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Time of India
6 days ago
- Business
- Time of India
GTRI backs RoDTEP reinstatement, urges five-year stability to boost exports
Representative image The Global Trade Research Initiative (GTRI) has welcomed the reinstatement of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme but stressed on the need for a stable, five-year implementation period to bolster India's export competitiveness. 'To position India as a stable and competitive export hub, the government must ensure uninterrupted RoDTEP coverage for at least five years. Frequent policy shifts hurt credibility, weaken trust, and ultimately damage India's export competitiveness,' GTRI said. Although the RoDTEP scheme complies with World Trade Organisation (WTO) norms, GTRI expressed concern over the government's inconsistent handling of the policy. The scheme reimburses exporters for embedded duties, taxes, and levies not covered under other incentive programs. RoDTEP benefits for certain categories were discontinued on February 5, 2025. However, the recent decision to reinstate them aims to ensure a level playing field for exporters across sectors. The Ministry of Commerce and Industry noted that this move reflects the government's ongoing efforts to enhance India's position in global markets. Since its inception, the RoDTEP scheme has seen disbursements exceeding Rs. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 입꼬리 올리는 여름, 인천에서 33만원 임플란트 만나보세요 플란치과 더 알아보기 Undo 57,976.78 crore as of March 31. For the fiscal year 2025–26, the government has allocated Rs. 18,233 crore to support 10,780 HS lines under Domestic Tariff Area exports and 10,795 HS lines under Advance Authorisation (AA), Export Oriented Units (EOUs), and Special Economic Zones (SEZs), ensuring broad sectoral coverage. Additionally, the government has launched the Trade Connect e-Platform, aimed at streamlining international trade by connecting Indian Missions abroad with Department of Commerce officials and relevant organisations to offer comprehensive export-related services. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
08-05-2025
- Business
- Time of India
Japan's Mitsui O.S.K. Lines expands Indian flag fleet with a Very Large Gas Carrier
MUMBAI: Japan's Mitsui O.S.K. Lines , Ltd (MOL), the world's second largest ship owner by fleet size, has added a Very Large Gas Carrier (VLGC) to the fleet run by its Indian unit, reinforcing a rising trend among foreign fleet owners to register some of their ships in the world's fastest growing major economy. The 2010-built liquefied petroleum gas tanker named 'Green Sachi' and earlier flagged in Liberia was converted to the Indian flag recently and inducted into the fleet of MOL (India) Pvt Ltd, the ship owner said. MOL (India) runs 11 Indian flagged gas, product and crude tankers, making it the fourth largest Indian ship owner by fleet size. MOL (India), formed in the Domestic Tariff Area (DTA), is also engaged in car carrier transportation and ship management, further expanding its footprint in India. Separately, MOL has opened a unit – MOL Shipping IFSC Pvt Ltd - in the Gujarat International Finance Tec-City ( GIFT City ), India's first and currently the only International Financial Services Centre (IFSC) operating under the Special Economic Zone Act, for leasing and operating ships. On April 28, Marseille, France-based CMA CGM S A, the world's third largest container shipping line, converted one of its foreign flag container ships to the Indian flag, making it the first big global container carrier to register a container ship in India. The carrier is in the process of converting three more of its foreign flag container ships to the Indian flag. The four container ships will be owned by CMA CGM's Indian unit - CMA CGM Shipping Assets India IFSC Pvt Ltd – set up in the GIFT City. On March 31, Oslo and New York-listed BW LPG Ltd, the world's top owner and operator of LPG vessels, including VLGC, said it will sell two modern VLGCs to its Indian unit – BW LPG India – in a deal worth $150 million. The ship purchase will help BW LPG India - the largest owner and operator of Indian-flagged VLGCs – expand its fleet to nine LPG carriers. Both MOL and BW LPG India have benefitted from a so-called right of first refusal (RoFR) available to Indian flag ships for moving state-owned cargo along with the subsidy given by the government to Indian shipping companies in global tenders floated by ministries, departments and Central Public Sector Enterprises (CPSEs) for importing some specified cargo. Under the Cabinet approved subsidy scheme, Indian fleet owners get a 5-15 per cent extra on charter rates, depending on age slabs, on ships registered in India after February 1, 2021. The government has budgeted a corpus of Rs 1,624 crore to be disbursed as subsidy for moving crude oil, LPG, coal, and fertiliser cargo for state-run firms, over five years till 2026, to boost Indian tonnage .
Time of India
08-05-2025
- Business
- Time of India
Japan's Mitsui O.S.K. Lines expands Indian flag fleet with a Very Large Gas Carrier, ET EnergyWorld
Advt Advt By , ETInfra Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETEnergyworld App Get Realtime updates Save your favourite articles Scan to download App Japan's Mitsui O.S.K. Lines , Ltd (MOL), the world's second largest ship owner by fleet size, has added a Very Large Gas Carrier (VLGC) to the fleet run by its Indian unit, reinforcing a rising trend among foreign fleet owners to register some of their ships in the world's fastest growing major 2010-built liquefied petroleum gas tanker named 'Green Sachi' and earlier flagged in Liberia was converted to the Indian flag recently and inducted into the fleet of MOL (India) Pvt Ltd, the ship owner (India) runs 11 Indian flagged gas, product and crude tankers, making it the fourth largest Indian ship owner by fleet size. MOL (India), formed in the Domestic Tariff Area (DTA), is also engaged in car carrier transportation and ship management, further expanding its footprint in MOL has opened a unit – MOL Shipping IFSC Pvt Ltd - in the Gujarat International Finance Tec-City ( GIFT City ), India's first and currently the only International Financial Services Centre (IFSC) operating under the Special Economic Zone Act, for leasing and operating April 28, Marseille, France-based CMA CGM S A , the world's third largest container shipping line, converted one of its foreign flag container ships to the Indian flag, making it the first big global container carrier to register a container ship in India. The carrier is in the process of converting three more of its foreign flag container ships to the Indian four container ships will be owned by CMA CGM 's Indian unit - CMA CGM Shipping Assets India IFSC Pvt Ltd – set up in the GIFT March 31, Oslo and New York-listed BW LPG Ltd, the world's top owner and operator of LPG vessels, including VLGC, said it will sell two modern VLGCs to its Indian unit – BW LPG India – in a deal worth $150 ship purchase will help BW LPG India - the largest owner and operator of Indian-flagged VLGCs – expand its fleet to nine LPG MOL and BW LPG India have benefitted from a so-called right of first refusal (RoFR) available to Indian flag ships for moving state-owned cargo along with the subsidy given by the government to Indian shipping companies in global tenders floated by ministries, departments and Central Public Sector Enterprises (CPSEs) for importing some specified the Cabinet approved subsidy scheme, Indian fleet owners get a 5-15 per cent extra on charter rates, depending on age slabs, on ships registered in India after February 1, government has budgeted a corpus of Rs 1,624 crore to be disbursed as subsidy for moving crude oil, LPG, coal, and fertiliser cargo for state-run firms, over five years till 2026, to boost Indian tonnage
Time of India
02-05-2025
- Business
- Time of India
GIFT City plot rights 38% pricier than those at riverfront
Ahmedabad: Development rights for plots in Gandhinagar's GIFT City are 38% costlier than for Ahmedabad's iconic Sabarmati Riverfront project . The Sabarmati Riverfront Development Corporation Ltd, managed by Ahmedabad Municipal Corporation, recently sold development rights for a commercial plot at Vallabhsadan on the riverfront for Rs 26,000 per sq m. In contrast, GIFT City last month issued a request for proposal (RFP) for selling development rights for two plots, with a base price for residential development rights set at over Rs 36,000 per sq m. The residential plot in GIFT City is priced at Rs 3,383 per sq ft. On Sep 13, 2024 SRFDCL issued an RFP to sell development rights for two plots on the riverfront. An auction was announced for a 4,420 sq m plot near Vallabh Sadan in the western part and another 3,045 sq m plot near Lemon Tree Hotel in the eastern part of the riverfront. The rights for the plot near Vallabh Sadan were set to sell for 60,050 sq m of construction, with a base price of Rs 23,676 per sq m. Two companies bid, with a Mumbai company acquiring the rights by the highest bid of Rs 26,000 per sq m. On Oct 28, 2024, SRFDCL approved a bid of Rs 156.13 crore for selling development rights for the plot near Vallabh Sadan. The base price for its development rights was evaluated according to the Sabarmati Riverfront Land Disposable Policy, bringing it to Rs 32,500 per sq m. Meanwhile, rights for the plot near Lemon Tree Hotel, on sale for 41,385 sq m of construction, had a base price of Rs 20,833 per sq m. However, the auction had to be cancelled with only one bid received. On Feb 7 this year, SRFDCL issued an RFP to develop Riverside Savouries on the riverfront for which a 27,000 sq m parcel opposite B J Park was identified, with plans to have a food zone over 6,300 sq m. Last month, GIFT City issued RFPs for selling development rights for plots in the Domestic Tariff Area, with plot 41A and 41B having a footprint of 3,129 sq m and development rights for 613,000 sq feet. Construction can reach up to 67.40m in height, with a base price of Rs 3,383 per sq foot, equivalent to approximately Rs 36,414 per sq m. The total base price for these development rights is set at Rs 207.37 crore. Additionally, GIFT City plans to sell development rights for a 1,244 sq m plot with a 41,000 sq m foot print and rights for 100,000 sq ft, also priced at Rs 3,383 per sq ft. The base price per square metre for these plots exceeds that of a sold plot's development rights on the Sabarmati Riverfront.
