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Government measures such as reduction of certain port charges and purchase of additional container ships by Shipping Corp will help boost export competitiveness, Sanjay Budhia, chairman of CII’s national committee on EXIM, said on Friday.
He said these initiatives will significantly benefit the Indian industry by facilitating export operations.
“This move will reduce logistics bottlenecks, improve profitability for exporters and enhance the competitiveness of Indian products in global markets,” said Budhia, who is also the managing director of Patton Group.
Industries will experience smoother trade flows, shorter delivery times and lower costs, which will boost export growth and make Indian products more attractive to international buyers, he added.
The measures will also significantly improve export competitiveness by lowering the overall costs involved in shipping goods and help Indian exports fetch more competitive prices in international markets, Budhia said.
“It would also help attract new exporters, especially small and medium-sized enterprises (SMEs) that were previously deterred by high logistics costs,” he said.
Lower costs at the port level can also stimulate higher trade volumes, leading to economies of scale, further reducing logistics costs and improving overall export competitiveness, he added.
“The decision to purchase five container vessels to increase cargo handling capacity is also much appreciated as this will help address the issue of shortage of marine grade containers, which often leads to higher freight rates for Indian containers,” Budhai said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 20, 2024 | 20:05 IS
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