<div class="OutlineElement Ltr SCXW90142186 BCX0">&nbsp;</div>
<div class="OutlineElement Ltr SCXW90142186 BCX0">
We at Cogoport are proud to have enabled a critical, temperature-sensitive pharmaceuticals cargo, involving 11 Envirotainer containers from Mumbai (Ex-Works) to Milan. The shipment was even more special because our team successfully handled first-ever Air Export Envirotainer movement. The movement of the consignment happened between 16th- 20th June 2023.
<a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0" target="_blank" rel="noopener"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 3.png" alt="" width="auto" height="auto"></a>
</div>
<div class="OutlineElement Ltr SCXW90142186 BCX0">
Envirotainier container comes with limited turnaround period. While undertaking this project we had to improvise and always stay ahead of the curve. As pharma stalwarts would understand an envirotainer ensures safe delivery of pharmaceuticals by maintaining the integrity and quality of their products throughout the cold chain. The timelines for the lease are pre-defined and entail heavy demurrage for delays
</div>
<div class="OutlineElement Ltr SCXW90142186 BCX0">
Cogoport&rsquo;s collective logistics and technical expertise came in handy as the volume of the movement required us to be in constant touch with all our stakeholders, had to be split in lots keeping in mind the cargo, carrier and envirotainer restrictions, involving continuous coordination. Due to the nature of the product and mode of movement, these containers were non-stackable. Our airline partner for this shipment was Emirates. We are grateful to our esteemed client from Milan in entrusting us with end-to-end sensitive pharma movement for M/s Lupin Pharmaceuticals.
<a href="https://cogoport.com/signup/en-IN/" target="_blank" rel="noopener"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog-Banner-Portal-1.png" alt="" width="auto" height="auto"></a>
</div>
<div class="OutlineElement Ltr SCXW90142186 BCX0">
Envirotainer is synonymous with active cold chain. It has industry-leading product catalogue which helps pharmaceutical firms and their logistics partners on how to distribute temperature-sensitive medications around the world. Envirotainer&rsquo;s major goal is to distribute medications safely while preserving the purity and quality of the contents along the cold chain.&nbsp;
</div>
<div class="OutlineElement Ltr SCXW90142186 BCX0">
Our operations and technical teams went the extra mile and designed bespoke solutions on the go. Every stakeholder in the shipment understood the criticality and our platform proved its mettle. The next time you are thinking about sending or receiving critical and temperature-sensitive pharmaceutical products, we will be ready and happy to help you.
</div>
<div class="OutlineElement Ltr SCXW90142186 BCX0">
Cheers to the team!&nbsp;
</div>

Cogoport Enables Movement of 11 Envirotainer Containers from India to Italy 

India-Malaysia Trade Settlement in Indian Rupee

India's Foreign Trade Policy 2023

Electric Cars Showcased at Auto Expo 2023

<blockquote id="">There is still a lot of work to be done by the policy makers to achieve the inflation target of 2-4 percent.</blockquote>
The Indian economy is among the few bright spots in the world. The policy makers in the government and decision makers at businesses base their decisions and forward-looking statements after analysing relevant data.
Inflation may have peaked after continuous rise over the past few months. As a result, the government has gained some liberty for its budget calculations. Merchandise exports in October 2022 were U.S. dollars 29.78 billion, as compared to U.S. dollars 35.73 billion in October 2021.
<figure id="" class="w-richtext-figure-type-image w-richtext-align-center" data-rt-type="image" data-rt-align="center"><a id="" href="https://cogoport.com/signup/?utm_source=web&amp;utm_medium=blog&amp;utm_campaign=indian_economy_october_2022" target="_blank" rel="noopener">
<div id=""><img id="" src="https://uploads-ssl.webflow.com/5e57ba59552cf400c593fd16/638f221ea0a3531379525477_Blog-Creative-1.png" alt="638f221ea0a3531379525477_Blog-Creative-1.png" width="auto" height="auto" loading="lazy"></div>
</a></figure>
Merchandise imports in October 2022 were USD 56.69 Billion, as compared to USD 53.64 Billion in October 2021.
In the following paragraphs, let us try to understand the state of Indian economy with help from data released by government agencies, industry associations, and financial analytics firms.
<h3 id="">Goods and Services Tax</h3>
October 2022 recorded the second highest goods and services tax (GST) collection ever. If we were to list out the factors that led to the bumper growth in domestic consumption, then festive season optimism will be on top of every other factor. As per a press release by the Ministry of Finance, the GST collection for the month of October was ₹1,51,718 crore and it has crossed the ₹1.4 lakh crore for eight months in a row.
<figure id="" class="w-richtext-figure-type-image w-richtext-align-center" data-rt-type="image" data-rt-align="center">
<div id=""><img style="width: auto; height: auto;" src="https://uploads-ssl.webflow.com/5e57ba59552cf400c593fd16/637732d7ef68a6516e7f4f4f_GST_Oct-22.png" alt="GST Collection October 2022" width="auto" height="auto" loading="lazy"></div>
</figure>
<h3 id="">State of Manufacturing and Services</h3>
The monthly manufacturing and services data for the month of October indicates that the Indian economy is in expansion mode and price pressures have been contained. Employment in the manufacturing sector has shown healthy gains and input material purchases are at multi-month highs. October data indicated an expansion in new work with Indian service providers. Domestic market was the primary source of new business.
<h3 id="">Auto Retail Sales </h3>
In aggregate, the auto sector reported a 48% increase in sales in October 2022 when compared to a similar period last year. The Federation of Automobile Dealers&rsquo; Association (FADA) informed sales have touched pre-covid levels. Except for three-wheelers, all other categories ended the month in green. The commercial vehicle (CV) segment has grown 25% year-on-year and 13% compared to 2019. Mining and infrastructure projects in all parts of the country, opening of educational institutions and revival in travel have contributed to higher CV sales.
<figure id="" class="w-richtext-figure-type-image w-richtext-align-center" data-rt-type="image" data-rt-align="center"><a id="" href="https://cogoport.com/signup/?utm_source=web&amp;utm_medium=blog&amp;utm_campaign=indian_economy_october_2022" target="_blank" rel="noopener">
<div id=""><img style="width: auto; height: auto;" src="https://uploads-ssl.webflow.com/5e57ba59552cf400c593fd16/638f224556fe413902d3d886_Blog-Creative-2.png" alt="638f224556fe413902d3d886_Blog-Creative-2.png" width="auto" height="auto" loading="lazy"></div>
</a></figure>
<h3 id="">India&rsquo;s Foreign Exchange Reserves</h3>
On 4th November 2022, the Reserve Bank of India (RBI) released foreign exchange reserve data for the half-year ended September 2022. The RBI reported that reserves decreased from U.S. dollars 607.31 billion in March 2022 to U.S. dollars 532.66 billion at the end of September 2022. India maintains foreign currency assets in major currencies, while reserves are reported in U.S. dollar terms.
<h3 id="">Inflation Data</h3>
After multiple rate increases by the RBI over the past several months, the consumer price index (CPI) has climbed below 7 percent in the month of October. The CPI for the month of October was 6.77 percent while the food inflation was recorded at 7.01 percent &ndash; both these rates were substantially lower from the corresponding figures in the month of September.
Compared to prices last year, egg and oils &amp; fats registered reduction in October, while the prices of footwear, cereals and spices registered double-digit increases in the similar period.
<figure id="" class="w-richtext-figure-type-image w-richtext-align-center" data-rt-type="image" data-rt-align="center">
<div id=""><img style="width: auto; height: auto;" src="https://uploads-ssl.webflow.com/5e57ba59552cf400c593fd16/6377331e36ca12205f132f5f_Inflation_Oct%2022.png" alt="India Inflation Chart October 2022" width="auto" height="auto" loading="lazy"></div>
</figure>
<h3 id="">Conclusion</h3>
The deliberations for union budget 2023 have begun and there are more positives than negatives for the Indian economy. Direct and indirect tax collections in the current fiscal are above budgeted estimates. Imports have been rising at a much faster pace than exports, and this has adversely affected the balance of trade.
<figure id="" class="w-richtext-figure-type-image w-richtext-align-center" data-rt-type="image" data-rt-align="center"><a id="" href="https://cogoport.com/signup/?utm_source=web&amp;utm_medium=blog&amp;utm_campaign=indian_economy_october_2022" target="_blank" rel="noopener">
<div id=""><img id="" src="https://uploads-ssl.webflow.com/5e57ba59552cf400c593fd16/638f226681a8e6b413a2e2fa_Blog-Creative-3.png" alt="638f226681a8e6b413a2e2fa_Blog-Creative-3.png" width="auto" height="auto" loading="lazy"></div>
</a></figure>
The Russia-Ukraine war has taken energy prices beyond tolerable limits and a lot of surprises may still be in store. If you want to win the high stakes economic bonanza, staying ahead of the curve matters more than anything else.

Indian Economy Outlook – October 2022

International Trade Settlement in Rupee

CogoBot

Step into the future of freight forwarding with Cogoport. Experience a demo tailored to revolutionize your logistics, offering:

Login

name

You will be notified via Email and Whatsapp

Read the latest news, updates, and insights on global trade, logistics, shipping, and supply chain management from Cogoport's Knowledge Center.

News & Updates

Featured News

Trade News

Cogoport Enables Movement of 11 Envirotainer Containers from India to Italy