JNPTs FY17 net jumps to Rs 866.02 cr :
PTI| April 6, 2017 | UPDATED 15:30 IST
Mumbai, Apr 6 (PTI) Countrys largest container port JNPT today reported a 20 per cent increase in its net surplus after tax for financial year 2016-17 at Rs 866.02 crore and announced investments of Rs 16,000 crore over next few years.”Our net surplus after tax grew because of expenditure management measures. We were also able to post a 19.45 per cent growth in the net surplus before tax at Rs 1,303.89 crore,” its chairman Anil Diggikar told reporters here.
The port, which handled 4.5 million standard container units of cargo during the fiscal which makes it the 32nd biggest in the world, saw a marginal increase in operating income at Rs 1,677.90 crore (see more)
Union Cabinet Introduces RDA to Manage Rail Tariff and Signs MoU with Bangladesh to Reduce Logistics Cost:
This Wednesday, the Union Cabinet gave green signal to RDA (Rail Development Authority) setup, which will receive Rs. 50 crore corpuses to operate in radius of the Railway Act 1989. RDA will decide rail tariff for keeping the stakeholder investments for railways a fair affair. The members and chairman of RDA will serve of at least five years term. This responsibility was earlier upon the railway board.
With BJP emerging victorious in Uttar Pradesh, the government is now prepared to dismantle the current way of rail tariff fixing that will cost it Rs. 35,000 crore but in long-term, bring greater returns and discipline in the railway sector (see more)
Self certify Indian export cargo with AEO status:
A majority of apparel exporters from Tirupur, the hub for knitwear exports have not obtained the ‘authorised economic operator’ (AEO) status, which is in compliance with World Trade Organisation (WTO) norms. One of the biggest advantages of getting the AEO status is the self certification of cargo, without the need of customs examination.
“To remain competitive in global markets, it has become essential to get an AEO status, since export incentives schemes like Merchandise Exports From India Scheme (MEIS) may be withdrawn, considering that India’s per capita income in India has crossed $1,000 for three consecutive years starting from 2013,” a leading daily quoted Sudhakar Kasture, an international trade consultant as saying (see more)
90% international trade takes place through sea :
TNN | Updated: Apr 6, 2017, 01.34 PM IST
VASCO: No country can ignore its coastline if it wants comprehensive economic development, commissioner of customs, central excise and service tax, K Anpazhakan, said at the 54th National Maritime Day celebrations, held at Ravindra Bhavan, Baina, on Wednesday evening.
Explaining that 90% of international trade takes place through the sea, he said the present government, having understood this, has initiated several schemes, the primary one being the Sagarmala project that seeks to modernize India’s ports in a bid to augment port-led development (see more)