Freight

The dedicated freight corridors of the Indian Railways have had a social-equalising effect with states that have a lower per-capita GDP experiencing significant benefits, a study by the University of New South Wales, Australia, has revealed. This suggests that the corridors are helping bridge the economic gap, offering a path towards more equitable economic growth across the country, it stated. Though the study, published in Elsevier Journal, focused on the Western Dedicated Freight Corridor (WDFC) for the financial year 2019-20, experts say that overall, it benefits several industries and consumers, giving a big push to the Indian economy. The study said the dedicated freight corridor gives financial benefits to all regions of the country. However, areas closer to it gain more due to a significant reduction in the travel cost, it said. "The model finds a universal decrease in the cost of freighting, with GDP improvements being observed in regions with the greatest decreases in cos

Commerce Minister Piyush Goyal announces purchase of second-hand vessels

Increasing freight costs, shortage of containers and dependence on major shipping hubs and foreign carriers pose serious challenges to the country's exports, think tank GTRI said on Sunday. To address these challenges, the Global Trade Research Initiative (GTRI) recommended that India implement several strategies to boost domestic container production, enhance the role of local shipping companies, promote use of domestic containers, and strengthen local shipping firms. "India can lower its risk of global supply chain disruptions by boosting domestic container production, encouraging the use of locally made containers, and increasing the use of Indian shipping companies for transporting goods," GTRI Founder Ajay Srivastava said. Between 2022 and 2024, shipping rates for a 40-foot container have fluctuated significantly. It said that in 2022, the average cost was USD 4,942 due to the lingering effects of the covid pandemic, while by 2024, the rate had stabilized around USD 4,775, it

Red Sea crisis causing global shipping disruptions reminiscent of those seen during Covid-19 pandemic

Freight volumes for the national transporter, Indian Railways, had contracted year-on-year for the first time since the coronavirus outbreak in June 2023

The Drewry World Container Index (WCI) increased 2 per cent to $4,801 per 40ft container this week and increased 202 per cent when compared with the same week last year

Some of the catalysts for the monthlong advance in seaborne freight rates stem more from worry than optimism

Two trains with petrol and diesel headed to Tripura on Saturday amid a fuel crisis due to disruption in railway freight services in Assam's Dima Hasao, an official said. Goods train services have been disrupted on the line since April 26, following the derailment of a freight train in Jatinga area of Dima Hasao. However, passenger train services remained normal. "Two trains carried petrol and diesel today. Three-four days back, we had sent another freight train with essential commodities like sugar and edible oil," North East Frontier Railway spokesperson Sabyasachi De told PTI. One of the trains has 49 wagons and is heading to Dharmanagar in Tripura, he said. The other train has 50 wagons, of which 25 were meant for Dharmanagar and 25 for Silchar in Assam, he added. De said work on the restoration of the tracks was underway. "We could send the two trains today as there was no rain for the last two-three days. The restoration work depends on how the weather is. We are trying our

Jaipur, Ahmedabad see largest declines

Experts say the ministry should target unconventional sectors more aggressively

Passenger load factor also sees decline after year-end jump

Nearly half the goods transported is coal; share of food grains declines

The world's biggest sunflower oil buyer typically sources most of its imports from the Black Sea region via the Red Sea

Ocean freight 10% costlier, shippers brace for further setback

The Waltair Division is one of three railway divisions in the East Coast Railway zone. In 2020-21, the division loaded 61.17 million tonnes

Short-distance rates see major rise in modern auto-carrier wagons

The Railways' profitable freight business is losing ground to the competition, while meeting pent-up passenger demand will mean more losses, notes T N Ninan

The Indian Railways achieved freight loading of 758.2 MT between April and September as against the 736.68 MT recorded in the corresponding period last year, which is an improvement of 21.52 MT. "Railways have earned Rs 81,697 crore against Rs 78,991 crore over the last year, which is an improvement of approximately Rs 2,706 crore as compared to the same period of the last year," the railway ministry said in a statement. "During the month of September 2023, originating freight loading of 123.53 MT has been achieved against loading of 115.8 MT in September 2022, which is an improvement of approximately 6.67 per cent over the last year," it added. The increase in freight loading has translated into an increase in the railways' revenue as it achieved freight revenue of Rs 12,956.95 crore in September 2023 as against the Rs 12,332.7 crore freight earnings in September 2022, thereby showing an improvement of about 5.06 per cent. "Indian Railways achieved loading of 59.7 MT in coal, 14.2

The government has exempted payments made for goods imported through ocean freight from 5 per cent integrated GST with effect from October 1. The Finance Ministry has notified changes to the IGST Act with regard to payment of integrated GST on 'ocean freight' on imported goods with effect from October 1. Currently, importers are required to pay 5 per cent GST under the Reverse Charge Mechanism. KPMG Indirect Tax Head & Partner Abhishek Jain said the amendments proposed are aligned with the apex court's ruling in the case of Mohit Minerals and help explicitly mention the government's alignment to the position. "While this has been issued prospectively, the industry has been seeking and successfully claiming refund of taxes already paid for the past period, where credit has not been availed," Jain added. Giving its ruling in the Mohit Minerals case, the Supreme Court in May last year had held that since the Indian importer is liable to pay IGST on the 'composite supply', comprising

In the same period, Cement loading is 63.29 MT over 59.44 MT achieved in the corresponding period of last year, which shows growth of 6.48 per cent, Northern Railways said