent of Indian firms

are employing or planning to employ artificial intelligence (AI), big-data analytics, and predictive analytics for real-time insights and disruption forecasting, up 7 per cent on the global average, the data showed.

“ T h e f i n d i n g s r e f l e c t t h e sentiment of Indian businesses that have not only embraced innovation t h r o u g h t e c h n o l o g y b u t a l s o effectively leveraged initiatives under the Public Digital Infrastructure created by the Government of India,” said Rizwan Soomar, CEO and MD, DP World North Africa and India Subcontinent.

Around 80 per cent of Indian firms are utilising the Internet of Things

( I o T ) a n d r a d i o f r e q u e n c y identification for real-time tracking and monitoring, 9 per cent higher than the global average.

India has implemented the National Logistics Policy and the Unified Logistics Interface Platform (ULIP) with an objective of providing e a s y a c c e s s t o d a t a f o r a l l stakeholders.

“These, along with the country’s focus on strengthening assets like free trade warehousing zones, rail connectivity, and multimodal logistics parks will support the country’s goal o f r a i s i n g m a n u f a c t u r i n g t o 25% of GDP by 2025 from 17.7% currently,” the report noted.

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Mundra Port achieves new milestone: Surpasses 7 Mn TEUs handling capacity

Also, since FY 2009-10, Mundra port has witnessed around 16 per cent CAGR growth in container volumes.

Driven by a customer-centric approach, innovative logistics solutions, and efficient container evacuation strategies, Mundra Port’s

container traffic has witnessed remarkable growth, outpacing the industry average “At 70 per cent capacity utilisation, the terminal works at full efficiency Above that, the efficiency drops, and delays start occurring,” said a port official.

However, currently operating at

approximately 85 per cent capacity utilization, Mundra Port has managed to maintain smooth operations while mitigating bottlenecks.

The port’s ongoing expansion efforts include the commissioning of a new berth – T3 – with a capacity of 0.8 million TEUs.

Merchandise exports in February highest in 11 months : Commerce Secretary

N E W D E L H I : E x p o r t s i n February rose by 11.9 percent from the year-ago period to $41.40 billion and imports were up 12.2 percent at $60.11 billion.

A t $ 4 1 . 4 0 b i l l i o n , I n d i a ’ s merchandise exports in February were the highest in 11 months. The last time they were higher was in March 2023, when they come in at $41 96 billion Imports, meanwhile, were at a four-month high.

The year-on-year growth in exports of engineering goods (15 9 percent), electronic goods (54 81 percent), organic and inorganic chemicals ( 3 3 . 0 4 p e r c e n t ) , d r u g s a n d pharmaceuticals (22 24 percent) played a crucial role in pushing up outbound shipmentsofIndiangoodsinFebruary

“For the month of February 2024, under merchandise exports, 22 of the 30 key sectors exhibited positive growth as compared to same period last year (February 2023),” the commerce ministry said in a release.

In terms of the year-on-year increase, the export growth seen in

February is the highest since a 30.1 percent rise was posted in June 2022 The import growth of 12.2 percent in February is the highest since September 2022’s 12.6 percent.

“Despite the Ukraine war, Suez Canal, tight monetary policies in western world and fall in commodity prices, February trade data has surpassed all our expectations, with highest export growth achieved in both goods and services in the last 11 months,” Commerce Secretary Sunil Barthwal told the media.

“ W h e n w e c l o s e 2 0 2 3 - 2 4 , (we) expect overall exports to be higher than last fiscal’s record export figures,” he said.

India’s merchandise exports in

services exports stood at

For April 2023-February 2024 as a whole, India’s trade deficit amounted to $225.20 billion, down from $245.94 billion in the first 11 months of 2022-23.

This exhibits a decline of 8.43 percent on the trade gap on a year-on-year basis during this period.

On the services side, exports are projected to grow at 17.34 percent in February 2024 on a year-on-year basis, while imports are seen rising by a smaller 2.81 percent during the same period.

The estimated value of services export for April-February 2023-24 was $314.82 billion against $294.89 billion in the year-ago perio Services imports for this period in FY24 is expected to be $161 86 billion compared $165.09 billion in the first 11 months of the previous fiscal.

The services trade surplus for April-February 2023-24 is estimated at $152 96 billion as against $129 80 billion in April-February 2022-23.

O v e r a l l t r a d e d e f i c i t f o r April-February 2023-24 (goods and services) is estimated at $72.24 billion as compared to the deficit of $116.13 billion during the same period in 2022-23, registering a decline of 37.80 percent.

India invites investors from IPEF nations to invest in $1 trillion clean economy opportunity

NEW DELHI: Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal joined U S Secretary of Commerce Gina Raimondo, Thai Deputy Prime Minister and Foreign Minister Par npree Bahiddha-Nukara, along with the Ministers from the other IPEF partners, in their first Ministerial meeting this year

During the virtual Ministerial meeting on Pillars II-IV, IPEF partners welcomed the significant progress made since the substantial conclusion of the negotiations for the proposed IPEF Clean Economy Agreement (Pillar III), the IPEF Fair Economy Agreement (Pillar IV), and Agreement on IPEF in November 2023. The IPEF partners also discussed the ongoing cooperative work ahead across the t h r e e p r o p o s e d a g r e e m e n t s . Additionally, IPEF partners welcomed

the entry into force of the IPEF Supply Chain Agreement w e f 24 February 2024. The texts of the proposed Clean Economy Agreement, Fair Economy Agreement, and Agreement on IPEF were also made public.

A d d r e s s i n g t h e M i n i s t e r i a l gathering, Minister Goyal called for an expeditious implementation of all the action-oriented collaborative elements under various IPEF Pillars On the Pillar-II (Supply Chains Resilience) Agreement, which entered into force on 24 February 2024, Minister Goyal highlighted India’s global production capacities in many critical sectors, which provide supply diversification opportunities for IPEF partners Highlighting the 'Prime Minister Surya Ghar Muft Bijli Yojana’ as a project that not only furthers clean economy objectives but also generates large socio-economic multiplier effects, Minister Goyal invited investors from

IPEF partners to invest and benefit from the trillion dollar plus opportunity that India provides in the clean economy domain.

The IPEF partners also discussed next steps to deliver concrete outcomes under the Framework over the next several months. This includes several new lines of effort under the Clean Economy pillar, including the launching of four new Cooperative Work Programs (CWPs), announcing that the inaugural IPEF Clean Economy Investor Forum will be held in Singapore on 05-06 June 2024, and providing more details on the IPEF Catalytic Capital Fund.

T h e I P E F p a r t n e r s f u r t h e r announced that the Ministers will next meet in-person in Singapore on 06 June 2024 to discuss the Supply Chain Agreement, the Clean Economy A g r e e m e n t , t h e Fa i r E c o n o m y Agreement, and the Agreement on IPEF

NITI Aayog lays out roadmap for boosting exports from MSMEs

NEW DELHI: NITI Aayog has proposed a series of measures to boost exports from micro, small and medium enterprises, including boosting e-commerce exports, creating a comprehensive trade portal, promoting ease of merchandise exports, improving access to export finance and creation of one stop information channel for exporters.

“To boost e-commerce exports, it is essential to create distinction between exporter on record (EOR) and seller on record (SOR) and allow reduction in invoice value without any percentage ceiling for all e-commerce exports,” the Aayog said in its report on boosting exports from MSMEs, done in collaboration with the Foundation for Economic Development.

Besides, it has proposed introducing an annual financial reconciliation process for e-commerce exporters, exemption of import duties on rejects or returns, granting exemption on reconciliation requirements for shipments up to $1000 and creating a green channel clearance for e-commerce exports.

On easing of merchandise exports, the Aayog has proposed relaxations for MSMEs from certain compliance requirements for a period while putting in place a process for time bound disbursement of incentives so that working capital is not blocked for MSMEs.

“MSMEs contribute significantly to employment generation, exports, and overall economic growth. However, exports represent an enormous and underutilized opportunity for the MSME sector,” the Aayog said in its report.

“The potential of MSMEs to grow exports is enormous and can be realized through some pragmatic measures

which reduce the cost and friction of doing business for these firms without placing any additional fiscal burden in the form of incentives or subsidies,” it said.

According to the report, sectors where Indian MSMEs can participate and compete in export markets include handicrafts, handloom textiles, ayurveda and herbal supplements, leather goods, imitation jewellery and wooden products “Globally, these sectors constitute substantial markets exceeding $340 billion, whereas their domestic market is considerably smaller,” it added.

Further, it suggested creating an end-to-end national trade portal (NTN) which will provide seamless experience to exporters including answering queries and resolution of any gaps in paperwork. “This will help reduce the process burden as well as delay for MSME exporters and enable them to compete effectively,” it said.

As per the report, creating a one stop information data intelligence portal using Al based interface will also be essential to impart information to MSMEs related to market such as tariffs, required paperwork, sources of finance, service providers, available incentives, and potential customers.

According to the report, access to finance is regularly seen as a key bottleneck for MSMEs. “Towards this end, promotion of Export Credit Guarantee can help improve working capital availability for MSMEs. The current uptake of ECGC schemes is only 10% and the government must create an incentive package to increase it to 50% or more,” it said, adding a single marketplace can be created, where all providers of export credit can compete for business and help reduce the cost to MSMEs

DGFT and DHL signs MoU to make MSMEs export-ready

NEW DELHI: Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India, has been actively engaging in boosting e-commerce exports from the country, leveraging its ‘District as Export Hubs’ initiative The goal is to promote and enable micro, small and medium enterprises (MSMEs) to explore the international markets through e-commerce channels.

Taking this initiative further, DGFT has been collaborating with various e-commerce platforms and other service providers to handhold and do capacity building and training sessions in the identified districts under the districts as export hubs initiative. In a similar collaboration, DGFT partnered with the global logistics service provider, DHL, through the signing of a Memorandum of Understanding (MoU) which will cover 76 districts in three phases, to conduct capacity-building sessions, training, and workshops for making Indian MSMEs export-ready

During the MoU signing event, Shri Sunil Barthwal, Commerce Secretary, highlighted the importance of e-Commerce ecosystem, and pointed out the strides taken by India to create a digital infrastructure which can be leveraged to encourage MSMEs from rural India to connect to the world market. He also pointed out the recent initiative of Bharat Mart and how such warehousing initiative would further India’s foreign trade. He conveyed his best wishes for the initiative and hoped that this would help Indian entrepreneurs to bridge the gap in knowledge and enter the world of international trade.

While welcoming the partnership, Shri Santosh Sarangi, DG, DGFT highlighted that the objective of this collaboration is to introduce exporters/MSMEs to the digital commerce space so that they get an opportunity to export “Make in India” products, tap international customers and overcome the challenges related to logistics while exporting through the e-commerce route.

Looking forward to this partnership, John Pearson, Global CEO of DHL Express emphasized that DHL is the first international express operator to sign a Memorandum of Understanding with the Directorate General of Foreign Trade (DGFT). This partnership with the Government of India will further solidify DHL’s commitment to India and aligns with DHL’s Go Trade program to empower MSMEs in the global market.

DGFT and DHL aim to bring together a team of knowledge experts to assist Indian exporters/MSMEs in the identified districts through handholding sessions and develop a start-up kit for first-time Exporters/MSMEs wanting to go global.

Aligning with the Foreign Trade Policy 2023, in the past few months, DGFT has signed MoUs with Amazon India and Shiprocket covering 20 and 16 districts respectively These collaborations with e-commerce platforms and service providers have encouraged series of outreach events by DGFT- Regional Authorities to onboard new exporters; promote first-time exporters, and handhold MSME producers to become exporters through crossborder e-commerce sales under the District as Export Hub initiative.

Nagpur will soon become ‘Logistics Capital’ of India : Nitin Gadkari

NAGPUR: The Union Minister Shri Nitin Gadkari recently said that although Sindi Railway is geographically a part of Wardha district, it is not considered separate from Nagpur Therefore efforts will be made to bring about industrial development on a large scale by connecting industries in Nagpur with Sindi Dry Port. “Nagpur will be known as the ‘logistics capital’ of the country in the coming time,” Gadkari asserted.

Gadkari was speaking after inaugurating the much awaited Multi-Modal Logistics Park (MMLP) at Sindi in Wardha district recently. He also flagged off the trial of the Sindi Railway Terminal Service at this time. The project is the dream project of the Union Minister Gadkari. The event was organized in association with National Highways Authority of India and National Highways Logistics Management Limited (NHLML) under the Union Ministry of Road Transport and Highways.

On this occasion, MP Ramdas Tadas, MLA Pankaj Bhoyer, MLA Sameer Kunawar, MLA Dadarao Keche, former MP Suresh Waghmare, Jawaharlal Nehru Port Trust (JNPT) Chairman Unmesh Wagh, NHLML Director K. Satyanathan and others were present prominently.

Gadkari further said that the farmers will benefit from the dry port at Sindi. He said, “Today, if the produce of Vidarbha’s farms or the products manufactured here are to be exported to Bangladesh, they have to be sent by rail to Mumbai and from there by sea to Sri Lanka and from Sri Lanka to Bangladesh. Now from this logistics park, our goods can be exported directly to Haldia (West Bengal) and from there to Bangladesh by rail”.

“Dr Babasaheb Ambedkar International Airport and Nagpur-Mumbai Samruddhi Mahamarg are also close by

The project holds promises for farmers by facilitating direct exports, reducing logistics costs, and potentially mitigating agrarian distress. The goods of the farmers will get a good price,” Gadkari said.

Gadkari articulated his vision of integrating Sindi, though geographically part of Wardha district, with Nagpur to stimulate industrial growth on a significant scale He emphasized plans to establish strong linkages between industries in Nagpur and the Sindi Dry Port, foreseeing Nagpur’s ascension as the foremost “logistics capital” of India in the near future.

The Minister also gave instructions to appoint an advisory board for the dry port. He asked to include project experts, industry persons and public representatives in this MP Ramdas Tadas said that before 2014 Wardha had only 160 km long roads. Union Minister Gadkari has changed the entire picture in just ten years and now the length of roads has increased by 560 km.

EDFC’s Sahnewal-New Khurja section opens, freight transit from Ludhiana to Mumbai now possible in 20 hours

LUDHIANA: City industrialists of Ludhiana will now benefit from a swift 20-hour transit of goods to the Jawaharlal Nehru Port Trust (JNPT) in Maharashtra, thanks to the inauguration of the Sahnewal-New Khurja section of the Eastern Dedicated Freight Corridor (EDFC) recently. Previously, covering this distance took seven to eight days.

According to project Director Surender Kumar, trains can travel at an average speed of 100 km h on the dedicated corridor, reducingthetotaldistancetoJNPTfromthecitytoaround1,900 km This development is expected to ensure that goods reach theportwithin20hoursasperareport.

Punjab Governor Banwarilal Purohit participated in the inauguration of the 401-km-long Sahnewal to the New Khurja section at the new Khanna railway station.

This section was inaugurated for public use by Prime Minister Shri Narendra Modi through video conferencing from Ahmedabad. During the event, Purohit stated that the corridor would accelerate development by facilitating high-speed goods trains.

He highlighted that the section is part of a high-speed and high-capacity railway corridor exclusively for the transportation of freight, emphasising that it would reduce

logistic costs, increase speed, enhance the safety of freight movement, generate employment opportunities, and attract investments in various sectors.

The corridor, starting from Ludhiana and ending at Dankuni in West Bengal, with a junction at Khurja near Aligarh in Uttar Pradesh connecting it to the Western Corridor, will significantly improve freight transportation efficiency

Fitch revises India’s FY25 GDP growth forecast to 7% from 6.5%

MUMBAI: Global ratings agency Fitch Ratings raised India’s FY25 GDP growth forecast to 7 percent from 6.5 percent earlier as it expects the economy to continue its strong expansion.

Fitch expects 50 bps rate cut by the Reserve Bank of India from July to December and foresees India’s CPI inflation gradually declining to 4 percent by the end of 2024. RBI has kept the repo rate unchanged at 6.5 percent for the last six consecutive meetings and has reiterated its commitment to reaching the 4 percent inflation target on a sustainable basis.

“Prospects for EM (ex China) have also brightened, particularly in India, where we now expect growth to reach 7.8 percent in the fiscal year ending March 2024 (FY24) and 7 percent in FY25, both sizeable upward revisions. With GDP growth having exceeded 8 percent for three consecutive

quarters, we expect an easing in growth momentum in the final quarter of the current fiscal year, implying an estimate of 7.8 percent for growth in FY23-24,” said Fitch.

“Domestic demand, especially investment, will be the main driver of growth, amid sustained levels of business and consumer confidence,” Fitch said.

“Our forecasts imply that growth in the short term will outpace the economy’s estimated potential, and that the pace of growth of activity will then moderate towards trend in FY25 ” Recently, Moody’s raised India’s 2024 GDP growth estimate to 6 8 percent from 6 1 percent India’s economy grew by betterthan-expected 8.4 percent in the final three months of 2023 – the fastest pace in one-and-half years, fortifying Prime Minister Narendra Modi’s record of providing a world-beating growth rate ahead of general elections

CMA CGM & OCEAN Alliance roll out World's Largest Maritime services network for 8th year in a row

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D u e t o the unstable situation in t h e R e d Sea, ships must be routed through the Cape of Good Hope, disrupting supply chains CMA CGM and its partners are stepping up coordination and adapting the rotations of the DAY 8 Product This will maintain the s a m e h i g h s t a n d a r d s o f v i s i b i l i t y, r e l i a b i l i t y, and punctuality, which are the strengths of the OCEAN Alliance.

A new OCEAN Alliance offer designed by CMA CGM to further improve services delivered to customers

Thanks to OCEAN Alliance, the Group's customers will benefit from an optimized and competitive offer for the eighth consecutive year through:

• the deployment of 321 container ships, including 119 vessels for the CMA CGM Group, which continues to play a significant role in the alliance.

• 35 services on the world's most important trades.

• a total capacity of approximately 4 5 million TEUs (Twenty Foot Equivalent).

The OCEAN Alliance “DAY 8 Product” will offer CMACGMcustomersasetofoptimizedsolutionstotransport their goods, in particular to and from Asia, including:

• 6 services between Asia and Northern Europe.

• 4 services between Asia and the Mediterranean.

• 20 transpacic services:

8 services between Asia and the East Coast of the United States.

12 services between Asia and the west coast of the United States and Canada.

• 2 transatlantic services connecting Northern Europe to North American ports.

• 3 services between Asia and the ports of the Persian Gulf.

• The 2 services connecting Asia to the Red Sea are suspended until further notice.

OCEAN Alliance, a stable, reliable and trusted partnership extended until 2032

The launch of this "DAY 8 Product" comes a few days after the leaders of the CMA CGM Group, COSCO SHIPPING, Evergreen, and OOCL, announced the extension of OCEANAllianceforanotherfiveyearsuntil2032

CMA CGM and its long-standing partners for years to come within the OCEAN Alliance continue to support its customers' supply chains and operations by offering best-inclass shipping solutions that serve a vast network of ports with direct calls and optimized transit times. Launched in the spring of 2017, OCEAN Alliance is the world's largest operational shipping network. It provides customers with agile and innovative solutions through the industry's most robust network covering major East/West routes and connecting mainly Asia to Northern Europe, the Mediterranean, the Middle East, and North America's East and West coasts. Committed to achieving Net Zero Carbon by 2050, the CMA CGM Group is implementing the best available solutions to reduce the environmental impact of maritime transport and logistics and is preparing to operate more than 120 container ships that can be powered with low-carbon energy by 2027, part of which is already deployed on the OCEAN Alliance network.