Most of this money will be spent on capacity expansion, since it is a priority for the national transporter, Jaitley said while presenting the Union Budget.
“Our exports are expected to grow at about 15% in 2017-18,” Jailtey said while presenting Union Budget 2018-19 in New Delhi.
The project proposes greater movement across Nhava Sheva in Mumbai through Bandar Abbas in Iran to Astrakhan in Russia and Baku in Azerbaijan.
The benefit in form of higher duty drawback on 102 items is expected to boost exports and also ease the liquidity crunch faced by exporters after the GST rollout.
Exporters said high indirect costs of trade caused by undependable transportation and delays contribute to 38-47% of total transportation and logistics costs.
Earlier, both India and China came under fire at the WTO from many countries that wanted the two countries to fulfil their commitments under the WTO’s ITA.
Ahead of the two day mega international food and beverage trade show ‘Indus Food', the minister said that such a trade show is a way of doubling farmers’ income and getting a better price for their produce.
Currently, 11 domestic lenders including SBI, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda have opened their businesses at GIFT (Gujarat International Finance Tec-City).
The major challenges are multiple regulatory policy regimes, no seamless movement of goods and lack of single window clearance and coordination among various stakeholders.
As per government data released today, inflation on food articles slowed to 4.72 per cent in December, from 6.06 per cent in November 2017.
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