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A structure taller than <keyword id="6354539" type="COMPANY" weightage="20" keywordseo="Dubai">Dubai</keyword>'s iconic 163-floor <keyword id="92239" type="ORGANIZATION" weightage="100" keywordseo="Burj-Khalifa">Burj Khalifa</keyword> with a green boulevard bigger than Mumbai's Marine Drive will form part of a new eastern waterfront to be developed on a wasteland in the country's financial capital, to news agency PTI. These grand plans are part of a dream project of Nitin <keyword id="6361025" type="PERSON" weightage="20" keywordseo="Gadkari">Gadkari</keyword>, the union minister for Shipping, Road Transport and Highways, who sees the <keyword id="386705" type="UNKNOWN" weightage="20" keywordseo="MUmbai-port">Mumbai Port</keyword> Trust as the "richest landlord" of the city and wants to give a makeover to its huge swathes of industrial wasteland. "In Mumbai, we are the number one landlord. The iconic Taj Hotel, the Ballard Estate, the Reliance building, we (MbPT) are the owners. There are beautiful plans to develop the huge land with the port," Gadkari told PTI. The plans are ready and we are awaiting Centre's nod, the Minister said. "We are not giving our land to the builders and investors. We have plans to develop the area...We are making a green, smart road, three times bigger than the Marine Drive. We plan historic landmark bigger than Burj Khalifa. The plan is ready, we are waiting for the approval from the Cabinet," Gadkari said. MbPT, which was earlier called the Bombay Port Trust, is one of the largest public land holders in Mumbai city and has been operating the port since 1873. It is one of the top 12 major ports in the country. "About 500 hectares is proposed to be developed with a mix of port operations, business, office, commercial, retail, entertainment, community projects and convention centres, etc," a top official said. A key feature of the plan is a 7-km long marine drive between Mazagaon Docks and <keyword id="157686" type="CITY" weightage="20" keywordseo="Wadala">Wadala</keyword>, much bigger than the existing Marine Drive. The proposed projects also include creation of spaces for community recreation and engagement, maritime museum, marinas etc. Mumbai Port has already invited global tender from consulting firms for master plan and infrastructure design of the port. The Centre had earlier sup a committee under the chairmanship of R Jadhav for preparing a roadmap for development of Port's waterfront and land, which has already been submitted to the Ministry of Shipping. Gadkari said the <keyword id="6390662" type="ORGANIZATION" weightage="20" keywordseo="shipping-ministry">Shipping Ministry</keyword> has plans to develop other ports too. "We are planning development of <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword> Port. We are also making smart city at <keyword id="209584" type="COMPANY" weightage="20" keywordseo="Kandla-Port">Kandla Port</keyword>," he said. The Minister said there was no paucity of resources nor land as there is "one lakh hectares of land" among ports and the government has already come up with ambitious Rs 14 lakh crore Sagarmala project for port-led development of the country. Major ports in India have between them 2.64 lakh acres of land. A blueprint for utilisation of land available with 12 major ports was underway while consultants are also in the process of submitting a report on how to utilise 1.98 lakh acres of submerged land with ports, according to news agency PTI. India's 12 major ports handle approximately 61 per cent of the country's total cargo traffic. The roadmap for port land assumes significance, given a CAG report which observed that major ports had failed to utilise close to half of the total land under their possession. "Land measuring 22,949.82 acres was identified for future activities by ports while 13,045.56 acres were yet to be earmarked for any future activity," the Comptroller and Auditor General of India (CAG) had said in a report. According to the audit report on 'Land Management in Major Ports', out of the total land holding of 77,191.14 acres, title deeds were not available for 34,943.41 acres representing 45.27 per cent of the total land portfolio. The 12 major ports are Kandla, Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Ennore, VO Chidambarnar, Visakhapatnam, Paradip and Kolkata (including <keyword id="54017" type="COMPANY" weightage="20" keywordseo="haldia">Haldia</keyword>). The cabinet last year had approved a policy for award of waterfront and associated land to port dependent industries in major ports.

Now an Indian Burj Khalifa coming up in Mumbai Seafront

Emissions from residential cooking and heating, power generation, and industries together contribute up to 60 per cent of India's PM2.5 pollution, with about 80 per cent of this coming from <keyword id="23824528" type="General" weightage="20" keywordseo="fossil-fuel-combustion" source="keywords">fossil fuel combustion</keyword>, a new study has found. The peer-reviewed study, published in MDPI's "Air" journal, suggests dividing India into 15 airsheds based on regional climate and pollution sources. An airshed is a geographic area where <keyword id="53848" type="General" weightage="100" keywordseo="air-quality" source="Orion">air quality</keyword> is influenced by common factors such as wind patterns and pollution sources. Since pollution can spread across regions, the <keyword id="22077484" type="General" weightage="20" keywordseo="airshed-approach" source="keywords">airshed approach</keyword> promotes coordinated action among states. "Residential cooking and heating, power generation, and all other industries together are responsible for 40-60 per cent of the PM2.5 pollution in all the airsheds, and approximately 80 per cent of the pollution comes from fossil fuel burning sources," said Sarath Guttikunda, lead author of the study and founder of UrbanEmissions.info. The study said biomass burning, including post-harvest crop residue burning, contributed less than 3 per cent to annual PM2.5 levels while transport accounted for 5-10 per cent in all airsheds. PM2.5 are fine particles with a diameter of 2.5 micrometres or less, about the width of a human hair. These are so small that these can penetrate deep into the lungs and even enter the bloodstream, posing significant health risks. An analysis of PM2.5 trends from 1998 to 2020, along with state-level data on fuel consumption, energy demand and emissions, revealed that 11 of the 15 airsheds were critical for India's air quality management and required coordinated interventions. The Indo-Gangetic Plains remain the most polluted region, with significant emissions from residential cooking and heating (especially in winter), power plants, brick kilns (driven by construction demand), waste burning, dust and vehicular movement for passengers and freight. The plateau region between the Eastern and Western Ghats, India's second most populated area, has seen the highest rise in annual PM2.5 pollution during this period, the study said. "This is an indication of the growing urbanisation and demand for transport, industrial, and commercial amenities," it said. Coastal areas, vital to India's industrial economy, have also experienced rising pollution despite the moderating effects of land-sea breezes. This increase is attributed to growing shipping emissions and overall industrial growth in cities such as Mundra, Surat, Mumbai, Goa, Mangalore, Kochi, Thiruvananthapuram, Chennai, Visakhapatnam, Paradip and Haldia.

Study traces 60% PM2.5 pollution in India to residential cooking, power generation, industries

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

New Delhi, The BJP, the biggest beneficiary of electoral bonds with donations worth over Rs 6,000 crore in the last four years of the scheme, got funds from several corporates and individuals, including Megha Engineering, Future Gaming, and Reliance-linked <keyword id="21044437" type="General" weightage="20" keywordseo="qwik-supply" source="keywords">Qwik Supply</keyword>. Hyderabad-based Megha Engineering, which won several contracts for infrastructure projects, donated Rs 584 crore to the BJP, <keyword id="21047704" type="General" weightage="20" keywordseo="qwik-supply-rs" source="keywords">Qwik Supply Rs</keyword> 395 crore, and Future Gaming Rs 100 crore, according to data released by the Election Commission on Thursday. The BJP also got Rs 346 crore from Keventers Food Park, MKJ Enterprises and Madanlal Ltd -- three firms with the same <keyword id="19896626" type="General" weightage="20" keywordseo="kolkata" source="keywords">Kolkata</keyword> address, Vedanata contributed Rs 226 crore, and Haldia Energy Rs 81 crore. <keyword id="19919721" type="General" weightage="20" keywordseo="vedanta" source="keywords">Vedanta</keyword> was also a key contributor to the Congress with donations worth Rs 125 crore. The opposition party also received funds from <keyword id="21047706" type="General" weightage="20" keywordseo="western-up-power-and-transmission" source="keywords">Western UP Power and Transmission</keyword>, MKJ Enterprises and Yashoda Super Speciality Hospitals. The BJP also got donations worth Rs 80 crore from <keyword id="21047705" type="General" weightage="20" keywordseo="western-up-power-and-transmission-company" source="keywords">Western UP Power and Transmission Company</keyword>, and Rs 42 crore from Welspun. Industrialist Lakshmi Mittal donated Rs 35 crore to the BJP in individual capacity, while several other individuals donated funds in the range of Rs 10-25 crore to the ruling party. The Election Commission made public a fresh data set of electoral bonds, including their alpha-numeric numbers that can help match their purchasers with the political parties that received the funds. Two separate lists of the donors and the recipients were published by the poll panel on its website after the details were submitted to it by the State Bank of India earlier in the day as per a Supreme Court order.

Electoral bonds: Megha Engineering, Qwik Supply big donors for BJP

<ul class="summary-list"><li>The pre-wedding festivities for Anant Ambani and Radhika Merchant cost many millions of dollars.</li><li>Critics say the big spending highlights the wealth disparity in India, where many live in poverty.</li></ul>The lavish <a target="_blank" href="https://www.businessinsider.com/ambani-wedding-guests-celebrities-performance-dress-code-party-billionaire-2024-3?r=US&amp;IR=T#the-couple-hosted-a-communal-dinner-for-51-000-people-1">pre-wedding festivities for Anant Ambani,</a> the son of <a target="_blank" href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Asia's richest person,</a> and Radhika Merchant, also the child of a billionaire, made headlines worldwide for their extravagance.But critics say it showed a telling disregard for the struggles of the many millions of Indians living in poverty.Spanning three days, the <a target="_blank" href="https://www.businessinsider.com/anant-ambani-mom-nita-worked-hours-months-pre-wedding-reliance-2024-3">pre-nuptial event</a> included a <a target="_blank" href="https://www.businessinsider.com/rihanna-ambani-wedding-performance-india-lazy-pregnant-first-show-years-2024-3">private performance by Rihanna,</a> which <a target="_blank" href="https://www.businessinsider.com/how-much-costs-music-star-rihanna-beyonce-ambani-wedding-performance-2024-3?r=US&amp;IR=T">estimates suggest cost up to $9 million</a>. There was a trail featuring live animals and a nine-page dress code.The mother of the groom-to-be, Nita Ambani, wore a necklace worth valued at some $60 million, which Business Insider noted was perhaps one of the <a target="_blank" href="https://www.businessinsider.com/nita-ambani-jewelry-at-anant-ambani-pre-wedding-celebration-2024-3?r=US&amp;IR=T">biggest shows of wealth.</a>Almost half of the 1.4 billion people in India live below the median poverty line of $3.65 a day, per the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank,</a> and activists say the ostentatious displays of wealth are an affront to the country's poor.<h3>'It feels unfair'</h3>"There is so much poverty all around," said Shyam Bihari, a Delhi fruit seller and social worker, in a conversation with BI."It feels unfair to see this amount of money being spent on a wedding when so many people are still unable to access basic necessities like food and water," he said.Large swathes of India's population have long grappled with food insecurity and water scarcity.According to the <a target="_blank" href="https://www.wfp.org/countries/india">World Food Programme,</a> a quarter of the world's undernourished people live in India. <a target="_blank" href="https://www.wateraid.org/in/stories/the-daily-struggle-for-water-in-bundelkhand#:~:text=India%20is%20home%20to%2063.4,make%20such%20challenges%20more%20acute.">WaterAid says</a> that around 35 million Indians lack access to safe water.Rajni Haldia, a Delhi-based cleaner who earns $25 a month, told BI that she felt "very bad" watching the coverage of the lavish pre-wedding festivities while knowing the extent of poverty in India.Haldia said: "I hope all the rich people who came to India for the wedding are seeing the difference between the rich and poor, and I hope the government can do more to tackle this."Rakhi Tripathi, a peace activist and associate professor at New Delhi's FORE School of Management, told BI that the extravagant celebrations show a "disconnect" between India's elite and the rest of the population.Tripathi pointed out that <a target="_blank" href="https://www.bnnbloomberg.ca/india-allots-142-billion-for-free-grains-to-800-million-people-1.2004794">800 million of India's 1.4 billion population receive monthly food rations</a> of wheat or rice.She said: "In a country like this, when we have such a huge event, spending crores of rupees, yeah, lack of empathy is the correct word."(Crore is an Indian term for 10 million; 1 crore rupees is around $120,000.)Sohini Kar, an associate professor at the London School of Economics, whose work focuses on urban India, told BI she agrees."I certainly think there's a lack of empathy, awareness," she said.(A representative for the Ambanis did not immediately respond to a request for comment from BI.)Kar also said the festivities were emblematic of the troubling levels of wealth disparity in India.According to <a target="_blank" href="https://bi.slack.com/archives/D06089ABVLM/p1709898345719679">Oxfam International</a>, the top 10% of the Indian population holds 77% of the total national wealth.In the US, the St Louis Fed says <a target="_blank" href="https://www.stlouisfed.org/institute-for-economic-equity/the-state-of-us-wealth-inequality">the figure is 66.6%</a>.The groom-to-be's father, <a target="_blank" href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Mukesh Ambani</a>, has an estimated net worth of $113 billion, making him the richest person in Asia and the 11th richest person globally, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/?embedded-checkout=true">Bloomberg Billionaires Index</a>.Kar noted that the family is known in India for its extravagance, and lives in a skyscraper.She said: "Their house itself in Mumbai is a stark reminder of the kind of disparity of wealth, where you can sort of visually see this massive house for one family over the slums around their area."According to Architectural Digest India, the 27-story property cost an estimated <a target="_blank" href="https://www.businessinsider.com/ambani-house-photos-altamount-road-mumbai-spa-parking-amenities-art-2024-3?r=US&amp;IR=T#:~:text=The%20Ambani%20family%20owns%20the,contains%20a%20168%2Dcar%20garage.">$1 billion to build</a>. It towers over <a target="_blank" href="https://www.bloomberg.com/billionaires/?embedded-checkout=true">Mumbai's Golibar slum.</a>In 2011, Ratan Tata, another of India's richest men, told <a target="_blank" href="https://timesofindia.indiatimes.com/city/mumbai/Antilla-Mukesh-Ambanis-house-shows-lack-of-empathy-for-poor-Ratan-Tata/articleshow/8506287.cms">The Times of India:</a> "It's sad because this country needs people to allocate some of their enormous wealth to finding ways of mitigating the hardship that people have."The Ambani family does donate to charitable efforts through the Reliance Foundation. That body, founded by Nita and Mukesh Ambani, is one of the largest nonprofits in the country.<div type="image" title="Anant Ambani, son of Mukesh Ambani, Chairman of Reliance Industries, and Radhika Merchant, daughter of industrialist Viren Merchant, serve traditional Gujarati food to villagers ahead of their pre-wedding celebrations on the outskirts of Jamnagar, Gujarat, India, February 28, 2024." height="2812" width="4251" msid="108333407" hostid="261" sizebytes="852730"></div>The wedding also featured a communal dinner that fed some 51,000 local residents in Gujarat, <a target="_blank" rel=" nofollow" href="https://www.thehindu.com/news/national/anant-ambani-radhika-merchants-pre-wedding-celebrations-begin-with-anna-seva/article67898600.ece">The Hindu</a> reported.But, still, Kar suggested that the tens of millions spent on the festivities could have been spent on charitable initiatives, like addressing child malnutrition.She said: "The amount of spending they had on one event could certainly go toward a much larger program for that kind of thing."

The extravagant Ambani pre-wedding party was an affront to the millions of Indians in poverty, critics say

AdPorts and Special Economic Zone on Thursday reported that its Profit After Tax or net profits during the just-concluded financial year 2023-24 grew by a whopping 50 per cent to Rs 8,104 crore. In 2022-23, they were at Rs 5,391 crore. During the fourth quarter January-March, the net profits grew 77 per cent to Rs 2,015 crore. Coming to the revenue from operations for the entire financial year and the fourth quarter, they grew 28 per cent and 19 per cent to Rs 26,711 crore and Rs 6,897 crore, respectively. 2023-24 has been a year of many new milestones for <keyword id="20038598" type="General" weightage="20" keywordseo="APSEZ" source="keywords" meta.keywordsubtype="org" meta.entityname="APSEZ" meta.hostid="261" meta.entityid="APSEZ">APSEZ</keyword> on both operational and financial metrics. <keyword id="20051210" type="General" weightage="20" keywordseo="Adani-Ports" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Ports" meta.hostid="261" meta.entityid="Adani Ports">Adani Ports</keyword> delivered 3x the India cargo growth rate and a record volume of 420 million tonne. "Clearly, the company's business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results, said Ashwani Gupta, Whole-Time Director and CEO, APSEZ. With incremental cargo volumes of 100 million tonne achieved in less than two years, Adani Ports is well poised to achieve 500 million tonne of cargo volumes in 2025, aided by the recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT (West Container Terminal) next year, said Gupta. "We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies," added Gupta. In 2023-24, APSEZ said it handled 27 per cent of the country's total cargo and 44 per cent of container cargo. Ten of its ports from the India portfolio recorded their lifetime high cargo volumes for the year. For 2023-24, the APSEZ Board has recommended a dividend of Rs 6 per share. This implies a payout of around Rs 1,300 crore for the company. A dividend is a reward that companies often provide to their shareholders, though it is not mandatory, from a portion of their earnings. APSEZ is the largest port developer and operator in India with seven strategically located ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in <keyword id="19906863" type="General" weightage="20" keywordseo="Gujarat" source="keywords">Gujarat</keyword>, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and eight ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry). SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Adani Ports' net profits jump 50% in 2023-24, registers threefold cargo growth

India's major <keyword id="6413000" type="General" weightage="100" keywordseo="ports" source="Orion">ports</keyword> handled the highest ever cargo at 795 million tonne in 2022-23, <keyword id="5791834" type="General" weightage="50" keywordseo="ministry-of-ports" source="Orion">Ministry of Ports</keyword>, Shipping and Waterways Secretary <keyword id="189691" type="General" weightage="50" keywordseo="sudhansh-pant" source="Orion">Sudhansh Pant</keyword> said on Friday. <keyword id="236966" type="General" weightage="50" keywordseo="pant" source="Orion">Pant</keyword> further said that with transactions worth about Rs 5,000 crore, the <keyword id="6390662" type="General" weightage="50" keywordseo="shipping-ministry" source="Orion">shipping ministry</keyword> has surpassed its FY23 asset monetisation target of about Rs 3,700 crore. He also said that next week, Ports, Shipping and Waterways Minister <keyword id="545729" type="General" weightage="50" keywordseo="sarbananda-sonowal" source="Orion">Sarbananda Sonowal</keyword> will launch 'Green Port' guidelines to make India's ports green. "Our major ports have handled the highest ever cargo in the history of the ports at 795 million metric tonne. This is 10 per cent higher than the previous year's cargo handled," he told PTI. India has 12 major ports - Deendayal (Kandla), Mumbai, Mormugao, New Mangalore, Cochin, Chennai, Ennore (<keyword id="426494" type="General" weightage="50" keywordseo="kamarajar" source="Orion">Kamarajar</keyword>), Tuticorin (V O Chidambaranar), Visakhapatnam, <keyword id="49809" type="General" weightage="50" keywordseo="paradip" source="Orion">Paradip</keyword> and <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword> (including Haldia) and Jawaharlal Nehru Port. "Four or five of the major ports, including <keyword id="9340309" type="General" weightage="50" keywordseo="syama-prasad-mookerjee-port" source="Orion">Syama Prasad Mookerjee Port</keyword> (Kolkata), Deendayal (Kandla), Jawaharlal Nehru Port and Paradip have recorded the highest ever cargo," Pant added. He also pointed out that after many many years, the major ports have recorded a higher annual growth than that of non-major ports. Non-major ports are administered by state governments. Many state governments have given such ports on lease to private partners. "So, this year (2022-23), major ports achieved an overall growth of 10.4 per cent, while non-major ports achieved a growth 1.5 to 2 per cent less than this," he said. While the share of major ports in the total cargo was 54 per cent and non-major ports was 46 per cent in FY22, Pant said in FY23, the share of major ports rose to 55 per cent and that of non-major ports fell to 45 per cent. "So even 1 per cent shift is a very significant achievement for major ports, because despite so many challenges, they have increased their share by 1 per cent ," he said. Pant also said the inland waterways increased their cargo handling by 16 per cent to 126 million tonne in 2022-23 from 109 million tonne in 2021-22. He said the turnaround time in major ports has reduced by 3-4 hours to 48-49 hours. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/a-third-of-unicorn-founders-on-huruns-list-are-serial-entrepreneurs/slidelist/99661370.cms">Serial success: Multi-company founders whose startups are on Hurun’s top unicorns list</a> <a href="https://www.businessinsider.in/business/news/home-buying-sentiment-to-weaken-but-new-supply-is-kicking-in-say-analysts/articleshow/99656311.cms">Home buying sentiment to weaken but new supply is kicking in say analysts</a>

India's major ports handled highest ever cargo at 795 million tonne in FY23

New Delhi, Feb 9 () The country's 12 major ports recorded a marginal 1.14 per cent growth in cargo volumes at 585.72 million tonne (MT) during April-January period of the current fiscal, according to the Indian Ports Association (IPA).The ports had handled 579.10 MT of cargo during the corresponding period of the last fiscal.India has 12 major ports -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V.O. Chidambaranar, Visakhapatnam, Paradip and Kolkata (including Haldia).While the handling of iron ore saw 39.02 per cent jump to 45.05 MT during the period, thermal coal shipments declined 14.98 per cent to 74.60 MT, the IPA data showed.The 12 ports had handled 32.37 MT of iron ore and 87.74 MT of coal during April-January period of the previous fiscal.Handling of coking and other coal rose 1.10 per cent to 47.08 MT during the ten months as compared to 46.57 MT in the year-ago period.Finished fertiliser volumes jumped 21.55 per cent but raw fertiliser volumes dipped 2.80 per cent.Containers recorded a growth of 2.65 per cent in terms of TEUs (twenty-foot equivalent units).According to the figures, Deendayal port handled the highest traffic volume at 101.96 MT during April-January 2019-20, followed by Paradip at 93.38 MT, Visakhapatnam at 60.73 MT, JNPT at 56.64 MT, Kolkata (including Haldia) at 53 MT, and Mumbai at 51.34 MT.Chennai port handled 39.80 MT of cargo, while New Mangalore handled 30.91 MT. The volume of seaborne cargo is essentially in the nature of derived demand and is mainly shaped by the levels and changes in both global and domestic activity. These major ports handle about 60 per cent of the country's total cargo traffic. NAM ANUANU

Cargo volume at 12 major ports up marginally at 586 MT in Apr-Jan

New Delhi, Jan 12 () The country's 12 major ports recorded a marginal 0.98 per cent growth in cargo volumes at 524.02 million tonnes (MT) during the April-December period this year, according to the Indian Ports Association (IPA).
 The ports had handled 518.93 MT of cargo during the corresponding period of the last fiscal.
 India has 12 major ports -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V.O. Chidambaranar, Visakhapatnam, Paradip and Kolkata (including Haldia).
 While the handling of iron ore saw a 32.01 per cent jump to 39.36 MT during the period, thermal coal shipments declined by 17.08 per cent to 65.97 MT, the IPA data showed.
 The 12 ports had handled 29.82 MT of iron ore and 79.55 MT of coal during the April-December period of the previous fiscal.
 Handling of coking and other coal rose by 1.51 per cent to 42.39 MT during the nine months as compared to 41.76 MT in the corresponding period last fiscal.
 Finished fertiliser volumes jumped 20.17 per cent but raw fertiliser volumes remained stagnant during the period.
 Containers recorded a growth of 2.71 per cent in terms of TEUs (twenty-foot equivalent units).
 According to the figures, Deendayal port handled the highest traffic volume at 92.41 MT during the April-December period, followed by Paradip at 83.61 MT, Visakhapatnam at 53.53 MT, JNPT at 50.72 MT, Kolkata (including Haldia) at 47.09 MT, and Mumbai at 46.16 MT.
 Chennai port handled 35.83 MT of cargo, while New Mangalore handled 27.60 MT.
 The volume of seaborne cargo is essentially in the nature of derived demand and is mainly shaped by the levels and changes in both global and domestic activity.
 These major ports handle about 60 per cent of the country's total cargo traffic. NAM ABM

Cargo volume at 12 major ports marginally up at 524 MT in April-December

New Delhi, Dec 8 () Cargo volume handled by the country's top 12 ports was marginally up by 0.34 per cent at 463.07 million tonnes during the April-November period this year, according to the Indian Ports Association (IPA).
 The ports had handled 461.48 MT of cargo during the corresponding period of the last fiscal. The ports are Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V.O. Chidambaranar, Visakhapatnam, Paradip and Kolkata (including Haldia).
 While the handling of iron ore saw a 30.24 per cent jump to 33.95 MT to during the period, thermal coal shipments declined by 17.82 per cent to 58.17 MT, the IPA data showed.
 The 12 ports had handled 26.07 MT of iron ore and 70.79 MT of coal during the April-November period of the previous fiscal.
 Handling of coking and other coal rose by 1.95 per cent to 37.17 MT during the eight months as compared with 36.45 MT of coking coal handled in the corresponding period last fiscal.
 Finished fertiliser volumes jumped 24.08 per cent during the period but raw fertiliser volumes declined by 3.12 per cent.
 Containers recorded a growth of 3.36 per cent in terms of TEUs (twenty-foot equivalent units).
 According to the figures, Deendayal port handled the highest traffic volume at 82.20 MT during the April-November period, followed by Paradip at 73.25 MT, Visakhapatnam at 47.05, JNPT at 44.93 MT, Kolkata (including Haldia) at 41.25 MT, and Mumbai at 40.88 MT.
 Chennai port handled 32.14 MT of cargo, while New Mangalore handled 24.17 MT.
 The volume of seaborne cargo is essentially in the nature of derived demand and is mainly shaped by the levels and changes in both global and domestic activity.
 These major ports handle about 60 per cent of the country's total cargo traffic. NAM 
MR

Cargo volume of 12 major ports marginally up at 463MT in Apr-Nov

New Delhi, Apr 1 () To ensure adequate supply of cooking oil in the country, industry body SEA on Wednesday suggested various measures such as fast customs clearances for imported crude edible oil by exempting mandatory testing in food regulator FSS's approved lab at Baroda, Gujarat. It has sought electronic passes for transportation of crude and refined edible oils across the country without any hurdles at state borders. Ban on sale of loose edible oil, permission to buy oilseeds directly from farmers at factory gate and smooth movement of packaging and other raw materials required by processing units were also recommended by the Solvent Extractors' Association of India (SEA).The association's President Atul Chaturvedi has written a letter to Consumer Affairs Secretary Pawan Kumar Agarwal, suggesting ways to boost supply of edible oils.India's total consumption of edible oils is about 230 lakh tonnes, out of which domestic production is about 75 lakh tonnes and imports about 150 lakh tonnes. "Any dislocation in smooth flow of imported oils can have serious repercussions in the country," Chaturvedi said. He mentioned that a large quantity of crude edible oil is being imported at Kandla and Mundra ports on west coast."The issue is that FSSAI designated customs officers draw samples from ship tanks and send for testing at FSSAI approved laboratory at Baroda where the FSSAI designated laboratory tests the samples and provides reports."Only after the reports are received the imported oil is cleared by customs.With complete lockdown and restrictions on movement this situation results in inordinate delay disturbing supply chain big time," the letter said. To overcome this problem, Chaturvedi suggested that all crude edible oil vessels should be cleared immediately on a simple undertaking from importers that it would be sold only after refining.Alternately, he said there are certain NABL accredited laboratories at Kandla/Mundra whose services can be utilised to expedite things.The SEA said Kandla and Mundra ports handle 30-40 per cent imported crude edible oils and refined at processing units around these ports. Chaturvedi demanded national permit for multi-state transport of cooking oil, by issuing the electronic pass which should be respected by all state authorities."As a matter of fact we would suggest e-pass should be issued to all port based refineries likeKakinada, Krishnapatnam, Mumbai, Hazira, Haldia, Mangalore, Haldia, Kolkata, Tuticorin, Chennai and Paradeep etc," he said. Talking about domestic supplies, the SEA said currently edible oil units are partially functioning with 40-50 per cent capacity with all due precautions. "Demand has shifted to household )consumption ( small packs) hence supply of raw material/packing material to these units should be resolved," he said.The SEA President said that it was important that state border check posts should be adequately sensitised to allow passage of edible oil lorries /tankers without harassment. Empty returning lorries should also be allowed to pass unhindered."We would also suggest banning sales of loose edible oils to consumers to ensure safety in these difficult times," Chaturvedi said. "Currently, all marketing yards ( mandies ) are closed leading to shortage of raw material. We suggest, exempt oilseeds crushing /processing units (oil millers and solvent extraction units) from APMC to enable them to purchase oilseeds at their factory gate directly from farmers. This help the farmer to market his produce," the letter said. The SEA President opposed decisions by local authorities in some states to fix prices of cooking oils. MJH MKJMKJ

SEA suggests measures to ensure adequate cooking oil supply in country

New Delhi, Feb 12 () The Cabinet has given its nod to Major Ports Authority Bill that will replace a 1963 law governing country's 12 major ports, Union Minister Mansukh Lal Mandaviya said on Wednesday. The approval was accorded at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. "At present the ports are governed by a ports law of 1963. The Cabinet today has approved the Major Ports Authority Bill that will be introduced in Parliament and replace the existing law," Shipping Minister Mandaviya said. He said the proposed law is aimed at enhancing the overall efficiencies of the ports. India has 12 major ports -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia). These together had handled 699.04 million tonnes (MT) of cargo during 2018-19. NKD NAM MKJ

Cabinet nod to Major Ports Authority Bill to replace existing law

New Delhi, Apr 28 () The government on Tuesday announced a compensation of Rs 50 lakh for dependent members of port employees in case of loss of life due to COVID-19 while discharging duties.The compensation has been announced for any death due to COVID-19 till September 30, 2019 and the situation will be reviewed after that.Declaring the compensation for the port employees/workers in case of loss of life due to COVID, the Ministry of Shipping in a statement said: "All port employees including contractual labourers employed directly by the port and other contractual employees are covered" under it.The statement said the ministry has decided that all the major ports may grant compensation /ex-gratia in the event of loss of life due to COVID-19 to the dependent members/legal heirs of the port employees."Port Chairman is the competent authority for the settling claims/ disbursement of the compensation/ex-gratia and verifying authority for the cause of death from COVID-19," the statement said. This compensation is applicable only for the pandemic and will be in force up to September 30, 2020, subject to review thereafter.India has 12 major ports -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambaranar, Visakhapatnam, Paradip and Kolkata (including Haldia). NAM BAL

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