India News | Solution for Shipping Containers Crunch Within a Week, Assures Commerce Secretary Subrahmanyam
Get latest articles and stories on India at LatestLY. Commerce Secretary BVR Subrahmanyam on Thursday assured that the Central government will come up with a solution to the ongoing shipping container crunch within a week and said the government is working for short term solution.
New Delhi [India], September 2 (ANI): Commerce Secretary BVR Subrahmanyam on Thursday assured that the Central government will come up with a solution to the ongoing shipping container crunch within a week and said the government is working for short term solution.
Commerce Secretary further said that a long term solution will require the production of containers to increase, but that will take some time.
Speaking to the media persons in the national capital, Subrahmanyam said: "Containers' freight rate has jumped to 300 per cent-500 per cent year-on-year basis. Cabinet Secretary took a meeting yesterday. A meeting was held at Shipping Ministry. Minister Piyush Goyal will take a meeting with concerned ministers tomorrow."
"We are working on a short-term solution that might come in a week and long-term solution will take time," he said.
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Indian exporters across products from apparel and agricultural commodities to consumer electronics and furniture are staring at a slump in exports due to a global shortage of containers, and a resultant jump in freight rates, prompting many to seek government intervention.
A severe container shortage triggered by massive congestions at Chinese ports that are either closed or operating at much lower capacity due to COVID-19 restrictions, along with a huge demand for containers in the US and Europe has been pushing container rates, which shot up to record levels in the past 10-15 days.
According to industry experts, charges for carrying a container from or onwards to India are around USD 7,000-10,000, up from USD 3,000-4,000 six to eight months ago. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)