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Vol. LX No. 141 THURSDAY 13th AUGUST 2020
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India plans Rs 10,000 cr Transshipment Port at Great Nicobar Island : Prime Minister NEW DELHI: India is considering investing Rs 10,000 crore for building a transshipment port at Great Nicobar Island in the Bay of Bengal to provide shippers an alternative to similar ports in the region, Prime Minister Narendra Modi said as he inaugurated the first undersea optical fibre project to provide high-speed internet to Andaman and Nicobar Islands. The 2,312-kilometer-long submarine optical fibre cable from Chennai to Andaman and Nicobar Islands, laid at a cost of Rs 1,224 crore, will provide “better and cheaper connectivity”, he said.
“There is a proposal to build a transshipment port at Great Nicobar at an estimated expenditure of about Rs 10,000 crore. Large ships can dock once this port is ready,” he said at the inauguration ceremony held through video link. The dedicated container transshipment terminal at the strategic port locale in the Andaman and Nicobar Islands along the Bay of Bengal coastline offers two geographical advantages — proximity to the busy east-west international shipping route that can facilitate shorter transits and greater economies of scale, and deep natural water depths that can accommodate the latest generation of mega-ships. Cont’d. Back Pg.
Commerce Ministry in favour of CSP Abu Dhabi Terminal launches New Direct Services to Europe extending sops under MEIS NEW DELHI: Facing criticism from exporters and domestic industry over the decision to axe the Merchandise Export from India Scheme (MEIS) scheme, the commerce department has now told the revenue department that some broad benefits should be continued under MEIS’s proposed successor. Senior sources say the ministry has repeatedly pushed back against the decision to cap the MEIS at Rs 9,000 crore for the April-December period and the unilateral suspension of disbursal of benefits. Officials say, the commerce department has now suggested that benefits under the proposed Remission of Duties or Taxes on Export Products (RoDTEP) scheme be expanded to support exporters. Cont’d. Pg. 13
and Indian Subcontinent
ABU DHABI: CSP Abu Dhabi Te r m i n a l , t h e f i r s t o v e r s e a s greenfield project of COSCO SHIPPING Ports Limited (CSP), has announced the start of a direct, weekly service to several ports across Europe and the Indian Subcontinent. Operating from Abu Dhabi Ports’ flagship deep-water port, Khalifa Port, where the terminal was established as part of a 35-year agreement with CSP, and serving as a regional base for COSCO SHIPPING Ports’ global network of 37 ports, the new direct service will be served by a fleet of eight vessels on rotation, ranging in capacity between 10,000 to 13,000 TEU. Cont’d. Pg. 3