Long voyage time impacted trade, no container shortage: Govt to Parliament

New Delhi: 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 in Lok Sabha. This has resulted in increased time for goods to reach international markets.

“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,” he said.

He also said limited demand for containers manufactured in India and accordingly the limited manufacturing capacity for containers in the country.


“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,” Goyal said.

Startup flipping
For re-domiciling (reverse flipping) of emerging companies, the government has taken measures such as abolishment of the Angel Tax for all classes of investors, boosting in-bound investments in the country, and harmonization of long-term capital gains tax across various securities to simplify the tax regime.

The International Financial Services Centres Authority (IFSCA) is actively engaged in promoting onshoring of Indian innovation i.e., redomiciling Indian startups currently domiciled abroad to the GIFT City, Jitin Prasada, minister of state for commerce and industry ministry said in Lok Sabha.

As on October 31, 2024, 1.52 lakh entities have been recognised as startups by the DPIIT.

PLI impact
Actual investment of Rs 1.46 lakh crore have been realized till August 2024 across 14 sectors covered under the Production Linked Incentive (PLI) schemes, which has resulted in incremental production/sales of over Rs 12.5 lakh crore and employment generation of over 9.5 lakh. PLI schemes have witnessed exports surpassing Rs 4 lakh crore with significant contributions from electronics, pharmaceuticals and food processing. 755 applications have been approved across sectors.