Budget 2024: Key highlights

Key highlights of Interim Budget 2024

Containerisation to boost Indian logistics

Seamlessly integrating the vast network of railways, highways, airports and waterways, India is gearing up to strategically position itself as a global containerised cargo destination.

Good transshipment facilities will drive port sector growth

In spite of the vast coastline and more port facilities across the coastline, India is still lagging behind many ports in the region in cargo handling efficiency. Anil Bhatia, Vice President - Sales & Marketing, TIL, elaborates on the market scenario and outlook.

Pioneering Growth

Traditionally known for aerospace, engineering and IT, Bengaluru is fast emerging as a construction equipment (CE) hub in India with major players expanding their base in the city.

Hindustan Infralog acquires 90 per cent stake in Continental Warehousing Corp

Hindustan Infralog (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), announced the acquisition of a 90 per cent stake in Continental Warehousing Corporation (Nhava Sheva) (CWCNSL), an integrated multimodal logistics player in India.

Reasons to cheer

Better late than never. The Central Government has finally lowered the GST rate on construction and mining equipment to 18 per cent, from 28 per cent. Though, for some 15 per cent products, GST still remains 28 per cent, according to industry sources.

Logistics sector gets infrastructure status

The government has granted infrastructure status to logistics sector. The need forintegrated logistics sector development has been felt for quite some time in view of thefact that the logistics cost in India is very high compared to developed countries.

Out of the Box

Container logistics in India has transformed over the last decade in many ways. The constant change is challenging the established methods of handling and transportation of containers. More and more stringent rules for safety and weighing of containers are keeping all manufacturers of container handling equipment in a constant innovation mode.

Container Handling: Future?s Bright

Konecranes has more than a hundred patents on crane technology

Our aim is to strengthen our infrastructure, sales and service support to customers. At present, we have good customer references in India and we are focusing on providing complete lifting solution to customers rather than just providing equipment,

We make safe, reliable, cost-effective, higher productivity equipment

There is going to be huge surge in demand for material handling equipment at Indian ports ? for both bulk and container handling. Also, containerisation as a medium of trade will grow steadily to the levels of developed countries.

By the year 2014-15, the top line should grow three to four fold

We have undertaken a number of measures such as creation of fiscal strength, intellectual capital sufficiency, diversification of our product and capability repertoire, as well as investment in greenfield expansions, together with strengthening of our service brand, says Sumit Mazumder, Vice Chairman & Managing Director, TIL.