Search Result for : Logistics Sector

The Dollar Business Bureau The Government has granted infrastructure status to the logistics sector, which covers warehousing and cold chain facilities, a step that would to attract more investment at remunerative rates for these segments.  “The Logistics Sector has been granted Infrastructure status. It will enable the Logistics Sector to avail infrastructure lending at easier terms with enhanced limits, access to larger amounts of funds as External Commercial Borrowings (ECB), access to longer tenor funds from insurance companies and pension funds and be eligible to borrow from India Infrastructure Financing Company Limited (IIFCL),” Finance Ministry said in a statement on Monday.   Due to the higher cost of logistics in India as compared to developed nations, the need has been felt for the ...

The Dollar Business Bureau With a view to bringing down logistics cost and pollution levels, the Government has decided to bring a policy for promoting the use of alternative fuel, Road Transport and Highways Minister Nitin Gadkari said on Thursday, while adding that the logistics cost is quite high in India when compared to China and European countries. “We are going to bring in a policy to promote use of alternative fuel which is indigenous and pollution free as it will help in saving lot of time, bring down logistics cost by 4-6% which is currently about 14-18% unlike in China where it is 10-12% and in European countries where it is 12-14%,” Gadkari said, while inaugurating an event organized by ASSOCHAM in New Delhi. The minister ...

The Dollar Business Bureau The Government of India is re-designing the Merchandise Exports from India Scheme (MEIS) in order to make it compliant with the upcoming new tax regime goods and services tax (GST), said a senior official on Wednesday. “The MEIS is being re-designed to make exports from India GST-compliant,” said Neeraj Prasad, Additional Commissioner, GST Cell, Central Board of Excise and Customs (CBEC), while addressing the Executive Committee Meeting of FICCI in New Delhi. Under the GST, the issue related to working capital requirements is being discussed upon by the Government, he added. The Ministry of Commerce provides duty benefits on various products under the MEIS. It offers duty benefits at 2%, 3% and 5% based on the product and ...

Sreenivasa Rao Dasari Demonetisation is not sparing any section of the society. With liquid currency, fast disappearing from the market, thousands of trucks in Telangana have been pushed off the roads throwing businesses out of gear. The air cargo segment too is feeling the heat of cash crunch which is severely affecting the foreign trade of Telangana and various businesses in the city of Hyderabad. The shortage of currency came as a bolt from the blue for the logistics industry as 50% of the trucks have suddenly become immobile. It is estimated that 10,000 trucks are operational under Hyderabad Goods Transport Association (HGTA), which makes it a business loss of over 70% to 1,000 transport companies.  The logistics business is out of gear, ...

 Sachin Manawaria | The Dollar Business The government is taking steps to reform the poor logistics sector in India, and a key one among those will be the launch of an online facility for movement of heavy equipment within the country. Nitin Gadkari, Minister of Road Transport & Highways and Shipping, is expected to launch a web portal for online approval of movement of Over Dimensional (OD) and Over Weight Cargo (OWC) on January 6, 2015. “This will provide an opportunity to save the time and avoid transit delays in the movement of equipment of national importance by modular hydraulic axel trailers,” the ministry said in a statement. Ever since the new government has come in power, it has ...