9 PM Daily Current Affairs Brief – October 18th, 2023

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Top Highlights

• nt for India-related cargo, are expanding, promising a modern and efficient future for the port.

• DCs could have a distinct edge in cross-border financial transfers, offering potential benefits over the current costly methods.

• IMF reports a global economic slowdown, but India is growing fast. India aims to be a developed nation by 2047, needing a 7.6% growth rate. Global slowdowns may challenge India’s growth. However, with strategies like higher savings and increased exports, India can continue its growth momentum.

• e first-ever cargo ship at the under-construction Vizhinjam international seaport project.

• India has 13 major ports but lacks infrastructure for handling ultra-large container ships.

• t 75% of India’s transshipment cargo is managed at foreign ports like Colombo, Singapore and Klang.

• in fiscal year 2021-22, India’s total transshipment cargo was approximately 4.6 million TEUs.Of this, around 4.2 million TEUs were processed outside India.

• Forex savings (saving foreign exchange)

• Attracting foreign direct investment (FDI)

• Creating job opportunities

• Enhancing operational and logistics efficiency

• an attract a significant portion of the container transshipment traffic currently diverted to ports in Colombo, Singapore, and Dubai.

• Encourages various associated businesses such as ship repair services, crew change facilities, logistics value-added services, Warehousing among others.

• Vizhinjam Port is located near Thiruvananthapuram, Kerala.

• ndia’s first international deepwater transshipment port.

• Adani Ports and SEZ Private Limited on a design, build, finance, operate and transfer (DBFOT) model.

• e first greenfield port project to receive viability gap funding from the government of India.

• e port offers large-scale automation for quick turnaround of vessels.

• port is located just ten nautical miles from the international shipping route.

• ort is designed to handle various types of cargo such as: Container transshipment Multi-purpose cargo and Break-bulk cargo.