Prime Minister highlights efforts to improve Ease of Doing Business in India

NEW DELHI: The members of US India Strategic Partnership Forum (USISPF) called on Prime Minister Shri Narendra Modi at 7, Lok Kalyan Marg, New Delhi. The delegation was led by Chairman, USISPF, Mr. John Chambers.

Prime Minister highlighted the steps taken by his Government to improve the Ease of Doing Business in the Country when members of the US-India Strategic Partnership Forum (USISPF) called on him here.

The Prime Minister also referred to the evolving start-up ecosystem in the Country, highlighting the entrepreneurial risk taking capacity of India’s youth.

Modi talked about steps taken to ensure ‘Ease of Doing Business’ including reduction of corporate tax and labour reforms.

He also outlined that the target of the Government is to ensure ‘Ease of Living’. He said the unique strength of India is the availability of three Ds – democracy, demography and ‘dimaag’ (brains).

The delegation expressed faith in Modi’s vision for the Country and said that the next five years of India will define the next twenty five years of the world, the statement said.

The USISPF is a non-profit organisation, with the primary objective of strengthening the India-US bilateral and strategic partnership through policy advocacycy in the fields of economic growth, entrepreneurship, employment-creation and innovation.

India's First Woman Captain, Radhika Menon honoured by Govt Of India under Bharat Ki Laxmi campaign October 23 , 2019

NEW DELHI: The Indian Government recognised Captain Radhika Menon under the Bharat Ki Laxmi campaign initiated by Prime Minister Narendra Modi. Captain Menon, who is the first female master mariner had won the top international bravery award by the International Maritime Organisation (IMO) for 'Exceptional Bravery at sea 2016'. She was recognised recently, under the Bharat Ki Laxmi campaign which was announced by PM Modi on September 29, during the 57th episode of 'Mann Ki Baat' to honour the extraordinary achievements of women in society.

Captain Radhika Menon is the first woman captain of the Indian Merchant Navy who received the International Maritime Organisation (IMO) in 2016. The IMO, which is a specialized agency of the United Nations responsible for the safety and security of shipping and the prevention of marine pollution by ships, conferred Captain Menon with bravery award to honour her for rescuing seven fishermen from a sinking fishing boat in tumultuous seas in the Bay of Bengal in June 2015. Captain Radhika Menon first started her career as a radio officer at the Shipping Corporation of India and established the International Women Seafarers Foundation (IWSF) in 2017 to help young women pursuing a career in maritime. Menon has made her mark spectacularly in a male-dominated profession and proven that professions are not gender-based. 

Konkan Railway looking to transform itself as “complete logistic service provider”

MUMBAI: Faced with challenges of declining freight traffic and the impact of economic downturn, the Konkan Railway Corporation Ltd (KRCL) is looking at transforming itself into a “complete logistic service provider” even as it strives to look for new revenue streams in areas of its expertise — railway engineering and technological innovations.

“The company is striving hard to convert itself into a complete logistics service provider. This is a sunrise field where I find lots of revenue is available without much of expenditure, and the profit margin is very very high. The backbone of Konkan Railway can definitely be used to exploit logistic advantages which we have got,” 

H D Gujrati, Director, Operations and Commercial, KRCL, said in his address at the 29th Foundation Day celebrations of the Corporation 

recently.

Towards this end, Gujrati pointed out, Container Corporation of India Ltd (CONCOR) has set up a container terminal at Balli in Goa. “Once the (required) clearance is available, probably export-import traffic will start moving on that route,” he said.

KRCL’s Roll-on Roll-off (Ro-Ro) service has been extended upto Karambeli near Vapi in Gujarat on the Western Railway, he informed. 

“We are negotiating with the Indian Railways to make it a permanent service,” Gujrati said.

Govt likely to extend benefits to exporters under MEIS till March 31 October 23 , 2019

NEW DELHI: The Government may extend benefits to exporters under the Merchandise Exports from India Scheme (MEIS) till March 31 next year, when the updated Foreign Trade Policy (FTP) 2020-2025 will go live. The current deadline for the scheme to be disabled is December 31, 2019.

The Government is also considering key suggestions such as introduction of industry rates for deemed exports and removal of pre-import conditions requirement in the Self Ratification Scheme. The suggestions have emerged out of hundreds of meetings between the Government and Industry Associations, people in the know, said.

Adding an array of agricultural products in the interest equalisation scheme and making extensive changes to schemes such as Export Promotion Capital Goods (EPCG) and Export Credit Insurance Scheme are also under consideration for the upcoming FTP, sources said.

The decision to extend MEIS benefits is expected to draw the biggest cheer from the industry, 

which had opposed its withdrawal. Last month, the Government had announced a new scheme named Remission of Duties or Taxes on Export Products (RoDTEP) to replace the MEIS for all goods exports.

Introduced in 2015 under the FTP, the mega MEIS was created out of a merger of five existing reward schemes. It incentivises merchandise exports of more than 8,000 items now and is the biggest of its kind. Exporters earn duty credits at fixed rates of 2 per cent, 

3 per cent, and 5 per cent, depending upon the product and country.

Officials said the new RoDTEP would also be based on this method but the rates were yet to be decided.

For the EPCG scheme, the Government is considering removal of annual average and keeping only specific export obligations. Also, total exports of a third party will be counted as export obligation instead of only proceeds realised from third party by EPCG holder.

Apart from taking a decision to soon implement the recommendations of the Baba Kalyani Committee on revamping Special Economic Zones, policymakers have turned to export oriented units (EOUs) to provide the next level of growth. While duty benefits for infrastructure may not be extended, policy formulation, regulation, and administration may be brought under one roof for EOUs.

For deemed exports, the Government may allow a reintroduction of all industry rate for drawback, which is now limited to only the brand rate. The Centre may also include central excise duty on fuel in the drawback. However, a suggestion to double the rate of interest on delayed payment to 12 per cent from the present 6 per cent may not be allowed, sources said.

On the other hand, for the advanced authorisation scheme, composition fee may be rationalised while norms may be fixed at a faster rate. The new FTP is expected to have new chapters on services and e-commerce.

Govt likely to extend benefits to exporters under MEIS till March 31

NEW DELHI: The Government may extend benefits to exporters under the Merchandise Exports from India Scheme (MEIS) till March 31 next year, when the updated Foreign Trade Policy (FTP) 2020-2025 will go live. The current deadline for the scheme to be disabled is December 31, 2019.

The Government is also considering key suggestions such as introduction of industry rates for deemed exports and removal of pre-import conditions requirement in the Self Ratification Scheme. The suggestions have emerged out of hundreds of meetings between the Government and Industry Associations, people in the know, said.

Adding an array of agricultural products in the interest equalisation scheme and making extensive changes to schemes such as Export Promotion Capital Goods (EPCG) and Export Credit Insurance Scheme are also under consideration for the upcoming FTP, sources said.

The decision to extend MEIS benefits is expected to draw the biggest cheer from the industry, 

which had opposed its withdrawal. Last month, the Government had announced a new scheme named Remission of Duties or Taxes on Export Products (RoDTEP) to replace the MEIS for all goods exports.

Introduced in 2015 under the FTP, the mega MEIS was created out of a merger of five existing reward schemes. It incentivises merchandise exports of more than 8,000 items now and is the biggest of its kind. Exporters earn duty credits at fixed rates of 2 per cent, 

3 per cent, and 5 per cent, depending upon the product and country.

Officials said the new RoDTEP would also be based on this method but the rates were yet to be decided.

For the EPCG scheme, the Government is considering removal of annual average and keeping only specific export obligations. Also, total exports of a third party will be counted as export obligation instead of only proceeds realised from third party by EPCG holder.

Apart from taking a decision to soon implement the recommendations of the Baba Kalyani Committee on revamping Special Economic Zones, policymakers have turned to export oriented units (EOUs) to provide the next level of growth. While duty benefits for infrastructure may not be extended, policy formulation, regulation, and administration may be brought under one roof for EOUs.

For deemed exports, the Government may allow a reintroduction of all industry rate for drawback, which is now limited to only the brand rate. The Centre may also include central excise duty on fuel in the drawback. However, a suggestion to double the rate of interest on delayed payment to 12 per cent from the present 6 per cent may not be allowed, sources said.

On the other hand, for the advanced authorisation scheme, composition fee may be rationalised while norms may be fixed at a faster rate. The new FTP is expected to have new chapters on services and e-commerce.

CMA CGM launches SHIPFIN TRADE FINANCE, its new range of import and export financing solutions

MARSEILLE: The CMA CGM Group, a world leader in shipping and logistics, is pleased to announce the launch of SHIPFIN TRADE FINANCE, its new range of financing services dedicated to importing and exporting, in partnership with Incomlend, a global invoice finance platform.

An innovative offer to support the international development of the CMA CGM Group's customers Committed to supporting its customers and their development, the CMA CGM Group now wishes to support their business through financing solutions that are tailored to their needs. The Group is thus putting its expertise and presence in 160 countries around the world at the service of its customers’ international development.

With SHIPFIN TRADE FINANCE, CMA CGM offers all its customers, importers and exporters alike, a range of simple, reliable and rapid financial services to consolidate and support their international growth. Thanks to a dedicated team of experts based in the Group's headquarters in Marseilles, customers can benefit from a set of tailor-made solutions ranging from extended payment terms to financing advances.

 

Two complementary solutions: SUPPLY CHAIN FINANCING and CARGO FINANCING

The SHIPFIN TRADE FINANCE range is based on two initial products dedicated respectively to importing and exporting customers: SUPPLY CHAIN FINANCING and CARGO FINANCING. They will be available on the CMA CGM, ANL, APL and CNC platforms and initially available to customers based in India, Dubai, Singapore, Hong Kong, Malaysia, Indonesia and the Philippines before gradually being deployed to other countries.

 

With SUPPLY CHAIN FINANCING, CMA CGM offers a solution dedicated to importers who wish to free up their working capital while stabilizing their supplier relations. 

 

Group customers who opt for this solution can thus:

 

• Extend their payment deadlines up to 120 days;

• Strengthen their supplier relations by improving their cash flow;

• Optimize payment tracking by finding all their documents in one place;

• Master their compliance risk thanks to the KYC (Know Your Customer) assessment achieved by their suppliers;

• Simplify their processes by interfacing their IT systems with the platform (EDI/API).

In addition, thanks to CARGO FINANCING, CMA CGM 

offers a solution intended for exporters who wish to improve 

their working capital and ensure the growth of their business, thus allowing them to:

• Maintain their cash position by receiving payment as soon as they load their goods, for up to 90% of the value of the invoice;

• Optimize the tracking of their invoices and customer receivables by finding all their documents in one place;

• Reduce their customer risk thanks to CMA CGM's credit insurance coverage;

• Simplify their multi-currency exchanges (4 currencies available);

• Simplify their invoice collection process;

• Benefit from non-recourse financing and maintain their borrowing power.

 

On the occasion of the launch of SHIPFIN TRADE FINANCE, Mathieu Friedberg, Senior Vice President – Commercial Agencies Network, CMA CGM Group, said: “By launching SHIPFIN, the CMA CGM Group goes even further in the customer relationship. We draw on our more than 40 years' experience acquired at the heart of international trade to offer innovative, simple and relevant solutions beyond shipping to support our customers' international development.”

 

Essar Ports posts record cargo growth of 20.07% in H1FY20

MUMBAI: Essar’s Ports business, which operates four terminals on the East and West coasts of India, 

has registered a 20.07% growth in cargo volumes with a throughput of 27.29 Million Tonnes (MT) in the first half of FY2019-20.

The growth has been driven by a 183.21% increase in 

third-party cargo compared to that in the corresponding period in the previous financial year. 

Cargo from captive customers grew by 6%.

Speaking on the performance, Mr Rajiv Agarwal, MD & CEO, Essar Ports Ltd, said: “Significant boost in third-party business has been the key driver for our growth in overall volumes. Alongside this, our focus on driving operational efficiencies and minimising operating costs has helped in recording strong growth. Essar Ports has consistently surpassed the average growth rate of the sector, which is showing signs of heightened economic activity.”

Terminal-wise performance 

Hazira

The 50 MTPA terminal has had the following highlights:

• Cargo handling of 14.17 MT with 3.24% growth compared to the same period last year

• 24.46% growth in third-party business over the numbers in H1FY19

• Enhanced third-party cargo share to 16.16%

Vizag

The 24 MTPA Essar Vizag Terminal (EVTL), India’s largest iron ore handling terminal located on the outer harbour of Visakhapatnam Port, has had the following highlights:

• Cargo handling of 5.91 MT with 52.22% overall growth compared to same period last year

• 7.17% growth in anchor customer business

• 277.76% growth in third-party business over the numbers in H1 FY19

• Enhanced third-party cargo share to 41.62%

Salaya

The 20 M 

The 20 MTPA Essar Bulk Terminal Salaya (EBTSL), deepest draft facility of Saurashtra region, has clocked a cargo throughput of 3.22 MT in the first half of FY20.

Paradip

The 16 MTPA Essar Bulk Terminal Paradip (EBTPL), in Paradip Port, has clocked a cargo throughput of 4 MT in the first half of FY20.