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Exporters seek govt push for India-based shipping line
Exporters have called for a government-led initiative to develop a India-based shipping line of global standing. This would reduce the shipping costs, and help sharpen Indian exports’ competitiveness in the global markets, they feel.
Dr.G.R.Balakrishnan Jul 01 2024 Exim News

Exporters seek govt push for India-based shipping line

According to Federation of Indian Export Organisations (FIEO) India remitted $ 109 billion as transport service charge in 2020 and with rising exports it could touch $ 200 billion as exports touch $ 1 trillion by 2030.

 

 “A 25% share by Indian shipping line can save $ 50 billion a year and will also reduce arm twisting by foreign shipping lines on medium and small businesses,” FIEO president Ashwani Kumar said at the pre-budget meeting with Finance Minister Nirmala Sitharaman and officials of the Finance Ministry.

The meeting with the “trade and Services” sector also sought participation of export promotion councils for marine, leather and gems and jewellery. National Association of Software and Services Companies (Nasscom), Federation of Hotel and Restaurant Association of India (FHRAI), and regional chambers of commerce and industry also participated in the meeting.