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Date: 28/06/2024

Exporters want a govt-backed shipping line of global standing

Exporters have called for a government-led initiative to develop an India-based shipping line of global standing. This would reduce the shipping costs and help sharpen Indian exports’ competitiveness in the global markets. According to them, India remitted $109 billion as transport service charges in 2020, which could touch $200 billion as exports reach $1 trillion by 2030. A 25% share for an Indian shipping line could save $50 billion a year and also make medium and small businesses less dependent on foreign shipping lines, exporters reportedly pointed out during a pre-Budget meeting with the Finance Minister, as per a report.

source: Exim News Service: New Delhi, June 27