Daniel Chopra, CMD Elektrans Group shares his expectations from the upcoming Union Budget.
The government should cut logistics cost in the country and streamline the taxation structure, including the implementation of the crucial goods & services tax (GST) in the upcoming budget, to give a much-needed boost to the shipping industry, Daniel Chopra, Chairman and Managing Director, Elektrans Group has said.
"The shipping minister has stated the significance of laying emphasis on the maritime sector to accelerate the booming of the Indian economy. He has laureled this sector as the most economical route for bulk transport," he said.
Talking about his expectations for the shipping and logistics industry, Chopra said that "The new government has embraced several initiatives that have furthered the growth of the Indian economy and cemented the path for steady developments. With the country at the cusp of gaining recognition as the fastest growing major economy of the world, there are optimistic expectations from the Union Budget 2016."
He said that the industry was hopeful to see a cut in the existing logistics costs in India, which constitutes about 13% of GDP. "This will render the necessary thrust to ease the cost of logistics and successfully increase Indian exports by providing (a) cutting edge to our exports in the global market. It will reduce the landed cost of imports thereby giving a further thrust to the economy," he added.
Seeking acknowledgement of the logistics industry as a distinct industry and giving it infrastructure status as a whole, Chopra said that doing away with the discrimination between the abatements on the different modes of transport will be crucial to the growth of the sector.
Even "the Indian tonnage tax regime should be further streamlined to be in sync with tonnage tax regime prevailing in other parts of the globe. The implementation of GST could also act as a major facilitator for making the logistics sector seamless across the country," he added.
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