India's Modi Hails New Era of Development

By MarEx 2014-11-16 15:14:00

The number of export and import containers moving through India’s major ports has increased 7.34 percent year-over-year from April to October, as the Modi Government focuses on port development in its first six months in office.
The 12 state-owned ports cumulatively handled 4.66 million 20-foot-equivalent units, up from 4.34 million TEUs for the same period in 2013. Container throughput growth has been strong. For example, container handling at Chennai, the second-largest box port, has risen 5 percent. Other ports such as Tuticorin, Kolkata and Vallarpadam Terminal in Cochin have experienced similar growth.

Prime Minister Narendra Modi told ASEAN leaders last week that a new era of economic development, industrialisation and trade has begun in India and they can be "great partners" for each other, reports Daily Shipping Times.

“The ASEAN community is India's neighbor. We have ancient relations of trade, religion, culture, art and traditions. We have enriched each other through our interaction. This constitutes a strong foundation of a modern relationship.”

However, India's trade with ASEAN is just three per cent of total ASEAN trade indicating that there is still significant untapped potential.