Search Result for : Shipping

The Dollar Business Bureau Engineering Export Promotion Council (EEPC) of India said on Monday that after the implementation of Goods and Services Tax (GST), shipping companies are facing problems as their refunds for drawback will not be issued till end of September or October. In addition, the supply of goods from domestic tariff zones (DTZs) to export-oriented units (EOUs) are not taken as ‘deemed exports’ under the new tax regime, which resulted in denying duty free imports of inputs under the Government’s scheme of Advance Authorisation, EEPC said in a statement. Moreover, the exporters will be paying basic customs duty, Integrated GST and cesses for the goods imported that are used for supply to EOUs. The exporters are entitled for input tax credit of IGST only. The basic ...

The Dollar Business Bureau India seeks to double the investment from Germany over the coming five years from the present 9.5 billion euros and it also wants a rise of two-fold in the number of German firms in the country, said a former India’s Ambassador to Germany on Tuesday.  In the last few years, India has attracted around 74 German firms that have business ideas worth $1 billion of investment, Gurjit Singh told PTI. Prime Minister Narendra Modi is on a visit to Germany and held discussions with German Chancellor Angela Merkel, and also signed eight pacts. According to the latest news, Merkel was happy to, "develop cooperation with India. That's of huge importance and in no way directed against any other relationships and certainly not against the ...

The Dollar Business Bureau Oil imports of India from Iran surged marginally in the month of January from the previous month as the refiners from India received entire volumes from major OPEC (Organisation of Petroleum Exporting Countries) producers Iraq and Saudi Arabia, as per the shipping data. Iran used to be the second largest supplier of oil to India, but now this position belongs to its regional-competitor Iraq after the West imposed strict sanctions on Tehran over its nuclear programme, which limited its exports and accessibility to finance. In January 2017, Iran was India’s third largest oil supplier after Saudi Arabia, followed by Iraq. Oil imports of India from Iran have increased sharply after the sanctions were removed last year. In the said month, oil ...

The Dollar Business Bureau Post-demonetisation, 12 main ports of the country have recorded a considerable growth in terms of cargo handled in the months of November and December by recording a rise of 11.2% and 12.7%, respectively. “Cargo handled by major ports after demonetisation have shown a growth in comparison to the same period last year,” Minister of State in the Ministry of Road Transport and Highways, Mansukh Lal Mandaviya, told Rajya Sabha in a written response. The Minister said 56.7 million tonnes of cargo was handled by the ports in month of December last year (growth of 12.7%) and registered 54 million tonnes cargo in the month of November (a growth 11.2%). During the April-October 2016period, these ports handled 370 million tonnes of cargo. In FY 2015-16, the major ...

The Dollar Business Bureau After awarding a record Rs.4.5 lakh crore worth of contracts in highways segment, a multi-modal transport planning consisting of railways, waterways, airports and bus stations will be implemented in a big manner, said Road Transport, Highways and Shipping Minister Nitin Gadkari on Friday. “We broke all records in highways. We have awarded contracts worth Rs.4.5 lakh crore so far. We will be awarding contracts for 15,000 km of highways by March taking the highways building pace to 30 km from 20 km a day in December,” Gadkari said while addressing the reporters in New Delhi. The Minister said that 15% increase in allocation for highways in the Budget was a welcome measure and this is the first time that ...

The Dollar Business Bureau India's bulk shipping freight rates have begun showing an upward incline off late. Most of the shipping rates have increased due to a surge in heavy shipments of coal and iron ore to China. Market participants predict further increase in the freight rates as shipping activity has surged. The current freight charges carrying iron ore cargoes from India to China via Supramax bulk carrier is $8 per MT. The increase in freight rates has also resulted in an increase in the Baltic Dry Index being bullish, at 1257 points on Nov 18. The Baltic Dry Index is an indicator of movement in global freight rates concerning all kinds of vessels carrying all kinds of commodities.  

Sairaj Iyer | The Dollar Business Bureau Nitin Gadkari, the minister for shipping, ports and waterways continued to carry the strategic port-led development agenda on the second day of Maritime India Summit. On the first day, the Prime Minister spoke of critical development agendas, and strategic investment opportunities available within shipping and inland water development projects. If the first day was magical, the second day proved to be better with politicians and celebrities gracing the occasion.  On the second day, the CM of Maharastra, Devendra Fadnavis, Kim Young Suk, Minister for Oceans and Fisheries - Korea, Nirmala Sitharaman, Piyush Goyal, Sanjeev Balyan, Min. of State for agriculture, and the chiefs of Indian ports spoke about the future of the shipping industry, opportunities to ...

 The Dollar Business Bureau In a move to enhance the existing potential of the Indian maritime industry, the Government of India aims to bring in more investment into the sector. And to achieve it, the Ministry of Shipping is gearing up for the upcoming Maritime India Summit 2016, where it intends to woo investors by presenting before them various shipping and port related projects. Speaking about the Summit, the Union Minister of Shpping, Nitin Gadkari said, “Projects in the ports and shipping sector, worth an investment of Rs.1,20,000 crore will be showcased before potential investors at the Maritime India Summit to be held in Mumbai from April 14-16, 2016.” The Minister said this in an address to the media on Thursday, ...