In India, export volume fell to 2.83 percent, and ESIC, subscriber base increased, Adani Ennore Container Terminal, 49 percent stake sale. Let’s see what they are in detail.
Adani Ports has sold 49 per cent stake in its subsidiary
Adani Ennore Container Terminal Pvt Ltd (AECTPL) to Terminal Investments Ltd (TiL), an investment arm of one of the world’s largest shipping companies, Mediterranean Shipping Company (MSC), for Rs 247 crore.
As per the agreement, TiL through its subsidiary Mundi Ltd will acquire 49 per cent stake in AECDPL. The agreement was executed on 15 December 2023.
Commenting on the agreement, Dilip Sharma, CEO, Adani Ports, said, “This agreement will enable AECTPPL to improve its operations and increase the cargo handling capacity of the port. MSC is a pioneer in cargo shipping globally. Through this alliance, AECTPL will be able to offer world-class services.” He said.
“This agreement will strengthen our presence in India. AECTBL is a growing port. Through this alliance, we will be able to increase our cargo handling capacity in India,” said MSC CEO Daniel Lobret.
The agreement is considered to be an important turning point in India’s port sector. Through this agreement, it is expected to provide world-class cargo handling services in India.
ESIC Subscriber Enrollment Increases to 17.28 Lakhs
The number of subscribers of the Government of India’s Employees State Insurance Corporation (ESIC) increased to 17.28 lakh in October last year. This is 2.7 percent higher than last September.
Out of these 17.28 lakh subscribers, 8.25 lakh employees are below 25 years of age. This is 47.76 percent of the total employees. Through this, it is known that there are more job opportunities for the youth in India.
All ESIC subscribers are provided with various welfare schemes including medical treatment, cash augmentation, family welfare schemes.
The growth in the number of ESIC subscribers has been attributed to India’s growing economy and the creation of new jobs in industries.
In the month of October, the net enrollment of ESIC, women members was 3.31 lakh. And 51 transgenders have also registered in it.
India’s exports fell by 2.83 percent last November. This is the first time in the last 10 months.
India’s exports were worth Rs 2.81 lakh crore in November last year, according to data from the Commerce Department of the Government of India. It was Rs 2.89 lakh crore in November last year.
India’s exports stood at Rs 2.89 lakh crore in November last year. It fell by 2.83 percent to Rs 2.81 lakh crore last month. During the same period, imports also declined to Rs 4.52 lakh crore. It was Rs 4.72 lakh crore in November last year. Similarly, Trade Deficit India’s trade deficit stood at Rs 1.70 lakh crore during April to November of the current financial year.
During the April-November period of the current financial year, exports fell by 6.51 per cent to Rs 23.14 lakh crore, while imports fell by 8.67 per cent to Rs 36.94 lakh crore.
The main reason for the decline in exports is the global recession. Increasing trade competition among the world’s major economies and rising fuel prices have affected exports.
Exports of India’s major exports such as mineral oil, chemicals, vehicles and pharmaceuticals have declined.
Due to decline in exports, India’s trade deficit is expected to widen. This is reported. ..despite the global recession, India’s export performance has been good,” Commerce Secretary Sunil Barthwal said.