Google Website Translator Gadget

Thursday, January 19, 2012

Export curbs hit ports income

Thursday, 19 Jan 2012

Curb in iron ore exports and hike in duty on outbound shipment have resulted in a number of Centre owned major ports incurring heavy losses of business.

Shipping secretary Mr K Mohandas on the sidelines of a conference told reporters that “All ports have suffered huge losses of business, including New Mangalore, Ennore, Visakhapatnam, Paradip and Mormugao.”

Mr Mohandas said ports are dependent on cargo and iron ore used to contribute significantly in ports’ business.

He also added that mining and exports policies did not come under Shipping Ministry’s purview when asked whether the ministry is taking any step in this regard.

The iron ore exports from the country last fiscal came down to 97.64 million tonne while in the first eight months of the current fiscal, exports dipped by a little over 28% to 40 million tonne vis a vis the corresponding period last fiscal.

Apart from this, upward revision in export duty to 30%, the miners said that will result in total shipments unlikely to exceed 50 million tonne in the current fiscal, which is further bound to impact the ports.

(Sourced from PTI)

No comments: