Asia

Narendra Modi hails turnaround at Shipping Corporation of India

India’s prime minister Narendra Modi on Monday said his administration had managed not only to change people’s mind-sets towards state-run enterprises but also helped companies like Air India and Shipping Corporation of India (SCI) to make operational profits.

“Public sector companies were always seen as ones that make losses and eventually close down. We changed this mind-set. We managed to bring several public sector companies out of the woods,” Modi said at an Independence Day address in New Delhi.

Modi said many had thought SCI would never make profits again. “No one thought that Shipping Corporation of India would be able to make profit, but it is,” he said.

The company has been in the black for more than a year now and the shipping ministry has just given SCI the go ahead to dive into the secondhand market and snap a raft of vessels.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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