Adani Ports handles highest-ever Rail Cargo of over 120 MMT in FY22-23

APSEZ generates a record revenue of Rs 14,000 crore for Indian Railways in FY23

Cont’d. from Pg. 4

APSEZ is committed to providing end-to-end logistics. Under the General Purpose Wagon Investment Scheme (GPWIS) of Indian Railways, cargohandledbyrailhasgrownby62% YoY. Mundra Port handled over 15,000 containertrainsinFY23,cementingits position as India's Export Import gateway. In FY23, APSEZ generated aroundRs14,000croreinrevenuefrom railcargoforIndianRailways.

In FY23, double-stack container trains handled by Mundra Port grew by4.3%YoY.

Doublestackloadingofcontainers ontrainsensurestransportationinan energy efficient and reliable manner, reducing overall per unit cost and improvingcustomersatisfaction.

It demonstrates Mundra Port's commitment to environmentally friendly operations. The use of rail transport reduces the carbon footprint of freight transport, and the efficient handling of container trains reduces the need for additional truck transport, further reducing carbon emissions.

India’s largest commercial port operator, Adani Ports has been a leader in the development of India's port and logistics infrastructure. This feat is an example of responsible business practices and sustainable development.

Commerce Ministry seeks Rs.2.5K cr more to back Exporters

Cont’d. from Pg. 4

“The plan has received approval fromfinance,butthefinalcallwouldbe takenbythecabinet,”hesaidfurther.

The additional requirement of Rs. 2,500 crore for the scheme in FY23,ifclearedbythecabinet,means thetotalspendingbytheGovernment would be a a record Rs. 4,876 crore, almost double the allocation made for the year. The Government allocated Rs.2,932croreinFY24fortheinterest equalization scheme, up by about a fourth of Rs. 2,376 crore allocated in FY23.

The Reserve Bank of India (RBI) had raised key policy rates six times in a row to tame inflation before it decided to pause in April. The central bank had hiked the repo rate cumulatively by 250 basis points (bps) sinceMay2022to6.5%.

The allocation for the interest equalization scheme was already increased sharply to Rs. 2,376 crore comparedwithRs.1,900croreinFY22 and Rs. 1,600 crore in FY21 as the war in Ukraine and the covid-19 pandemic drove central banks globally to increase the cost of borrowing to arrestrecord-highinflation.

India’s goods exports fell the steepestinthreeyearsinAprilthanks to weakening global demand and declining commodity prices. Exports declined by nearly 13% in April to $34.66 billion from $39.70 billion in the year-ago period. Besides, merchandise imports also fell by 14% to $49.90 billion during the month, from$58.06billionayearearlier.

Explaining the benefit of the interest equalization scheme, FISME’s Animesh Saxena said that exporters receive a subsidy on interestratesunderthescheme.

“If I have a working capital limit from a bank and if the bank is charging 8% from me and the subsidy is 3%, some banks will charge 8% of whatever I have borrowed and every quarter, they will refund me the 3%. Some banks only charge 5% at the outset after adjusting the subsidy,”

Saxenasaid.

He further added that the scheme is crucial for exporters because, internationally, interest rates are about4-5%.

“Indian companies, when they were borrowing at 8-9%, their goods were becoming expensive. So, to give them some relief, the Government brought this scheme so that Indian exportersdonotfaceabnormallyhigh prices,”hefurtheradded.

Amiddemandforadditionalfunds, Saxena said that this scheme helps exportersremaincompetitive,butthe demand scenario has to improve for India’s exports to grow at a healthy pace.

Barring four countries, exports to all top major destinations declined from 4% to 43% in April this year comparedwithlastyear.

Driven by petroleum product exports, outbound shipments to the Netherlands, UK, Saudi Arabia, and Italy grew 23%, 20.7%, 8.38% and 3.59%,respectively.

Gujarat plans to set up new Industrial Estates in 13 Districts

GANDHINAGAR: Cabinet Minister and Government spokesperson Minister Shri Rushikesh Patel announced that the Gujarat Industrial Development Corporation (GIDC) has received approval for a preliminary feasibility study to establish new industrialestates.

CM Shri Bhupendra Patel’s initiative aims to promote industrial growth and generate employment opportunities. The GIDC, under the guidance of the CM, has decided to establish GIDCs in 13 districts, including Rajkot, Mehsana, Mahisagar, Bharu-ch, Banaskantha, Patan, Chotaudepur, Girsomnath, Gandhinagar, Kheda, Amreli, Anand, andJunagadh.

The decision follows a comprehensive assessment, including apre-feasibilitystudytodetermineland availability, demand surveys, local factors,andagriculturalproduction.

At the State Cabinet meeting chaired by CM Bhupendra Patel, Minister Rushikesh Patel emphasized thatrapidindustrialdevelopmentiskey to achieving economic growth. Gujarat, through visionary planning by the CM and PM Shri Narendra Modi, has emerged as a leading state in employmentgeneration.

Freight corridor linking Moscow with Mumbai slowly taking shape

NEW DELHI: The long-planned International North–South Transport Corridor (INSTC) is taking shape connectingMumbaitoMoscow.

The INSTC, a project originally launched by Russia, Iran and India in 2002, is a 7,200 km-long multi-mode network of ship, rail, and road to move freight between India, Iran, Azerbaijan, Russia, Central Asia and Europe. The objective of the corridor is to increase trade connectivity between major cities such as Mumbai, Moscow, Tehran, Baku, Bandar Abbas and Astrakhan. Russia claims the project could ultimately rival the Suez Canal in terms oftradeflows.

Recently Russian President Vladimir Putin and his Iranian counterpart Ebrahim Raisi signed a deal to finance and build the 162 km Rasht-Astara Iranian railway, a key link intheemergingfreightcorridor.

The railway along the Caspian Sea coastwillhelpconnectRussianportson the Baltic Sea with Iranian ports in the IndianOceanandtheGulf.

The two leaders have also discussed building ships in Iran which will be dedicated for the Caspian as part of the corridor, with Putin also saying he would be keen to invest in Iranianports.