NOW SAGAR SANDESH IS PUBLISHED AS NEWSLETTER *** SAGAR SANDESH IS PUBLISHING DAILY NEWS ON ALL DAYS EXCEPT SUNDAY *** FOR ADVERTISEMENT IN DAILY NEWS, PLEASE CONTACT US IN +91 99948 85497 or in MAIL admin@sagarsandesh.in / admin@porttoport.in*** FOR Press Releases, News and Articles for publication, please contact us in +91 72000 84864 or in MAIL news@porttoport.in / admin@sagarsandesh.in***

Govt plans financial support to boost local shipping container manufacturing amid post-COVID shortages

The government is considering financial support for local manufacture of shipping containers amid growing shortage and rising costs post Covid. A viability gap funding (VGF) scheme is being considered as part of the plan that would be implemented in mission mode, people familiar with the development said.

Dr.G.R.Balakrishnan Aug 09 2024 Exim News

Govt plans financial support to boost local shipping container manufacturing amid post-COVID shortages

"Direct subsidy and support via VGF are being examined," a government official said, adding that inter-ministerial consultations were on. A container manufacturing mission is being considered to hasten local manufacturing, according to the official.

The official said the idea is to shield exporters and importers from the vagaries of sudden shortage of containers and spikes in premia.

Non-availability of containers emerged as a key challenge for the trade sector post-Covid when China was seen importing empty containers by offering a premium.

News Extension