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Electric models made up less than 2% of the 4.2 million cars sold in India last year, but the government wants to grow this to 30% by 2030
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Indian shipping freights seen rising if war starts
MUMBAI Shipping companies in India said yesterday that if a war breaks out in Iraq, the resulting higher fuel costs will force them to raise freight rates, already up five percent in the past month.
"We are expecting some announcements related to imposition of war risk premiums any time now," an official at an international shipping company said.
He said the company was advising its customers to keep a buffer time of at least one week for consignments to the Gulf region, as unloading of military goods could take precedence over general cargo in that area.
A war on Iraq appeared imminent as Washington set yesterday as the last day to find a diplomatic end to the crisis. Traders said a war could hit India's commodity exports to the Gulf, including grains, textiles and gems and jewellery.
"Many importers and exporters may decide to defer shipping of goods if war breaks out," said C S Manohar, president of Seaworld Shipping and Logistics.
India's merchandise exports during April to January of the current year rose 17.4 per cent to $42.17 billion from a year earlier, while imports increased 15.9 per cent to $49.3 billion. "Shipping activities at our port are going on unhindered," said A.K. Joti, chairman of Kandla port in the western state of Gujarat. "Ships are being loaded for the Gulf region also."
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