Saturday, August 17, 2019

Water logging at the IT hub of #Kolkata after a heavy spell of rain

Saturday, August 10, 2019

Friday, August 9, 2019

Air cargo delivery industry needs special focus in the Draft National Logistics Policy says @EICIIndia

Express Industry Council of India (EICI), which represents leading express companies in the country, today said the government has overlooked express industry, especially air cargo segment, in the draft national logistics policy. EICI also said that air cargo delivery needs special focus to reduce logistics costs in the country.

“We laud the efforts in preparing the draft policy covering a broad spectrum of focus areas to drive the growth of Indian logistics sector. However, we note that the policy document does not focus on express industry and air cargo sectors, which are integral parts of the logistics network. The air express has also been overlooked in the multi modal mix even though air is an essential segment of the movement of goods,” EICI said. 
It further added that “In developing countries like India, an efficient air express infrastructure contribute directly to global competitiveness of the country by ensuring just in time deliveries and reduced clearance dwell time. Further, efficient express delivery industry acts as an economic catalyst by opening up new market opportunities, moving products and services with speed and efficiency”.

The government had issued the draft national logistics policy early this year, aiming to reduce the logistics costs from 13-14% of GDP to 10% “in line with best-in-class global standards”. The policy also seeks to optimize the current multi-modal mix, where road has a share of 60%, while railways account for 31% and waterways 9%, to bring the sector on par with international benchmarks (25-30% share of road, 50-55% share of railways, 20-25% share of waterways).

Aviation Turbine Fuel (ATF) is the single largest component of direct operating cost with a share of 40%. Excise duty and VAT charged by central and state governments, respectively, on ATF add another 30-35% cost. Making the matter worse, the GST regime disallows input credit on ATF, increasing the tax burden on express cargo airlines further.

“Such exorbitant costs severely affect the sustainability of express air cargo operations and excludes access into this reliable and speedy form of air transportation of items like perishables that would benefit both the producer and customer across the country and globally,” EICI said.

“The government should permit express cargo airlines to avail input credit of excise duty as was done before GST regime. ATF should be brought under GST and input credit on GST paid on ATF should be made available to express cargo airlines,” EICI added. EICI represents both domestic and international express companies operating in India including Aramex, FedEx, Blue Dart, DHL, DTDC, First Flight, GATI, TNT and UPS.
EICI also suggested measures to streamline E-Way Bill system. “The onus of the EWB should shift from the transporter to the shipper as they have complete control on the content of the shipment. This will ensure that the right EWB is being generated and also impact the transit time positively as time bound delivery is a critical aspect in the express business industry.”
“We also urge the government to introduce single window clearance for courier clearances to reduce EXIM dwell time. Skill development plans and training programs are required for the training of new roles such as last mile delivery associates, operations processing staff that work mainly with Express and Third party logistics (3PL) players, the government should focus on this aspect as well.” EICI said.
As per a Deloitte Report entitled ‘Indian Express Industry – 2018 A multi-modal play in building the ecosystem’, India’s logistics sector is projected to be worth $215 billion by 2020-21. The industry's growth will be fuelled by the strides in manufacturing, retail, fast-moving consumer goods and e-commerce sectors. Development of logistics related infrastructure, like dedicated freight corridors, logistics parks, free trade warehousing zones and container freight stations, are expected to improve efficiency, the report added.

Tuesday, August 6, 2019

Monday, August 5, 2019

Saturday, August 3, 2019

Small Stock brokers are facing tough times : @OfficialAnmi CEO in #Kolkata

Wednesday, July 31, 2019

.@volvocars via #Volvo Tech Fund invested in #Israeli #AI-led startups @MDGo_v2med & @uv_eye

Volvo Cars has made investments in two promising Israeli technology start-ups through the Volvo Cars Tech Fund, the company’s venture capital investment arm.Both UVeye and MDGo have their headquarters in Tel Aviv, where Volvo Cars has been involved with DRIVE, a so-called ‘accelerator’ for young companies in the mobility sector, since 2017. They represent the Tech Fund’s first investments outside the US and Europe.
Tel Aviv-based MDGo specializes in what it calls medical artificial intelligence, using machine-learning technology to diagnose injuries incurred in crashes.
UVeye, also from Tel Aviv, has developed advanced technology for automatic external inspection and scanning of vehicle bodies for damage, dents and scratches.

Friday, July 19, 2019

.@keventeragro & WB Govt deal for Metro Dairy stake sale under @dir_ed lence ; @adhirrcinc wants CBI probe

ED investigation on Metro Dairy stake sale begins

West Bengal Animal resources development secretary B.P. Gopalika IAS gives al files related the sale to ED for probe

Kolkata : The sale of the 47 per cent stake by West Bengal Govt in Metro Dairy Ltd to its private partner Keventer Agro, which had 53 per cent share, in 2017 is under ED scanner. The West Bengal cabinet on August 23, 2017 had given its nod to divest the state government's equity in the Metro Dairy and sell it to Keventer Agro for Rs.85.5 cr. Later Keventer Agro sold 15 percent of its stake in Metro Dairy to a Singapore based company for Rs.170 cr. 

Congress MP Adhir Ranjan Chowdhury filed a case in Calcutta High Court for alleged corruption in the Metro Dairy share selling case and  demanded CBI probe in this case.

Metro Dairy, the country's first dairy project in public-private partnership model that began in the early 1990s, was set up as a tripartite venture among the West Bengal Milk Producers Federation Ltd, Keventer Agro and the National Dairy Development Board (NDDB). The NDDB later sold its 10 per cent stake to Keventer Agro.