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New Delhi: Movement of export-import cargo worth $4 billion would be affected if the Jawaharlal Nehru Port Trust (JNPT) and Mumbai Port are not cleared for transportation by the weekend, reports PTI.
Meanwhile, the government has said the Mumbai harbour would be cleared for normal traffic by August 15.
The two major ports, which account for over 60% of the container traffic, are closed after oil spill following the collision of two cargo ships on Saturday. The ports' closure has disrupted movement of shipments of goods, including petroleum products, grains and automobiles.
"...this (the closure of ports) will impact about $4 billion of trade cargo, if the situation is not addressed by the weekend," Federation of Indian Export Organisations (FIEO) president A Sakthivel said on Tuesday.
He said that each day's delay at the port is costing about 0.5% of the value of cargo.
"Therefore, the government (should) waive the detention and other charges arising from suspension of operation at JNPT and Mumbai Port," Mr Sakthivel added.
He also said that the stoppage of movement would impact the back-end operations both at production level in factories and at JNPT, which is already facing congestion due to monsoon.
Meanwhile, India's busiest ports, Mumbai Port and JNPT are likely to lose revenues of over Rs100 crore together due to collision of ships, which has forced them to shut down their operations.
There are almost eight to nine vessels entrapped in JNPT since last week due to the shutdown. Almost 13 vessels, which were anchored outside the port, have been diverted to other ports.
For years, Warren Buffett’s comments—especially, the lengthy (but extremely readable) letters to...