The Government of India said that the major ports in the country have registered a significant growth in the cargo volumes handled in the last two months of previous year, immediately after the demonetisation announcement.
The 12 major Indian ports have handled high volume of cargo in November and December last year, recording an increase of 11.2 per cent and 12.7 per cent respectively, PTI news agency reported.
The cargo volumes recorded in India’s major ports after the note ban has revealed a growth in comparison to the same period last year, Mansukh L. Mandavia, the Minister of State for Shipping, told the Parliament in a written reply.
According to Mandavia, the ports have handled 56.7 million tonnes (MT) of cargo in December last year and registered 54 MT cargos in November.
However, the major ports in the country handled 370 MT of cargo during the months of April-October last year, while 606 MT of cargo was registered in 2015-16as against 581 MT of cargo in 2014-15, the news agency reported.
The Indian shipping industry has been under pressure for the last few years in tandem with the global market trends due to the uncertainties, the minister added.
Mandavia also added that the freight charged by shipping firms is a function of international demand and supply of cargo as well as ships, and there is no connection between liquidity in the domestic market and international freight rates.