The Federation of Indian Export Organization (FIEO) has sought fiscal incentives from the government for the manufacturing of steel shipping containers in the country in view of severe shortage of availability impacting export shipments, FIEO officials said on Thursday, January 27.
FIEO said that exporters are facing challenges in securing steel containers and are entirely dependent on imports in the absence of domestic manufacturing capacity, and they have sought fiscal incentives in the national budget to be placed before the Indian parliament on February 1.
“Shipping containers need special steel and China manufactures about 80 percent of global containers because of the easy availability of raw materials. We need to encourage domestic manufacturing of special steel and containers if the country is to achieve the government’s export target of $1 trillion within the next five years,” FIEO president A. Sakthivel said.