In light of the COVID-19 outbreak and the major disruptions that has caused, container cargo volumes at Indian ports are estimated to drop by 16% in FY21. Namely due to the lockdown, consumer demand has dropped significantly bringing negative impacts on the supply chain.
Although Indian major ports continue their operations as usual with their traffic congestion starting to ease, container trade has marked a decline.
In fact, the region’s biggest container terminal, Jawaharlal Nehru Port Trust (JNPT) container volume dropped by 37% in April, year on year basis.
During April JNPT imports marked a 20% drop and exports were by 55% lower, following the shortage of trucks and drivers hit long-lead hinterland movement for imports and exports.
At the moment,India’s GDP is expected to mark a sharp correction, with a projected growth rate of 1.8% in FY21 compared with 5 % last fiscal, with risks tilted to the downside scenario of zero GDP growth.
Overall, during the coronavirus crisis, Indian navy recently informed that is sending its naval ships, Jalashwa and Magar to the Port of Malè, Maldives so as to repatriate Indian citizens which are stranded oversea due to the pandemic.
