Indian Exports- the current scenario

India’s exports have declined for six consecutive months since DecemberIndia’s export basket is now highly diversified. Manufactured products constitute the largest share (around 67%), followed by petroleum products at 18%, agriculture products at 12.5% with ores and minerals contributing 1% to total exports. India is one of the few emerging economies whose share of manufactured goods in total exports has declined continuously over the years. India has diversified its export destination from developed economies to others in the last decade. Earlier more than 50% of India’s merchandise exports went to key developed markets like the US, the euro area, UK, Canada, Australia and Japan. But a decade and a half later, the situation has dramatically changed. Now only a third of India’s exports go to these developed markets and 71% goes to various emerging economies with 49% going to Asian economies. The recent falling commodity prices explain some weakness in export growth, but that is only part of the story. In terms of exports by destination, exports to the US have become the key support to overall exports in the last couple of years, in line with the gradual recovery of the US economy. India failed to improve its market share in its existing markets in developed economies while it diversified into other emerging markets. This is a purely defensive response and does not augur well for its future export performance because advanced economies will continue to have by far the largest share in global imports for the foreseeable future. Excessive diversification of India’s exports, both in terms of products and destinations, has made exports sensitive to global growth. India has managed to diversify its exports but with mixed results failed to claim a large market share in any export product category in the world and does not have depth in any of the export product or a market. A detailed study of manufactured product exports reveals that unskilled labour-intensive segments like textiles and leather have performed poorly despite the fact that India has a competitive advantage in the sector and there is a huge demand in the developed markets. India has to thus identify the sectors where it has a natural competitive advantage and focus sharply on providing necessary infrastructure and skills for these sectors. These sectors can also lead India’sefforts to integrate with global production networks which depend critically on the availability of adequate infrastructure and the ability to attract export-oriented FDI as in the automobile industry. Some macroeconomic factors like an appreciated rupee and rise in real wages have hurt export performance. This can be compensated by replacing capital-related subsidies with labour and employment-related promotion activity to reverse the trend of rising capital intensive exports. The inability to increase India’s share in global markets, in general, and in advanced economy markets, in particular, points sharply to the need for a thorough review of the working and performance of export promotion councils and other agencies like the Federation of Indian Export Organisation, StateTrading Corporation and Minerals and Metal Trading Corporation.

Reliant Institute of Logistics provides training for Logistics and Shipping management Certificate courses, Diploma courses, Professional Diploma and PG Diploma courses. We provide international certifications for our programs.

 


Admission started for 2019-2020 Batch

Admissions for 2019 – 2020 Batch started at Reliant Institute of Logistics.CILT international courses with compulsory internships are offered .

Courses offered from our Institution with CILT International Certification :

  1. CILT INTERNATIONAL CERTIFICATE IN LOGISTICS & TRANSPORT (ICLT)
  2. CILT INTERNATIONAL DIPLOMA IN LOGISTICS & SUPPLY CHAIN MANAGEMENT (IDLSM)
  3. CILT INTERNATIONAL POST GRADUATION DIPLOMA IN LOGISTICS & SHIPPING MANAGEMENT (PGDLS)

Register Your Seats now. Call @ 7994127875 / Email: info@reliantlogisticsinstitute.com

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Logistcs sector is expected to employ more than 28.4 million employees by 2022

Due to the booming logistics and transport sector,India which employes 16.74 million employees will need around 28.4 million employees.

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What is Marine insurance?

Marine insurance has an important role to play in the shipping industry and the shipowners ensure the ships that protect them against claims by third parties by purchasing “protection and indemnity” insurance. Cargo is usually insured against Storms, waves, and all type of wind or water damage. In order to get protected against losses incurred from war, the owner of the ship must purchase separate war-risk insurance or pay an additional premium to include war -risk in the basic policy. Incidents like piracy and possibilities like cross-border shoot-outs are also a major threat when it comes to water transportation and therefore in order to avoid any loss because of such events and happenings, in the interest of the corporation and the transporter, it is always beneficial to have marine insurance. Marine insurance is advantageous for shipping corporations and transporters as it helps to reduce the financial loss due to loss of important cargo. It also helps in highlighting the duty, dedication and the straightforwardness of the insurance companies.


Types of insurance:-
Cargo Insurance: Cargo insurance relates to the cargo of the ship and also pertains to the belongings of a ship’s voyagers and provides protection against all risks of any external cause that takes place during shipping, whether by land, sea or air. Cargo insurance provides a cost-effective way to cover physical loss or damage to goods in transit.


• Machinery Insurance: Machinery insurance is the protection of a vessel against damage. The vessel, including the machinery and equipment, is insured on the full value and, depending on the chosen cover, the following risks may be indemnified: The actual or constructive loss that may have caused when apart of the machinery is being repaired and other equipment, expenses paid for prevention, minimizing of damages or calculation of loss, are caused by an insured peril.


• Liability insurance: is an insurance system to protect the insured from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event they are sued for claims that come within the coverage of the insurance policy. The individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation in case of loss. The modern system is based on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance protects against the claims of the third party, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. Usually, the damage caused intentionally or as a contractual liability are not covered under liability insurance policies. In case of a claim, the insurance carrier has the right to defend the insured. The legal costs of defence normally do not affect policy limits unless the same is been
specified.


Freight Insurance: Freight insurance provides protection to merchant vessels’ corporations that may lose money in the form of freight in case the cargo is lost due to the ship meeting with an accident. This type of marine insurance solves the problem of companies losing money due to unprecedented events and accidents occurring.


Reliant Institute of Logistics provides training for Logistics and Shipping management Certificate courses, Diploma courses, Professional Diploma and PG Diploma courses. We provide international certifications for our programs.


What is the advantage of 3PL Provider?


Warehousing being the heart of your supply chain is a critical aspect when it comes to business expansion. Most of the times, businesses come across a situation when they need to set up a new warehouse to sustain the increasing volume.However, setting up a warehouse is a time-taking activity and takes a lot of effort to achieve the level of perfection. Doing so on your own may require involving your valuable resources and investing precious capital. 3PL providers know what is required in terms of selection, warehouse design, process design and technology to implement the best-suited warehouse for your business in quickest time. The supply chain reach depends largely on how centrally the warehouse is located. 3PL providers ensure that the warehouse is located close to the customer for faster order fulfilment. Not only this, warehouse accessibility for large vehicles and the connectivity with major roads ensure the speed across the supply chain. With the 3PL provider, you get all these advantages and the added benefit of starting the operations as soon as possible. In a situation when they do not have the warehouse in a suitable location, they make use of their network and established contacts to set up a warehouse in no time. Once this is done, they drill down the specifics like the layout, perfect storage design to make the optimum use of the capacity of the warehouse. To carry out operations within the warehouse, you need to have the right assets installed. Since the expertise lies with the 3PL provider, they know what would be the best equipment like racking systems, MHEs etc. for the warehouse. They know which technology would be the best to couple with your warehouse to build and sustain the momentum in inbound and outbound processes.


In addition to this, as the 3PL provider is constantly in touch with suppliers for procuring the equipment for their customers, they are better placed to negotiate the best prices when it comes to your warehouse. Evidently, the prices offered to you otherwise would have been higher to what you get with the 3PL provider. This cost advantage is passed on to you leading to higher cost savings for your business.


The Warehouse is sustained by a lot number of processes which are carried out every single day. Any glitches in the processes may lead to inefficiency in the operations. The 3PL provider designs processes for effective space utilization during inbound and outbound. Each process is designed keeping in mind the movement within the warehouse for accessing the products without any hassles.


We need not to bother about the manpower either when we have a3PL provider to assist you. Since they do this day in and day out, they would fulfil manpower requirement for new warehouse site in no time. They would not only fulfil the numbers but their tested training modules for the manpower would make them ready for operation as quickly as possible. We are sure to get the talent required to run an efficient warehouse.It can be concluded from the above points that the expert 3PL provider can assist us in getting the best possible outcome. Their support contributes to the growth of the business since operational efficiency will be comparatively higher than what we could have managed on our own. It is advisable not to take chance with setting up a new warehouse on our own and should look for a 3P provider who can do that far more better.



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