Thu, Mar 30, 2017 | updated 06:11 PM IST

USIBC's inaugural logistics industry team meet civil aviation minister

Updated: Sep 26, 2016 15:43 IST
New Delhi [India], Sept.26 (ANI): The U.S.-India Business Council (USIBC) concluded its inaugural Logistics Industry Mission to New Delhi on September 23.

The delegation, led by Rajesh Subramaniam, Executive Vice President, Marketing and Communications, FedEx, comprised of representatives from FedEx Express, DHL Express, Boeing, Brambles/CHEP, TransAsia, and other U.S.-based companies.

The delegation expressed its commitment to working with the Government of India to create a stronger ecosystem to incentivize investment and ensure the smooth functioning of India's promising logistics industry along with exploiting the benefits of an impending ecommerce boom.

The delegation discussed three important ways by which the American logistics industry could work with the Government of India to support the country's aspirations of integrating with the global supply chains, and boost trade and economic growth.

The delegation's meetings with the Government of India included Ministry of Finance's Central Board of Excise and Customs Chairman Najib Shah, Ministry of Civil Aviation, Ministry of External Affairs, Ministry of Road Transport & Highways, and the Ministry of Commerce's DIPP.

The delegation expressed their commitment to stronger U.S.-India economic ties in logistics with U.S. Ambassador to India Richard Verma, and shared specific policy recommendations with the Minister for Civil Aviation Ashok Gajapathi Raju, to facilitate the efficient functioning of express service operators in India.

The delegation's top three policy priorities were anchored around the following: Streamlining the GST to actually support the logistics industry; easing customs regulations through the expedited and meaningful implementation of the WTO Trade Facilitation Agreement; and eventually ensuring the success of strong physical infrastructure to support the ecommerce boom.

The GST is a game-changer for India's logistics industry. However, the group advocated for a truly restriction-free flow of goods at interstate borders by ensuring efficient communication between the customs and GST authorities, as well as ease of doing business with regard to Know Your Customer requirements and de minimis rules. To support the impending ecommerce boom - and in turn to augment the "just in time" manufacturing model - the delegation stressed on the early implementation of the WTO Trade Facilitation Act. The delegation applauded the Government of India's rollout of the Single Window Interface but also requested a similar model to support the express services industry using the courier mode.

"In logistics, India is heading toward a win-win situation for itself and its trading partners. On this USIBC mission, we met with key officials in the Government of India. The goal was to identify ways the American logistics industry could work with the government to support the country's aspirations of integrating with global supply chains, becoming an international logistics hub, and boosting overall jobs and economic growth. The potential of the Indian economy is immense, but to reach that potential India must continue to reform its logistics sector and find ways to reduce logistics costs. Further GST reforms, trade facilitation and infrastructure investments are keys to delivering a more competitive and inclusive economy for India," said Subramaniam, chairing the delegation.

The delegation also participated in an industry reception hosted by Mphasis, an IT services company, where Puneet Bhirani, Chief Administrative Officer, expressed the growing importance of India's logistics sector.

The mission's Knowledge Partner, Knight Frank India, also unveiled its "India Warehousing Market Report 2016" at this reception. The report provides warehousing sector dynamics in India's top seven cities. Dr. Samantak Das, Chief Economist and National Director, Knight Frank India, noted: "The current environment is likely to accelerate progress in the logistics sector in India, considering the interest from government as well as private enterprises. The GST will amalgamate several central and state taxes into a single tax to facilitate a unified national market. Further, inter-state industrial corridors, such as the ambitious Delhi Mumbai Industrial Corridor (DMIC), and freight corridors, such as the Western and Eastern Dedicated Freight Corridors, are gaining renewed focus. Our first report in the series-India Logistics & Warehousing Report 2014-was a detailed handbook introducing warehousing sector dynamics, such as demand drivers, policies and regulations, business models, and enabling infrastructure and emerging trends, among others. We see a great potential in the overall logistics sector, with warehousing being a key element in it." (ANI)

New Delhi [India], Mar 30 (ANI): Adding special value and innovation to their existing product line up, India Yamaha Motor Pvt. Ltd. has announced the new variants of its range of motorcycles and scooters.

Full Story >>

New Delhi [India], Mar 30 (ANI): Carpet Export Promotion Council organized the 33rd Edition of India Carpet Expo from 27th to 30th March 2017 at Hall nos. 11, 12 and 12A Pragati Maidan, New Delhi, with an aim to promote the Cultural Heritage and showcase the weaving skills of Indian hand-knotted carpet artisans amongst the overseas hand-knotted carpet buyers.

Full Story >>

Tata launches Tigor, new sub four metre sedan

Updated: Mar 30, 2017 17:31 IST

New Delhi [India], Mar.30 (ANI): Tata Motors hase come out with an all new sub four metre sedan, Tigor, targeted at a younger car buyer.

Full Story >>

New Delhi [India], Mar 30 (ANI): Credit rating agency ICRA expects cement demand growth, which has been significantly impacted post demonetisation, to recover to around four to five percent during FY2018, driven by a pick-up in the infrastructure segment, mostly road and irrigation projects and the housing segment.

Full Story >>

New Delhi [India], Mar 30 (ANI): Honda Motorcycle and Scooter India on Thursday announced the launch of new 2017 edition of its youthful moto-scooter DIO with new style, colors, convenience and BS-IV and AHO compliance at Rs. 49,132 (Ex-showroom, Delhi).

Full Story >>

New Delhi [India], Mar 30 (ANI): India's most popular mobile app for transportation Ola BookMyShow, India's largest online entertainment ticketing platform on Thursday announced their exclusive partnership to enhance the entertainment experience of millions of users.

Full Story >>

New Delhi [India], Mar. 30 (ANI): Leading Solar EPC player Vikram Solar Pvt. Ltd. signed a Memorandum of Understanding (MoU) with Israel's Water-Gen, a pioneer in air-to-water technology, to develop and introduce their path-breaking clean, hygienic drinking water solutions in the country.

Full Story >>

New Delhi [India], Mar 30 (ANI): Continuing with the new label launch spree in the month of March, India's leading fashion e-tailer, Jabong has announced the addition of yet another leading American high-street fashion wear brand, Aeropostale, to its product portfolio.

Full Story >>

New Delhi [India], Mar 30 (ANI): The Goods and Services Tax (GST) has received unprecedented support from all quarters as it is a simple system of taxation, under which various taxation rates will be merged into one with no cascading effect of taxation, said Revenue Secretary Hasmukh Adhia on Thursday.

Full Story >>

New Delhi [India], Mar. 30 (ANI): Contrary to its previous announcement that was circulated with regards to banks being operational on April 1, the Reserve Bank of India (RBI) in a revised circular stated that all payment systems will be closed on the aforementioned date.

Full Story >>

New Delhi [India], Mar 30 (ANI): London Stock Exchange today welcomes the world's largest corporate Masala bond. The landmark bond issuance from Housing Development Finance Corp (HDFC), one of India's leading banking and financial services companies comes less than 12 months after HDFC's INR 30 billion (USD 450 million) debt issuance in London, the first ever Indian corporate to list a Masala bond.

Full Story >>

New Delhi [India], Mar 30 (ANI-BusinessWireIndia): Grameen Koota Financial Services Private Limited (Grameen Koota) has raised Rs. 250 crore from its holding company, CreditAccess Asia (CAA), headquartered in Amsterdam, which is the leading multi-country Microfinance operator in India and South-East Asia. Part of the infusion, Rs.50 crore, will be provided in the form of equity and the remainder, Rs.200 crore will be provided in the form of Compulsory Convertible Debentures (CCDs).

Full Story >>

New Delhi [India], Mar. 30 (ANI): SBI Card, one of India's leading credit card issuers announced the launch of a credit card, 'SBI Card Unnati', targeted at all State Bank of India (SBI) customers, including Jan Dhan account holders, throughout the country.

Full Story >>

New Delhi [India], Mar. 30 (ANI): Metropolitan Stock Exchange of India Limited (MSEI), the third national level stock exchange is all set to conduct a mock trading session in equity, equity derivatives and currency derivatives segments on April 1, 2017.

Full Story >>

New Delhi [India], Mar 29 (ANI): Cloudatix Biz India Ventures Pvt. Ltd, a young research startup emerging as a Smart City Solutions provider and Mediaguru, a global media services company that specializes in the entire life cycle of digital asset management services, digitization and monetization, recently launched 'Startup Accelerator Program and Internet College'.

Full Story >>

Dong Nai [Vietnam]/Tokyo[Japan], Mar.29 (ANI): Vietnam is experiencing a rapid economic growth as customers' purchasing abilities have increased that leads to opening up of supermarkets.

Full Story >>

Rajya Sabha passes Finance Bill

Updated: Mar 29, 2017 17:58 IST

New Delhi [India], Mar 29 (ANI): The Rajya Sabha on Wednesday passed the Finance Bill after various amendments presented by Union Finance Minister Arun Jaitley.

Full Story >>

New Delhi [India], Mar 29 (ANI): G-20 Framework Working Group (FWG) in its third meeting at Varanasi held discussions over the state of the global economy as well asG-20 agenda on inclusive growth and reports on strong, sustainable and balanced growth and G-20 enhanced structural reform agenda among others.

Full Story >>

New Delhi [India], Mar 29 (ANI): A consortium of Siemens and Sumitomo Electric Industries Ltd. has been awarded an order from Power Grid Corporation of India, the central transmission utility of India, to supply a high-voltage direct current (HVDC) transmission system.

Full Story >>

New Delhi [India], Mar 29 (ANI): TiE Delhi-NCR, the world's largest network of successful entrepreneurs and professionals presents the sixth edition of India Internet Day to facilitate all conversations around India's aspirations as a future world leader and sustained, well-distributed growth of our vibrant economy.

Full Story >>