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Bill of lading to be expanded to include finance sector says the Shipping Secretary Sanjeev Ranjan

The Shipping Ministry is considering a proposal to expand the scope of the key document used in the shipping industry, the Bill of Lading to bring Finance Sector also on board, Shipping Secretary Sanjeev Ranjan said

Addressing an E conference on Indian Marine technology organized by the Chennai chapter of the Confederation of Indian Industry, he said the top priority of the government is to bring down the logistics cost to the globally accepted levels. He said that is possible only all the bottlenecks to the EXIM trade are removed.

The expansion of the scope of bill of lading to include finance sector would help security of payment to cargo not routed through line of credit along with bank guarantee, the third party cargo.

For removing bottlenecks for Exim Trade, systems in place in Port Community System

On the issue of removing the bottlenecks for the EXIM Trade he said the systems are in place from the government side in the Port Community System. It has to get integrated with the requirements of the industry so that the shippers both exporters and importers get seamless service. Its implementation would reduce the turn round time of vessels in the port of call by improving the efficiency in cargo handling. We would also lay emphasis on Multi Modal Cargo handling for reducing the logistics cost.

Logistics cost to be brought down to 6% of GDP govt wants

The government wants the logistics costs in the country to be brought down to six or seven per cent of the gross domestic product.

As an industry friendly measure, the government had announced that procurement by governmental agencies including the public sector undertakings of goods less than Rs 200 crores should done through indigenous sector. The industries involved in shipping should draw a road map to avail this concession.

All the stakeholders in the shipping industry should work hand in hand with the various initiatives of the government to enhance cargo for Indian flag vessels and build ship repair facilities.

Ship building and bringing about efficiency in cargo handling operations at port and reducing the logistics costs are the priorities of the government he said.

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