Haryana to soon have an economic rail corridor, Indian Railways freight volumes contract, Cost impact of decarbonization on Shipping, and much more!
Greetings Readers! ????
Our supply chains are continuously evolving ?? and every day we find ourselves at the forefront of exciting developments ?? that shape the future of trade and logistics. We aim to ultimately bring to you a collection of news pieces and articles ?? that justify the aforesaid perception of the supply chain ecosystem.?
A trend we noticed last week was the weakening? of the charts for multiple aspects of the global supply chains. However, there were also some crests? that kept the hopes up. This dance of ebbs and flows ?? is also an important way to keep things exciting and the competition simmering. So take a look at what the newsletter brings for you this week and let us know if you agree!
??What did they say????
“Friendshoring is an important foundation of our approach to increasing resilience of our supply chains, and we see India as an indispensable partner in that and I hope to use this trip to deepen what is already a significant relationship with respect to friend-shoring that the US and India have," - US Treasury Secretary Janet Yellen, while addressing a press conference ahead of G20 FMCBGs meeting
A poor growth in cargo handling for June was reported by the state-owned ports which came close to the first decline in 16 months. According to provisional data by the Indian Ports Association, cargo traffic at 12 major ports of the country was a little over 66 mt last month, registering a YoY growth of 0.7 percent. An earlier statement by the association reportedly said that cargo traffic in June had declined for the first time since January 2022.
In recent years, the booming e-commerce volumes have seen cargo airlines expand their networks out of India. The new data on Amazon’s ‘Global Selling’ platform that showcases made-in-India products is a prove of the splendid growth of the market. Amazon has gained more than 125,000 Indian exporters and is expecting cumulative sales to hit some $8bn this year.
GTRI said that the 175-member International Maritime Organization (IMO) as of July 7th has notified its strategy to decarbonize the global shipping sector and achieve net-zero emissions by 2050, alongside setting an interim target for reducing emissions by 20-30% by 2030 and 70-80% by 2040, compared to 2008. Also, it added that IMO has suggested the shipping industry switch to cleaner fuel.
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Approved by the Haryana government in 2022, the corridor will be built from Farrukhnagar in Gurgaon to Loharu in Bhiwani via Jhaiiar and Charkhi Dadri at an estimated cost of Rs 1,225 crore. Eventually, it will be interconnected with Bahadurgarh and Sonipat in Haryana through the under-construction Orbital Rail Corridor.
Tesla is exploring possibilities of bringing its auto parts and electronics chain to India, in this regard, the company has held discussions with union government officials and talked about getting incentives and tax breaks in the process, said people with knowledge of the matter.
The regulatory clearance time includes the duration it takes for exporters to get all the documentation authorised by customs, while the post-regulatory clearance time is the time it takes for goods to leave a customs station. The target for both is 24 hours. While the regulatory clearance time has achieved its targets for seaports the post-regulatory clearance has not.
In recent years, the Government of India has been pushing multi-modal transportation through the Gati Shakti National Master Plan, as well as the more recent National Logistics Policy. As a result, there has been a massive push on developing and utilizing inland waterways for bulk freight transportation in India, including that of coal. The Ministry of Ports, Shipping, and Waterways aims to transport 41.06 million tonnes of coal through inland waterways in the current fiscal year.?
This is the seventh time in the last nine months that India’s merchandise exports have declined, but the dip in outbound shipments was the sharpest in this period. The goods trade deficit for June fell 8.8% from levels seen last June as well as this May, to $20.13 billion. This is the second month in a row that the deficit has been over $20 billion, but economists aren’t too worried.
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