Some major ports of India lost over Rs.53.5 crore: CAG
The Dollar Business Bureau Comptroller and Auditor General (CAG) has said that some of the 12 major ports of India, including Kolkata and Mumbai, have lost more than Rs.53.5 crore due to under-recovery or revenue losses. Mumbai Port incurred a loss of Rs.23.10 crore due to failure of revising parking charges, while Kolkata Port witnessed under-recovery of around Rs.13.36 crore, the Government auditor has said in its recent report, which was submitted in the Parliament. “Failure of Mumbai Port Trust (MbPT) to revise parking charges resulted in loss of revenue of Rs.23.10 crore over the past six years on night parking charges alone,” CAG said. The parking charges are fixed under the General Bye-Laws of MbPT and have not been reviewed from a long time, when these were fixed ...
Major global cyber attack; JNPT port affected
The Dollar Business Bureau A major global cyber attack which disrupted Russia’s major oil company, Ukrainian banks and multinational banks, has affected the computer terminals at Jawaharlal Nehru Port Trust (JNPT), Mumbai, shutting down one out of its three operations. Sources from Press Trust of India report that the virus has affected many other terminals in the country. The powerful ransomware has impacted many central banks and large corporations in Europe. It has been rapidly spreading since Tuesday amidst growing concerns that many vital government infrastructure and networks are poorly equipped to deal with such an attack. It has been reported that many businesses in the Asia-Pacific region experienced disruptions due to the ransomware which has been code named as ‘Eternal Blue’ and ...
Cargo volume at 12 major ports up by 6.3% in April 2017
The Dollar Business Bureau April 2017 saw an increase in cargo movement at India's 12 major ports, which handled a total capacity of 55.75 million tonnes (mt) during the month. An increase of 6.27% was recorded, in comparison with the cargo volume reported in April 2016, which stood at 52.46 mt. The increase in cargo traffic was attributed to the rising demand demonstrated for raw materials like iron ore and coking coal. During the month, Iron ore volumes spiked by 40% to 5.37 mt while coking coal traffic grew by 15% to 4.61 mt. Demand in the container traffic sector also shot up, as a result of which volumes rose by 9.78% to 7 lakh TEUs (twenty foot equivalent units). POL (petrol, oil and lubricants) also witnessed a rise of 7% in ...
MIAL augments its export handling capacity
The Dollar Business Bureau Mumbai International Airport on Tuesday announced it has launched its first-of-a-kind cargo terminal in India for bonded and heavy export cargo. The new export facility will enhance MIAL’s export handling capacity by adding 3, 00,000 tonnes of cargo per annum. Spread over 7,500 sq meters, the state-of-the-art facility provides exclusive handling for Heavy, Odd Size and bonded cargo. The facility provides a one stop solution for bonded cargo handling with dedicated channel for cargo admittance, X-ray screening and palletisation. The new process management deployed, along with incremental export capacity, will reduce the dwell time to a considerable extent. While the export light consignments will continue to be handled at the existing export terminal at MIA, The busiest airport in the ...
Mumbai to witness the next largest port with an investment of Rs 6000 crores
Aadhira Anandh | The Dollar Business Country’s 13th largest port with an investment of 6000 crores is soon to see its place in Dahanu, Mumbai, on a fully reclaimed land and the project is expected to be completed over the next 3 years. The proposed port is situated 4.5 nautical miles off the Dahanu Cost, in the northern Maharashtra’s Palghar district, which is about 150 Km from Mumbai. This is the first time the centre has tied up with the State government by making it an equity partner to ensure faster completion of the port. The port will have a capacity to handle 60-100 million tonnes of cargo per annum, which will be fully build on a reclaimed land spread over ...
Freight corridor to reduce traders transaction cost, spur exports
The Dollar Business Bureau Upcoming dedicated freight corridors, linking various parts of India, will enhance export competitiveness of traders across the country by reducing traffic congestion and transaction cost. The government has formed a company - Dedicated Freight Corridor Corporation of India Ltd (DFCCIL) – to develop a mega commercial railway corridor by 2017. According to experts, the step has strategic importance for the Indian government to regain railways’ lost freight share, decongest existing passenger lines, and accelerate industrial growth. Despite having the world’s largest railways network with 115,000 kms of track route, Indian Railways’ share in freight movement declined from 86% to 35.5% in the last 50 years. The upcoming freight corridor project is expected to give impetus ...
Multi-purpose berths at six major ports to boost international trade
The Dollar Business Bureau In an effort to boost international trade, the government has decided to develop multi-purpose berths at six major ports with an investment of more than Rs 1,600 crore in the next three years. The move is aimed at increasing the ports cargo handling capacity and reducing the turn-around time for commercial vessels at Indian coasts. “These projects will enhance the capacity of respective ports to handle a variety of cargoes and meet the requirement of the trade,” said Pon Radhakrishnan, Minister of State for Shipping. The project will cover Odisha’s Paradip Port in eastern coast and Goa’s Mormugao Port in western coast. In southern costs, Karnataka’s New Mangalore Port, Tamil Nadu’s Kamrajar Port and Andhra Pradesh’s Visakhapatnam ...
