Centre may penalise shipping companies for spike in freight rates

Exporters are facing an almost 60% hike in freight cost since July

With exponential rise in freight cost hurting Indian exports, the government is set to intervene and is considering penalising shipping companies indulging in unethical practices.

Commerce and industry minister Piyush Goyal is learnt to have asked the ministry of shipping to increase shipping lines into India to raise competition so that it benefits exporters.

Facing an almost 60 per cent hike in freight cost since July, exporters have been urging the government to intervene and regulate operations of shipping companies. Apex exporters’ body Federation of Indian Export Organisations (FIEO) has informed the government of an estimated $40 billion export loss in the