M U M B A I : F E S C O Transportation Group ("FESCO", "Group", an enterprise under the management of Rosatom state corporation) increased the capacity of FESCO Indian Line West (FIL -W) maritime container line between India and Russia by 24% (to 2,129 TEU) through vessels' rotation.
The Group assigned FESCO Askold Container ship with a capacity of 1,080 TEU to serve the line,
APSEZ features in honour list of Institutional Investors Asia Executive Survey
which replaced a smaller vessel. FESCO Ekaterina container ship with a capacity of 1,049 TEU will also continue operating on FIL-W line.
Commerce Minister to meet Exporters today to deliberate on ways to boost Exports
NEW DELHI: Commerce and industry Minister Piyush Goyal will meet exporters and industry today to take stock of India’s exports and deliberate ways to push outbound shipments from the country Issues related to container shortage, Red Sea crisis and export targets are likely to be discussed, officials said.
Cont’d. Pg. 6
AHMEDABAD: Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer-cumoperator, has demonstrated its leadership on investors engagement by making it to the honour list of the Institutional Investor Asia Pacific (ex-Japan) Executive Team Survey. In the transportation sector, APSEZ is the only Indian company to feature on the list, coming in at 2nd rank.
“It is a review meeting to on state of exports and export promotion,” said an official India’s goods exports in FY24 were$437.1billionandimportswere$675.4billion. Cont’d. Pg. 17
Cont’d. from Pg. 3
APSEZ features in honour list of Institutional Investors Asia Executive Survey
A total of 1,669 companies from across Asia, broadly categorised across 18 sectors, were voted in by investors. With the top 2-4 companies in every sector making it to the honour list, the total count of companies on the list stands at 55.
This includes only 4 from India, including APSEZ that scored 1st rank across four parameters – IR Program, ESG Program, IR team and IR Professionals –from the buy-side and sell-side combined Also, the company’s board of directors received the 2nd rank and its CEO the top-rank from sell-side analysts.
A total of 4,943 buy-side professionals, managing an estimated USD 2 trillion in Asia (ex-Japan) equities, and 951 sell-side analysts voted for the 1,669 companies. The investors rated the companies on several areas, including financial disclosure, ser vices and communication, ESG and Board of Directors as well as
attributes for CEOs, CFOs and the Best IR Professionals. For the Best Investor Relations Program, companies were evaluated on nine attributes: (1) consistency (2) granularity (3) timing to market (timeliness).
(4) accessibility of senior execs (5) business & market knowledge (6) responsiveness, (7) earnings calls, (8) IR team authority & credibility, and (9) roadshows / conferences / meetings.
Commenting on the achievement, Mr Ashwani Gupta, Chief Executive Ofcer & Whole Time Director of APSEZ, said, “We are pleased to feature on the honour list of companies across the entire Asia Pacific This accomplishment is a testament to the quality of our Investor Engagement and ESG programs, alongside the commitment and dedication of our team to deliver exceptional service to stakeholders. I would like to thank the investor community for reposing their trust in us and recognising our efforts ”
FESCO increases capacity of its Line connecting Novorossiysk with Indian Ports by 24% on June 19, 2024
Cont’d. From Pg. 3
FESCO Askold sailed on its first voyage from the port of Nhava-Sheva on June 18, t h e n t h e s h i p w e n t t o t h e p o r t o f M u n d r a Upon completion of all cargo loading operations, she will proceed through the Suez Canal to Novorossiysk, the final point of the route.
FESCO Indian Line West was launched in February 2023 Vessels are operated on Novorossiysk –Nhava Sheva – Mundra – Novorossiysk route. The transit time from Indian ports to Russia is about 16 days
Vessels depart every two weeks. In addition, FIL-W is connected by feeder lines to other Indian ports –Kolkata, Tuticorin, Chennai, as well as to the ports of Jebel Ali (UAE), Chattogram (Bangladesh), Karachi (Pakistan), and Colombo (Sri Lanka) Cargoes are transshipped at the port of Mundra
FESCO has its own agent network in all these locations. FESCO Transportation Group is one of the largest transportation and logistics companies in Russia with assets in port, railway and integrated logistics industries, which allow the Group to offer door-to-door cargoes' delivery and control all intermodal chain stages. FESCO owns the Commercial Port of Vladivostok, FESCO Integrated Transport intermodal operator, Dalreftrans refrigerated container operator, as well as Transgarant and FESCO Trans The Group operates terminal facilities in Novosibirsk, Khabarovsk, Tomsk and Vladivostok. FESCO's container fleet capacity exceeds 170,000 TEU, the number of fitting platforms is over 11,000. FESCO controls the fleet of more than 30 vessels, which are operated mainly on the Group's own maritime lines. In November 2023, FESCO controlling block of shares was transferred to Rosatom state corporation by the Decree of the President of the Russian Federation.
SHIPPING MOVEMENTS AT GUJARAT PORTS DEENDAYAL PORT
TODAY’S TIDE 27/06/2024
Cargo Steamer's Agent's ETD Jetty Name Name
CJ-I ASL Rose DBC 28/06
CJ-II Chang Sheng Marinelinks 27/06
CJ-IIA Prince Khalid DBC 30/06
CJ-III Sea Eagle Shantilal Shpg. 29/06
CJ-IV AC Kathryn Mihir & Co. 03/07
CJ-V Mariam DBC 28/06
CJ-VI Genco Freedom Dariya Shpg. 30/06
CJ-VII Camellia 8 J M Baxi 29/06
CJ-VIII VACANT
CJ-IX HG Sagunto Chowgule S. 28/06
CJ-X NPS Mosa
CJ-XI VACANT
CJ-XII VACANT
CJ-XIII Bulk Bequia Marcons 28/06
CJ-XIV Amazing Salute Chowgule S. 30/06
CJ-XV Adonnis Arnav Shpg. 29/06
CJ-XVA Super Arteta Interocean 01/07
CJ-XVI Globe Aliki Mihir & Co. 28/06
TUNA VESSEL'S NAME AGENT'S NAME ETD
Nord Adriactic Benline 28/06
Royal Jade Taurus 28/06
ML Swallow Seascape 29/06
Mont Fort Seascape 30/06
OIL JETTY VESSEL'S NAME AGENT'S NAME ETD
OJ-I VACANT
OJ-II Southern Koala GAC Shpg. 28/06
OJ-III Peace One
OJ-IV Haein Hope
OJ-V Marina Arung
OJ-VI VACANT
OJ-VII Falcon Majestic Interocean 28/06
SHIPS SAILED
Hansa Europe 25/06
TCI Anand 25/06 Manglore/ Cochin/Tuticorin
Lord H 25/06 Somalia
Trawind Glory 25/06 Dammam
Akson Serin 25/06 Ravenna
Milos 25/06
Belray 25/06 China
Erdek 25/06 Romania
MK Lamis 25/06 Somalia
Grand Mariner 26/06 Bandar Abbas
SSF Dynamic 26/06 Abu Dhabi
APJ Jai 26/06
Mercury 26/06
VESSELS IN PORT & DUE FOR EXPORT LOADING
CJ-XV Adonnis Arnav Shpg. Persian
Stream African Bari Bird Aditya Marine
28/06 Defne J M Baxi Jeddah
28/06 Diva Aditya Marine Antwerp
VESSELS IN PORT & DUE FOR IMPORT DISCHARGE
GENERAL CARGO VESSELS
2024061183 CJ-I ASL Rose DBC
2024061177 CJ-VII Camellia 8 J M Baxi
Stream Fortune Ark Mitsutor
CJ-VI Genco Freedom Dariya Shpg. South Africa
27/06 Iwami DBC
27/06 Kurushima DBC
CJ-V Mariam DBC
Tuna ML Swallow Seascape
Tuna Mont Fort Seascape
28/06 Nikoloas A Interocean
Tuna Nord Adriactic Benline
Tuna Royal Jade Taurus
2024061111
2024061224
2024061203
2024061189
2024061188
Phos 2024061202
2024061239
2024061193
T. MOP 2024061312
LIQUID CARGO VESSELS
2024061160
2024061237
2024061138
2024061274
2024061141
2024061163
2024061288 Stream Mulbarry Express Interocean
30/06 NV Minerva
2024061251
ADANI MUNDRA CONTAINER TERMINAL (AMCT)
DP WORLD MUNDRA
Pelepas, Port Kelang (NWX)
CONTAINER VESSELS DUE / IN PORT FOR IMPORT DISCHARGE
27/06 Maersk Cuanza (V-425W) 4052038 Maersk India Nhava Sheva
S&P retains India’s FY25 GDP forecast at 6.8%; lower than RBI’s estimate
NEW DELHI: S&P Global Ratings recently retained India’s GDP growth forecast for the current financial year at 6.8 per cent and said high interest rates and lower fiscal spur would temper demand.
In its economic outlook for Asia Pacific, S&P Global Ratings said India’s economic growth continues to surprise on the upside with the economy growing 8.2 per cent in fiscal year 2023-24.
“We expect growth to moderate to 6.8 per cent this fiscal year, with high interest rates a
non-agricultural sectors,” it said.
For the fiscal years 2025-26 and 2026-27, S&P projected growth rates of 6.9 per cent and 7 per cent, respectively S&P’s estimates for FY’25 is lower than that of the Reserve Bank of India (RBI), which earlier this month projected the Indian economy to expand at 7.2 per cent in the current fiscal, on the back of improving rural demand and moderating inflation.
While another rating agency Fitch estimates India’s growth at 7.2 per cent
in FY’25, the Asian Development Bank (ADB) estimates India’s GDP to grow at 7 per cent Moody’s Ratings and Deloitte India estimates India’s GDP to grow at 6.6 per cent in 2024-25 fiscal, while Morgan Stanley projects growth rate of 6.8 per cent.
For China, S&P raised its 2024 GDP growth forecast to 4.8 per cent, from 4 6 per cent but sees a sequential slowdown in the second quarter The combination of subdued consumption and robust manufacturing investment will weighonpricesandprofitmargins,itsaid
Govt proposes New Bank to bridge credit gap for MSMEs
NEW DELHI : The government is considering a proposal to set up a separate bank for direct lending to the micro, small and medium enterprises (MSMEs) to deepen credit flows to the under-penetrated sector and thereby boost economic activity and job creation.
Currently, the Small Industries Development Bank of India (SIDBI) provides largely refinance to banks that lend to MSMEs, letting the cost of f i n a n c e t o t h e s e u n i t s r e d u c e State financial corporations and state industrial development corporations among others lend directly to units in
the MSME sector
According to a report, MSME credit penetration is still 14% in India compared with 50% in the US and 37% in China There is a credit gap of Rs 25 trillion for the Indian MSME sector, reflecting the large untapped credit market.
Commerce Minister to meet Exporters today to deliberate on ways to boost Exports
Cont’d from Pg. 3
The Ministry has been developing standard operating procedures to negotiate free trade agreements with other countries and could come up for discussion, said another person aware of the meeting.
Exporters are also likely to take up the issue of extending the Production-Linked Incentive (PLI) scheme
to leather intensive sectors such as leather and footwear Exporters have already raised with the Finance Ministry the issue of high import duty on wet blue leather which is used in making high-end luxury goods.
Separately, gems & jewellery exporters on have sought a reduction in import duty on gold, silver, and platinum bars to 4% in the forthcoming Budget from 10-12.5% now
N E W D E L H I : To p r o v i d e seamless and barrier-free tolling experience on National Highways, Indian Highways Management Company Limited (IHMCL), a c o m p a n y p r o m o t e d b y N H A I organised a day-long international workshop in New Delhi on ‘Global Navigation Satellite System (GNSS) based Electronic Toll Collection in India’. The international workshop provided a unique platform to both industry and global experts to deliberate various aspects related to smooth implementation of the free-flow tolling system based on GNSS technology in India.
Union Minister for Road Transport and Highways ShriNitinGadkari was the Chief Guest on the occasion. Shri Ajay Tamta, Union Minister of State, MoRTH; Shri Harsh Malhotra,Union Minister of State, MoRTH& Corporate Affairs; ShriAnurag Jain, Secretary, MoRTH; ShriSantosh Kumar Yadav, Chairman NHAI; Shri Vishal Chauhan, Member (Administration) NHAI & CMD IHMCL; Shri S.P. Singh, Joint Secretary (Logistics) MoRTH and senior officials from Ministry of Road Transport & Highways, NHAI, IHMCL along with international industry experts from the US and Europe and representatives from IITs, NIC, NPCI, C-DAC, HOA(I), NHBF, IRF, SIAM, Financial institutions and leading global technology companies were present on the occasion.
Multiple panel discussions
professionals along with global GNSS experts deliberated upon.
Speaking on the occasion, U
, ShriNitinGadkari said, “GNSS technology enhances navigation and positioning, playing a crucial role in modernizing toll collection systems, ensuring seamless travel, and reducing congestion on our roads. We are continuously working towards easing citizens' lives, making governance more transparent, and providing faster services.“
NHAI plans to implement the GNSS-based Electronic Toll Collection (ETC) system within the existing FASTag ecosystem, initially using a hybrid model where both RFID-based ETC and GNSS-based ETC will operate simultaneously Implementation of GNSS based Electronic Toll Collection in India will facilitate smooth movement of vehicles along the National Highways and is envisaged to provide many benefits to highway users such as barrier less free-flow tolling leading to hassle-free riding experience and distance-based tolling. The GNSS based Electronic Toll Collection will also help to plug leakages and check toll evaders resulting in more efficient toll collection system across the country.
RBI Governor condent of 7.2% GDP growth in FY25
MUMBAI : The Reserve Bank of India (RBI) Governor Shaktikanta Das, said he is confident that India’s growth will touch 7 2 percent in the current financial year.
“We are confident about 7.2 percent growth in the current financial year Of course in any projection, in any forecast, there would be always risks to the upside and downside.,” Das stated.
Das was speaking at the Bombay Chamber of Commerce and Industry The central bank Governor further added that the downside risks are weather-related events, geopolitical conflicts, fragmentation in global trades, fragmentation in capital flows, there are other challenges like heightened financial sector volatility
“India is at the threshold of a major structural shift in its growth trajectory, moving towards 8% GDP growth in a sustained manner,” the governor said, adding that he was confident of India achieving 7.2% GDP growth in FY25, as per the RBI forecast.
During the last three years, India’s GDP has been
rising by an average of 8.3% on the back of critical reforms. The biggest growth driver, Das said, was the introduction of the Goods and S e r v i c e s T a x ( G S T ) , a n d introduction of the insolvency and Bankruptcy Code (IBC) and launch of flexible inflation targeting model.
“Among the structural reforms at the forefront, I would like to mention the GST. It will avoid tax on tax, its cascading effect…GST, I think, has been one of independent India’s biggest structural reforms since 1947,” Das said. “GST collections have been between Rs 1.5-Rs 1.7 trillion a month and have made businesses more efficient“, he added.
Further, while India’s retail inflation is moderating, it is doing so at a very slow pace and the central bank will remain most cautious on this front as one weather related event may lead to hike in food prices, Das said.
Sarbananda Sonowal reviews Inland Water Transport Projects at IWAI Headquarters
NEW DELHI : The Hon’ble Union Minister of Ports, Shipping, and Waterways, Shri Sarbananda Sonowal, visited the Noida Head Ofce of the Inland Waterways Authority of India (IWAI). During his visit, ShriSonowal was briefed about the status of the 111 National Waterways in the country and how inland waterways are emerging as a sustainable mode of transportation to complement roadways and railways.
While interacting with senior officials of IWAI, the Hon’ble Minister emphasized the need to develop national waterways across the country and to significantly increase passenger and freight movement on waterways. He praised the efforts made to promote river cruise tourism in the country and recent initiatives such as the introduction of Hybrid Electric Catamaran vessels and the country’s first Hydrogen Vessel.
Additionally, Shri Sonowal reviewed the progress of the World Bank-funded Jal Marg Vikas Project (JMVP) on National Waterway (NW) 1 - River Ganga. The Authority is enhancing waterways infrastructure by constructing MultiModal Terminals at Varanasi, Sahibganj, and Haldia, and an Inter-Modal Terminal at Kalughat to facilitate freight movement and improve connectivity. IWAI is also installing community jetties to benefit communities residing along the banks of the river Ganga.
Notably the cargo movement on national waterways has increased to over 133 million tons recording a CAGR growth of 22.1% over a period of ten years from FY 2014 to FY 2024.
IWAI aims to increase the modal share of freight movement through IWT from 2% to 5% and traffic volume to more than 200 MMT in line with the Maritime India Vision 2030 and more than 500 MMT by 2047 as per the Maritime AmritKaal Vision 2047 The two vision documents formulated by the Ministry of Ports, Shipping & Waterways aim to promote inland water transport in a big way ensuring a sustainable c o m p l i m e n t a r y m o d e o f transportation in the country.
To enable inland waterways as conduits of economic growth and commerce in the country, an investment ₹45,000 crore for development of river cruise tourism in the country has been planned. Of this ambitious sum, an estimated ₹35,000 crore has been earmarked for cruise vessels and another ₹10,000 crore for development of cruise terminal infrastructure at the end of Amrit Kaal, i.e. by 2047. To amp up inland waterways for cargo trade, an investment of ₹15,200 crore has been arrived at the Global Maritime India Summit (GMIS) held in Mumbai in October, 2023.
This is likely to register a growth rate of more than 400%, increasing the volume upto 500 Million Tonnes Per Annum (MTPA) by 2047 With the HaritNauka Guidelines, the MoPSW has put forth a strong commitment towards furthering passenger transport through waterways in an environment friendly and sustainable manner by promoting the adoption of low-emission fuel (CNG/LNG/electric/hydrogen/methanol) as propulsion fuel for inland vessel operations (Green Vessels).
India, UAE discuss collaboration on Trans-Regional Trade routes
DUBAI : Exter nal Affairs
Minister S Jaishankar and his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan discussed efforts to strengthen joint cooperation in nine identified sectors, mancy of w h i c h a r e c r u c i a l f o r t h e operationalisation of the IndiaMiddle East-Europe Economic Corridor (IMEEC) announced at the G20 summit in India last September.
This is Jaishankar’s second official overseas visit during the third term of the Modi Government. He was in Colombo last week. A week after PM Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan met on the margins s of the G7 Summit in Italy, the Union Cabinet on June 19 had cleared a Rs 76,000 crore all-weather deep-water port at Vadhavan in Maharashtra’s Palghar district to “aid trade flow through IMEEC and International North South Transportation Corridor (INSTC),” Union Minister AshwiniVaishnaw had then said.
The topics discussed by the two ministers include sectors crucial for the viability of IMEEC and INSTC — investment, food security and renewable energy At their dinner meeting in Abu Dhabi on Sunday, Sheikh Abdullah noted that the two nations share a strong bond, marked by growing momentum in bilateral cooperation.
The two ministers also discussed new areas with untapped potential, enhancing collaboration within international organisations besides exchanging views on
current regional and international developments, including the situation in the Middle East, said a UAE Foreign Ministr y note
“ P
e p conversations on our ever growing c
c partnership. Appreciated the discussion and his insights on regional and global issues,” posted Jaishankar on the net.
A statement by the MEA noted that Jaishankar visited a newly built temple in Abu Dhabi where he “appreciated that the Mandir has become an iconic cultural destination in the UAE with a large number of daily visitors”.’ It also said the minister’s visit to the UAE, within two weeks of his re-appointment, signifies the importance India attaches to its relations with the country
Last year, the two nations had implemented the local currency trade settlement agreement, launched India’s RuPay in the UAE and set up a campus of IIT Delhi in Abu Dhabi, a fintech collaboration. In March, New Delhi had approved a framework agreement for collaboration between the UAE and India on the IMECC.
New areas with untapped potential
External Affairs Minister S Jaishankar and his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan also discussed new areas with untapped potential, enhancing collaboration within international organisations besides exchanging views on current regional and international developments, including the situation in the Middle East.
External Affairs Minister S Jaishankar with his UAE counterpart Sheikh Abdullah binZayed Al Nahyan in Abu Dhabi.
HMM and CargoX partner to introduce integrated solution for global electronic BL service to HMM customers
SEOUL: HMM, Korea's largest and the world's eighth-largest container carrier, has announced a strategic partnership with CargoX, a leading provider of electronic trade document solutions. This collaboration introduces electronic bill of lading (eBL) features on the HMM digital service platform.
Through this partnership, HMM customers will benefit from the advanced functionalities of the CargoX Platform, which will be integrated into HMM’s digital services. This integration aims to modernise and streamline eBL workflows, enhancing the efficiency and security of global trade documentation.
“We are delighted to announce the launch of our electronic bill of lading service in partnership with CargoX, a leading provider of electronic document solutions. This new eBL capability will enable us to deliver an enhanced service to our customers and spearhead the digitalisation of the shipping industry,” said Kurt (Wonjun) Jang, SVP of HMM Container Operation Ofce.
“We are thrilled to partner with HMM, a global shipping leader This collaboration advances global trade by implementing efficient, fast, and secure electronic bills of lading. As the logistics industry digitises, we are proud to support HMM in leading this transformation,” said Bojan Čekrlić, CEO of CargoX.
CustomersusingHMMservicescannowgenerateeBLs within the HMM digital service system and seamlessly transferthemthroughtheglobalCargoXPlatform.
The eBL document lifecycle includes features such as transfer, surrender, and document acceptance, ensuring comprehensive support for all equivalent paper-based functions. Each eBL is recorded on the public ledger, guaranteeing secure and immutable documentation, with audit logs accessible at all times.
Initially, the service supports electronic bills of lading in PDF format, with structured data eBLs based on the forthcoming DCSA eBL standard to be available soon.
The HMM digital services platform and CargoX Platform integration will be available to all HMM customers globally starting on 8 July 2024.
FIEO’s suggestion to FM in Pre-Budget Meet to boost shipment
NEW DELHI: Hon’ble Finance Minister recently met Exporters, Body for a pre-budget consultation. FIEO in its representation said that Exports have clocked a CAGR of 8.5% in last 6 years moving from US$ 478 Bn in FY18 to US$ 778 Bn in FY 24. We are now aiming to reach US$ 2 Trillion by FY 2030, which requires a CAGR of 14.4%, a challenging target but within the realm of the reach. This requires extra efforts by the exporters and an enabling and supportive ecosystem.
China plus one policy of the global players is helping our exports. The US is consciously making an attempt for realignment of GVCs, by passing China, in which India is destined to play a major role as we have the potential, resources and capability to replace China The aggressive FTA strategy, focusing on complementary economies and important export destinations, is providing much better market access to our exports.
The Special Rupee Vostro Account (SRVA) mechanism, though starting slowly, will enormously help exports in next 2 to 3 years once such a mechanism is put into place with all the countries covered under SRVA. The PLI scheme will push our exports in technology and knowledge driven sectors like machinery, electronics, electricals, pharma, medical & diagnostic equipment as global imports of such products are growing at a much faster pace.
FIEO’s suggestions and requests to further support exports:
(I) R&D and innovation are key to sustain exports. R&D globally is incentivized. 35 out of 38 OECD countries provide either lower tax or higher deduction on R&D expenditure We request that the weighted tax deduction under Section 35(2AB) may be increased to 250-300% and the benefit under Section 35(2AB) may also be extended to Limited Liability Partnership (LLP), Partnership Firms and Proprietary firms, as MSME units largely fall in these categories.
(ii) We appreciate the Government initiative for facilitating container manufacturing in the country to become Atma Nirbhar, which has stabilized
container charges in the country. We request a similar focus for developing an Indian Shipping Line of global repute India’s outward remittance on transport services is increasing with rising exports. We remitted over US$ 109 Bn as transport service charge in 2022. As the country moves towards the goal of US$ 1 Trillion, this will touch US$ 200 Bn by 2030. A 25% share by the Indian Shipping Line can save US$ 50 Bn year on year basis. This will also reduce arm twisting by foreign Shipping Lines, particularly of our MSMEs.
(iii) The Interest Equalisation Scheme is helping exports a lot We request the scheme which is valid till 30th June, 2024 may be extended for a period of 5 years. Looking into the rise in interest rates consequent to increase in Repo rate from 4.4% to 6.5% in the last 2 years, The subvention rates may be restored back from 3% to 5% for manufacturers in MSMEs and from 2% to 3% for all in respect of 410 tariff lines.
(iv) The marketing support provided through the Market access initiative (MAI) of the DoC with a corpus of Rs 200 Cr is grossly inadequate to support the big target for exports We request that a recurring budget of Rs 500 Cr annually may be provided to the DoC so that our products and services are showcased at the global platforms.
(v) Lastly The zero rating of exports is an avowed Policy of the Government and this should not be limited to budget constraints.
Mr Ashwani Kumar, President, FIEO speaking during the Pre-Budget Consultation Meeting with the Hon'ble Finance Minister, Smt Nirmala Sitaraman. Also seen are Hon'ble MoS, Finance and other top officials from the Ministry of Finance and Commerce.