The long voyage time due to ships taking longer routes through Cape of Good Hope has impacted global trade, including Indian exports, Commerce and Industry Minister Piyush Goyal said on Tuesday.
This has resulted in increased time for goods to reach international markets, he said.
"No shortage of containers has been, however, reported on account of the longer voyage time or the Red Sea conflicts issues and Russia-Ukraine War," the minister said adding regular interactions are done with shipping lines, port/ terminal, and export/import associations to assess for possible interventions.
He added that there is limited demand for containers manufactured in India and accordingly the limited manufacturing capacity for containers in India.
The container manufacturing industry is dominated by economies of scale that favour established manufacturers from other countries, who benefit from lower production costs, advanced technologies, and immediate cargo loading opportunities.
"The long voyage time due to ships taking longer routes through Cape of Good Hope has impacted global trade, including Indian exports," he said in a written reply to the Lok Sabha.
The minister informed that Container Corporation of India Limited (CONCOR) have placed order with Amba Coach Builders Pvt ltd located in Andhra Pradesh of total 2500 containers since 2021 out of which 28 containers have been delivered till November.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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