04-02-2017

Reaction to the Union Budget from Julian Bevis, Senior Director, South Asia, Maersk Group

JMB

Mr. Julian Bevis, Senior Director, South Asia, Maersk Group in response to the Union Budget today.

“India has the opportunity to increase its share in global trade. A 10 percent reduction in trade costs can boost the country’s competitiveness and contribute additional revenues of up to US $ 5.5 billion annually.

In that regard, Maersk welcomes the Budget’s proposed increase in expenditure on infrastructure for improving coastal road connectivity from ports to the hinterland, expanding railway connectivity, introducing end-to-end integrated transport solutions in partnership with logistics players, and encouraging public private partnerships for airport developments in certain smaller cities. These efforts complemented by timely implementation of GST, building of multi modal parks, increased emphasis on digitisation for greater transparency and the introduction of a trade infrastructure export scheme will all collectively boost quicker inland movement of cargo. In turn this will help reduce hidden costs of trade and improve India’s global trade opportunity.

Maersk supports the Government’s efforts and is committed to working with it to bring the benefits of these proposals to the trade.”

Source: Press Release 

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