Concor inks pact with Russia’s RZD for single invoice cargo transport

Source: The Hindu Business Line, Feb 26, 2020

New Delhi: The show of affection between India and the US during President Donald Trump’s visit has not deterred India from taking a step forward in announcing the use of the transport infrastructure to connect to Russia much faster through Iran, a country in spotlight facing the US sanctions.

Within three months, exporters and importers from India and Russia can move goods between the two countries through Iran, said Concor CMD V Kalyana Rama on Tuesday evening. Read the rest of this entry »

India’s import of US oil jumps 10-fold to 2,50,000 bpd

Source: The Hindu Business Line, Feb 25, 2020

New Delhi: US oil supplies to India have jumped ten-fold to 2,50,000 barrels per day (bpd) in the last few years, visiting US Energy Secretary Dan Brouillette said on Tuesday.

Speaking at a business meeting alongside US President Donald Trump, he said Indian imports of US oil were 25,000 bpd a couple of year ago, and have now risen to 2,50,000 bpd. US is India’s sixth largest oil supplier.

India began importing crude oil from the US in 2017 as it looked to diversify its import basket beyond the OPEC nations. It bought 1.9 million tonnes (38,000 bpd) of crude oil from the US in 2017-18 and another 6.2 million tonnes (1,24,000 bpd) in 2018-19. Read the rest of this entry »

DPIIT notifies 100% FDI in insurance intermediaries under automatic route

Source: Business Standard, Feb 25, 2020

New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) on Tuesday notified the government’s decision to allow 100 per cent foreign direct investment (FDI) in insurance intermediaries.

Intermediary services include insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrators, surveyors and loss assessors.

The FDI policy earlier allowed 49 per cent foreign investment in the insurance sector, which includes insurance intermediaries.

In its press note, the DPIIT said 100 per cent FDI is allowed in insurance intermediaries under automatic approval route. Read the rest of this entry »

Air France, Virgin Atlantic add India flights, fill gap left by Jet Airways

Source: Business Standard, Feb 25, 2020

Mumbai: International carriers are launching new services to Chennai and Delhi to fill up the vacuum caused by the closure of Jet Airways.

On Tuesday, Air France announced Paris-Chennai service from June 14 while Virgin Atlantic Airways will begin Manchester-Delhi flights from October 26. Both Air France and Virgin Atlantic are part of Delta-led joint venture which controls around 23 per cent of passenger and cargo capacity between Europe and the US.

Jet Airways operated on Mumbai – Manchester and Chennai – Paris routes before it shut operations last April. While Paris is connected with three cities in India at present, Manchester- India service is being re-established with the Virgin Atlantic flight. Read the rest of this entry »

Airport retail in India to grow to $9.3 bn by 2030 from $1.4 bn: Report

Source: Business Standard, Feb 25, 2020

Mumbai: The airport retail segment in the country is expected to grow to $9.3 billion (about Rs 66,000 crore) by 2030 from $1.4 billion (about Rs 9,940 crore) at present, with as much as $2 billion (about Rs 14,200 crore) coming from duty-free sales, a report said on Tuesday.

Real estate opportunity for Indian airport operators is projected to be $1.6 billion (about Rs 11,350 crore) by 2030, global property consultancy Knight Frank said in its report on transit retail.

“The total opportunity for airport retail to be approximately $9.3 billion by 2030 from its current estimated market size of $1.4 billion in 2019,” it said. Read the rest of this entry »

First leg of India-US trade deal likely in 3 months

Source: The Economic Times, Feb 26, 2020

NEW DELHI: The first leg of the India-US trade deal will largely be about tariff concessions on goods and would be concluded in around three months. A larger free trade agreement (FTA) would be all encompassing, and include aspects other than goods such as services, intellectual property rights (IPR) and investment, officials said.

The initial deal is likely to include restoration of benefits of low or zero duty to certain Indian exports under the Generalised System of Preferences (GSP), and market access for each other’s agricultural products. Read the rest of this entry »

India, US sign $3 bn deal for military helicopters

Source: The Economic Times, Feb 26, 2020

New Delhi: India and the US on Tuesday signed a $3 billion military helicopter deal during President Donald Trump’s visit. The clearances for the pact were rushed through in anticipation of the high-profile visit.

The US President described the deal for 24 MH-60 Sikorsky Romeo multi-role helicopters and six Apache attack choppers as a highlight of the visit and said it would contribute to interoperability.

“Earlier today, we expanded our defence cooperation with agreements for India to purchase more than $3 billion of advanced American military equipment, including Apache and MH-60 Romeo helicopters. These deals will enhance our joint defence capabilities as our militaries continue to train and operate side by side,” Trump said. Read the rest of this entry »