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Transportation and

Infrastructure Sector

India

February 2014



Table of Contents

I. Transportation and Infrastructure Sector Overview

1. Transportation Highlights

2. Performance and Share of GDP

3. Indian Transportation Against Global Benchmarks

4. Air Carrier Data

5. Aircraft Movement, Freight Handled by Airports

6. Performance of Indian Ports – LPI Index

7. Basic Railway Statistics

8. Road Network

9. Freight, Passenger Movement by Roads and Railways

10.Container Traffic Export, Import at 12 Major Ports

11.Road Transport Contribution to Exchequer

12.FDI in Transport and Infrastructure

13.FDI Regime

II. Forecasts

1. Air Passenger and Freight Throughput Forecast

2. Airline and Airport Forecasts

3. Water Transportation and Ports Forecasts

4. Railway Transportation Forecast

5. Railway Transportation Forecast (cont’d)

III.Government Policy

1. Civil Aviation Government Policy

2. Civil Aviation Government Policy (cont’d)

3. Railway Transport Government Policy

4. Railway Freight Transport Government Policy

5. Port and Shipbuilding Government Policy

6. Shipbuilding Subsidy

7. Public Port Sector Expenditure Estimates

8. Road Transport Government Policy

9. The National Highway Development Project (HNDP)

10.Government Road Building Programs

11.The Central Road Fund (CRF)

II. Air Transport

1. Air Transportation Highlights

2. Aircraft and Freight Movement, 2013

3. Selected Air Transportation Details

4. Aviation Turbine Fuel (ATF) Prices

III.Ports, Water Transportation and Inland Waterways

(IWT)

1. Port Sector Highlights

2. Freight Traffic

3. Container Traffic at Major Ports

4. Capacity Utilization of Major Ports

5. Efficiency Indicators of Major Ports



Table of Contents

6. Number and Type of Vessels Sailed

7. Financial Indicators and Employment at major Ports

8. Shipbuilding and Ship Repair

9. Shipbuilding Statistics

10.Inland Waterways

11.Inland Waterways (cont’d)

VI.Railways

1. Railway Transportation Highlights

2. Railway Passenger Statistics

3. Railway Passenger Statistics (cont’d)

4. Electrification, Data by Gauge

5. Railway Freight Statistics

6. Rolling Stock

VII.Road Transportation

1. Road Transportation Highlights

2. National Highways

3. Share of Paved Roads

4. Number of Motor Vehicles

5. Fuel Prices

6. Physical Performance of State Passenger Carriers

7. Financial Performance of State Passenger Carriers

8. Road Accidents

9. Road Accidents (cont’d)

VIII.Major Players

1. Top M&A Deals in Transportation and Infrastructure

2. Possible M&A Activity in Transportation and Infrastructure

3. Indian Railways

4. Indian Railways (cont’d)

5. Jet Airways India Ltd.

6. Jet Airways India Ltd. (cont’d)

7. Air India Ltd.

8. Air India Ltd. (cont’d)

9. Jawaharlal Nehru Port (JNP)

10.Jawaharlal Nehru Port (JNP) (cont’d)

11.The Shipping Corporation of India Ltd. (SCI)

12.Container Corporation of India Ltd. (CONCOR)

13.Larsen & Toubro (L&T)

14.Larsen & Toubro (L&T) (cont’d)

IX.Appendix

1. Financial Performance of Shipyards

2. Road Statistics by State

3. Road Statistics by State (cont’d)

4. List of State Road Transport Undertakings (SRTUs)

5. Table of Terms and Abbreviations



I. Transportation and Infrastructure Sector Overview

India’s fiscal year runs from Apr 1 to March 31. Thus, FY 2014 (also called fiscal 2014) means Apr 1, 2013 – Mar 31, 2014. In Indian documents, FY (fiscal) 2014 is also labeled FY13-14.

The remaining nine months of calendar 2014, i.e. Apr-Dec, belong to fiscal year 2015.

In order to better align with calendar years and make international comparisons more meaningful, in the Major Players section of this report, Emerging Markets Insight has chosen to label data by

the year in which most of the result occurred. Unless otherwise stated, in the Major Players section of this report, 2012, for example, means the 12 months between Apr 1, 2012 - Mar 31, 2013, or

what in India is referred to as FY 2013. This applies to Indian companies only and may not apply to companies with global operations, which may be presented in this report.

When sources have not provided details on their year labeling policy, year labels in graphs and tables featured in this report appear as provided by the source.



Transportation Highlights

India was the 9th-largest civil aviation market in the world in 2011 and is expected to become third-largest by 2020, after the U.S. and China. With 0.04 per

capita trips in fiscal 2011, air penetration in the country is among the lowest in the world. India was home to five scheduled airlines, struggling with high

operation costs, in FY 2013. Up to 49% ownership by foreign airlines was allowed in the sector in Sep 2012. Jet fuel is some 60% more expensive in India

compared to major competing hubs and claims 50% of the total operational costs of airlines. Airport privatization is pending. Policy changes to improve

connectivity to isolated regions need to be adopted.

Airlines

Ports and Water Transport

Railways

Road Transportation

Water transportation accounts for 90% of India’s trade by volume, highlighting the significance of ports and the shipping sector for the Indian

economy. Ports need infrastructure upgrades to reduce pre-berthing detention of vessels. Mainly major ports have the necessary infrastructure to

handle container traffic. In many cases new ports must be considered, as existing port expansion is often limited due to urban development.

Shipbuilders saw a decrease in their global market share following the withdrawal of a shipbuilding subsidy in 2007. Inland water transportation is

underutilized.

Indian Railways (IR) is one of the world’s largest rail networks under single management. Some 31.39% of the 64,460-route km network were

electrified as of Mar 31, 2011. Although IR carried 22.5 million passengers and 2.65 million tonnes of freight each day during FY 2012, railway

transportation is less utilized than road transport in both segments. Railway passenger fares are kept purposefully low to make railways accessible

to all Indians. In Jan 2013 the country raised railway passenger fares for the first time since 2004. Fares were raised again in Oct 2013.

India is home to the world’s second-largest road network, which carries some 85% of the country’s passenger traffic and 65% of its freight. Nearly

half of India’s roads are unpaved, and some 60% of the rural population does not have access to all-weather roads. According to the most recent

data of 2011, national highways accounted for 1.7% of the country’s total road network, but carried nearly 40% of the total traffic. Petrol and diesel

are sold at subsidized prices but oil marketing companies were allowed to periodically raise them with government approval, in Jun 2010 and Jan

2013, respectively.

.



Source:

Performance and Share of GDP

Transport as % of GDP (at constant prices, FY 2005 is base) Growth in Transport and Infrastructure Segments, %

Road Transport Yearbook FY 2012 (Ministry of Road Transport and Highways), Economic Survey of India 2012-13;

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 (Apr-

Dec 2011)

Railway

revenue-

earning freight

traffic

9.00 4.90 6.60 3.80 4.70

Cargo Handled

at Major Ports 12.00 2.20 5.70 1.60 0.40

Civil Aviation

- Export Cargo

Handled 7.50 3.40 10.40 13.40 -1.10

- Import Cargo

Handled 19.70 -5.70 7.90 20.60 1.40

- Passengers

Handled at

International

Terminals

11.90 3.80 5.70 11.50 7.20

- Passengers

Handled at

Domestic

Terminals

20.60 -12.10 14.50 16.10 17.50

1% 1% 1% 1% 1%

4.7% 4.8% 4.7% 4.6% 4.8%

0.2% 0.2% 0.2% 0.2%

0.2% 0.20% 0.20% 0.20% 0.30%

0.30%

0.50% 0.40% 0.40% 0.40% 0.40%

0%

1%

2%

3%

4%

5%

6%

7%

8%

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Railways Road Transport

Water Transport Air Transport

Transport-Related Services

6.7% 6.6% 6.5% 6.4% 6.5%



Source:

Indian Transportation Against Global Benchmarks

Road Length of Selected Countries, km

Share of Paved Roads

Indian Transportation Sector Vs Global Benchmarks

Transport Research Wing, Ministry of Road Transport & Highways; World Road Statistics 2011 by the International Road Federation, Geneva; Basic

Road Statistics,FY 2009, 2010, 2011; Deloitte Research (Deloitte India Report, Sept 2012)

Mode Name of Indicator India Global

Road

Average speed of truck (km /

hr) 25-35 60-80

Average distance covered

by a truck in a day (km) 250 400-450

Four lane highway length

(km) 7,500 34,500 (China)

Ports

Turnaround time 4.67 days (major ports in

FY 2011)

7-10 hrs (Hong

Kong)

Pre berthing delay (hours) 55.7 (major ports in FY

2011) 3-5 (Hong Kong)

Average output per ship

berth day (thou tonnes) 10.735 45-60 (Australia)

Railway

Double Line (km) 17,400 26,400 (China)

No. of locomotives (nos.) 8,867 18,500 (China)

Freight Wagons (nos.) 235,000 578,000 (China)

Total Road

Length, km

Length of

Motorways,

km

Length of

Motorways

as % of

Total

Length of

National

Highways, km

Length of

National

Highways as %

of Total

China 3,860,823 (2009) 65,055 1.69 59,462 1.54

France 951,260 (2009) 11,240 1.18 9,020 0.95

India 4,690,342 (2011) 227 0.005 70,934 1.51

Japan 1,207,867 (2009) 7,642 0.63 54,790 4.54

South

Africa 364,131 (2001) 239 0.07 2,887 0.79

South

Korea 104,983 (2009) 3,776 3.6 13,819 13.16

UK 419,665 (2009) 3,674 0.88 49,032 11.68

USA 6,545,839 (2009) 75,643 1.16 19,857 0.3

Country Share of Paved Roads

China 53.50% (2008)

France 100% (2009)

India 53.83% (2011)

Japan 80.11% (2009)

South Africa 17.3% (2001)

South Korea 79.25% (2009)

UK 100% (2009)

USA 100% (2009)



Source:

Air Carrier Data

Indian Domestic market Share by Airline, Mar 2013

Industry Debt and Losses

Reported and Estimated Financials of Indian Air Carriers

FDI and Kingfisher Demise

CAPA; DGCA;

FY 2012

Revenue

FY 2012

Net Profit

FY 2013

Revenue

FY 2013

Net Profit

Air India USD 2.6 bn (USD 1.4 bn) USD 3.0 bn (USD 950 mn)

GoAir USD 278 mn (USD 24 mn) USD 375-400 mn (USD 14-16 mn)

IndiGo USD 1.0 bn USD 23 mn USD 1.5-1.6 bn USD 100-110 mn

Jet Airways USD 2.7 bn (USD 226 mn) USD 3.0bn (USD 87 mn)

Jet Konnect USD 340 mn (USD 33 mn) USD 387 mn (USD 53 mn)

Kingfisher USD 1.0 bn (USD 423 mn) USD 91 mn (USD 500-520+

mn)

SpiceJet USD 720 mn (USD 109 mn) (USD 1.0 bn) (USD 34 mn)

Source: CAPA - Centre for Aviation, CAPA Research and company filings.

Note: Data for unlisted carriers Air India, GoAir and IndiGo are CAPA estimates. Final results for these

carriers may vary.

IndiGo 27.40%

Jet Airways Group 23.80%

SpiceJet 20.40%

Air India 20.20%

GoAir 8.10%

As of Mar 2013, the combined debt of India’s airlines grew by some 9%

to approximately USD 14.5 bn, compared to an average cash position of

just USD 500-550 mn, CAPA reported in May 2013. Additional vendor-

related liabilities totaled some USD 2 bn.

Air India held just over 60% of the debt and full-service carriers combined

accounted for close to 90%, although the Jet Airways Group reduced its

debt position from USD 2.62 bn to USD 2.25 bn in FY 2013.

A key contributor to the overall debt has been the industry’s accumulated

losses since 2007, which were approaching USD 9.5 bn as at Mar 31,

2013, CAPA added.

Airlines posted a combined loss of USD 1.65 bn in FY2013 (USD 1.15 bn

if Kingfisher is excluded), down from USD 2.28 bn the previous year.

The Indian Cabinet allowed foreign airlines to invest in Indian carriers in

Sep 2012, finally bringing to an end a regulatory anomaly that had

existed for 16 years, CAPA said.

Up to 49% FDI in the airline sector had been permitted long ago, but

since 1996 the regulations had completely excluded foreign airlines from

the list of eligible foreign investors.

On Nov 20, 2013, Etihad Airways, the national airline of the UAE,

completed the acquisition of 24% in Jet Airways, after the Indian

government.

Interest in the Indian airline sector has also been expressed by All Nippon

Airways, Lion Air, Tiger Airways and Singapore Airlines.

Kingfisher Airlines suspended flights in Oct 2012 and had its license

revoked in Feb 2013.



Source:

Aircraft Movement, Freight Handled by Airports (graphs show calendar years)

Trend in Aircraft Movement

Domestic Flight Statistics

Domestic Passenger Statistics

Freight Carried by Scheduled Airlines

CEIC;

1,037,677 1,074,324

1,208,939 1,186,365

877,686

279,144 294,877 308,946 308,958 244,850

2009 2010 2011 2012 2013 (Jan-Sep)

Domestic Aircraft Movement, numbers International Aircraft Movement, numbers

508,051 525,963 589,636 561,513 462,413

811,810 874,541

955,547 916,211

773,647

406,669 429,103 489,850 479,453

400,434

2009 2010 2011 2012 2013 (Jan-Oct)

Domestic No. of Flights, All Scheduled Airlines

Domestic Aircraft Hours Flown, All Scheduled Airlines

Domestic Aircraft Km Flown, All Scheduled Airlines, thousands

43.34 51.63 59.87 57.79 49.56

41.97 50.48

58.05 56.72 48.65

2009 2010 2011 2012 2013 (Jan-Oct)

Passengers Carried on Domestic Flights, All Scheduled Airlines, millions

Passenger Km Flown, Domestic Flights, All Scheduled Airlines, billions

269,451 357,902 346,010 354,912

314,718

27,148

24,903 15,377 5,046 2,289

2009 2010 2011 2012 2013 (Jan-Oct)

Total Domestic Mail Carried, All Scheduled Airlines, tonnes

Total Other Domestic Freight Carried, All Scheduled Airlines, tonnes

382,805 361,387 359,958

317,007 296,599



Source:

Performance of Indian Ports – LPI Index

List of India’s Major Ports

World Bank's International Logistics Performance Index (LPI) Global Ranking, 2012 (most recent available)

State-Wise Number of Non-Major Ports

Indian Ports Association; The World Bank;

LPI Rank (out of 155) LPI Score (1 is

Lowest, 5 is Highest Customs Infrastructure

International

Shipments

Logistics

Competence Tracking & Tracing Timeliness

Brazil 45 3.13 2.51 3.07 3.12 3.12 3.42 3.55

China 26 3.52 3.25 3.61 3.46 3.47 3.52 3.8

Hong Kong, China 2 4.12 3.97 4.12 4.18 4.08 4.09 4.28

India 46 3.08 2.77 2.87 2.98 3.14 3.09 3.58

Indonesia 59 2.94 2.53 2.54 2.97 2.85 3.12 3.61

Japan 8 3.93 3.72 4.11 3.61 3.97 4.03 4.21

Russian Federation 95 2.58 2.04 2.45 2.59 2.65 2.76 3.02

Singapore 1 4.13 4.1 4.15 3.99 4.07 4.07 4.39

United States 9 3.93 3.67 4.14 3.56 3.96 4.11 4.21

Although India's performance in the past three years has remained largely unchanged, the country is the top performer in its region and income group, according to the ranking.

West Coast East Coast

State Number of Ports State Number of Ports

Gujarat 40 Tamil Nadu 15

Maharashtra 53 Pundicherry 1

Goa 5 Andhra Pradesh 12

Daman & Diu 2 Odisha 2

Karnataka 10 West Bengal 1

Kerala 13 Andaman & Nicobar

Islands 23

Lakshadweep Islands 10 Total East Coast 54

Total West Coast 133 Total India 187

Port Name Location (City, State) Port Name Location (City, State)

Kochin Port Kochi, Kerala New Mangalore Port Mangalore, Karnataka

Chennai Port Chennai, Tamil Nadu Paradip Port Paradip, Odisha

Jawaharlal Nehru

Port Trust (JNPT),

also known as Nhava

Sheva

near Mumbai,

Maharashtra Tuticorin Port Tuticorin, Tamil Nadu

Kandla Port Kutch District, Gujarat Visakhapatnam Port Visakhpatnam, Andhra

Pradesh

Kolkata Port (incl.

Port of Haldia) Kolkata, West Bengal Ennore Port Chennai, Tamil Nadu

Mormugao Port Mormugao, Goa Port Blair Port Blair, Andaman

and Nicobar Islands

Mumbai Port Mumbai, Maharashtra



Source:

Basic Railway Statistics

Length of Railways and Electrification, All India

Passenger (l) and Freight (r) Earnings

Main Sector Indicators

Average Passenger (l) and Freight (r) Rates

CEIC; Indian Railways Yearbook 2011-12;

18 19

239 263

FY 2011 FY 2012

Total Non-Suburban, INR bn

Total Suburban, INR bn

257.06

606.87

677.44

FY 2011 FY 2012

Earnings from Carriage of GoodsTraffic, INR bn

282.46

13 13

28 29

FY 2011 FY 2012

All Classes Non-suburban

All Classes Suburban

97

101

FY 2011 FY 2012

Average freight rate/tonne km.(paise)

20

64

36

87

49

114

20

65

39

90

51

115

Electrified Total Electrified Total Electrified Total

Route Km, thousands Running Track km,thousands

Total Track Km, thousands

FY 2011 FY 2012

Number of Stations:

7,133 (FY 2011)

7,146 (FY 2012)

Indicator FY 2011 FY 2012

Route Kilometers 64,460 64,600

% Route Kms Electrified 30.42% 31.39%

Average Speed of Electric Trains, km/h 40.4 40.5

Number of Passengers, millions 7,651 8,224

Passenger Earnings, INR bn 257.06 282.46

Freight Traffic, thou tonnes 921,732.00 969,047

Freight Earnings, INR bn 606.87 677.44

Number of Locomotives 9213 9549

Number of Wagons 229,381 239,200

Seats/Berths, thousands 4,710 4,868

Air-Conditioned Seats/Berths as % of Total 7.47% 7.91%



Source:

Road Network (slide presents the most recent data available)

Total and Surfaced Road Length in India

Road Length by Categories, FY 2011 (most recent available)

Total Road Length by Categories

Basic Road Statistics, FY 2009, 2010, 2011 (Ministry of Road Transport and Highways);

399 915

3,374

4,690

157 398

1,598

2,525

153.50%

301.50%

58.01%

0%

100%

200%

300%

400%

0

1,000

2,000

3,000

4,000

5,000

FY 1951 FY 1971 FY 2001 FY 2011

Total Length of Roads, thou km

Total Length of Surfaced Roads, thou km

% y/y change in Surfaced Roads

43.5%

47.4%

53.8%

Surfaced Roads as % of Total Roads:

39.35%

66,590 66,754 70,548 70,934 70,934

152,235 154,522

158,497 160,177 163,898

835,003 863,241 962,880 977,414 1,005,327

2,393,488 2,450,559

2,629,165 2,692,535 2,749,805

300,580 304,327

373,802 402,448

411,840

268,505 270,189

276,617 278,931

288,539

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011

Project Roads, kmUrban Roads, kmRural Roads, kmOther Public Works Dept. (PWD) Roads, kmState Highways, kmNational Highways, km

4,016,401 4,109,592

4,471,510 4,582,439

4,690,342

Rural Roads 59%

Other Public Works Dept

(PWD) Roads 21%

Urban Roads 9%

Project Roads 6%

National Highways 2%

State Highways 3%



Source:

Freight, Passenger Movement by Roads and Railways

Freight Movement by Road Transport and Railways

Details on Freight Movement

Passenger Movement by Road Transport and Railways

Details on Passenger Movement

Planning Commission, Road Transport Yearbook FY 2012;

62.0% 62.5% 62.8% 64.3% 64.5%

38.0% 37.5% 37.2% 35.7% 35.5%

0%

20%

40%

60%

80%

100%

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Freight Moved by Road Transport, % Freight Moved by Railways, %

Freight Moved by Road

Transport, BTKM

Freight Moved by

Railways, BTKM Total, BTKM

FY 2008 851.7 521.3 1,373.00

FY 2009 920.2 551.4 1,471.60

FY 2010 1,015.10 600.5 1,615.60

FY 2011 1,128.40 625.7 1,754.10

FY 2012 1,212.40 667.6 1,880.00

BTKM is Billion Tonne-Kilometers

86.3% 86.1% 86.0% 85.9% 85.9%

13.7% 13.9% 14.0% 14.1% 14.1%

75%

80%

85%

90%

95%

100%

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Passengers Moved by Road Transport, % Passengers Moved by Railways, %

Passengers Moved by Road

Transport, BPKM

Passengers Moved

by Railways, BPKM Total, BPKM

FY 2008 4,860.30 770 5,630.30

FY 2009 5,196.50 838 6,034.50

FY 2010 5,555.90 903.4 6,459.30

FY 2011 5,940.30 978.5 6,918.80

FY 2012 6,351.20 1,046.50 7,397.70

BPKM is Billion Passenger-Kilometers



Source:

Container Traffic Export, Import at 12 Major Ports

Container Traffic Export, Import, mn tonnes Container Traffic Export, Import, thou TEUs

CEIC;

3,423 3,365 3,499 3,816 3,982

3,287 3,223 3,396

3,701 3,797

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Container Traffic, Import, thou TEUs Container Traffic, Export, thou TEUs

7,517

6,895 6,588

6,710

7,779

47.09 46.93 47.61 55.75

60.00

45.18 46.21 53.63

58.24

60.10

0

20

40

60

80

100

120

140

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Container Traffic, Export, mn tonnes Container Traffic Import, mn tonnes

113.99

101.24

93.14 92.27

120.10



Source:

Road Transport Contribution to Exchequer

Road Transport Contribution to Central Govt Revenue - Total

Road Transport Contribution to Central Revenue - Details

Road Transport Contribution to State Revenue - Total

Road Transport Contribution to State Revenue - Details

Directorate of Data Management, Central Excise & Customs, New Delhi; Reserve Bank of India; Road Transport Yearbook FY 2012;

Taxes and Fees on

Motor Vehicles, INR

bn

Sales Tax/VAT on

Motor Spirit and

Lubricants, INR bn

Tax on

Passengers and

Goods, INR bn

Total, INR bn

FY 2007 136.30 13.32 68.08 217.70

FY 2008 155.95 16.23 68.08 240.26

FY 2009 173.40 84.38 84.63 342.41

FY 2010 196.38 100.18 98.57 395.13

FY 2011 234.98 111.98 112.96 459.92

FY 2012

(Revised

Estimate)

286.80 138.16 126.66 551.61

FY 2013

(Budget

Estimate)

341.74 155.29 147.25 644.28

Motor Vehicles

and

Accessories

Tyres

High Speed

Diesel Oil

(HSD)

Motor Spirit (MS) Total

Import

Duty,

INR bn

Excise

Duty,

INR bn

Import

Duty,

INR bn

Excise

Duty,

INR bn

Import

Duty,

INR bn

Excise

Duty,

INR bn

Import

Duty, INR

bn

Excise

Duty, INR

bn

INR bn

FY 2011 65.09 86.68 25.53 9.40 175.46 37.32 87.36 267.71 754.53

FY 2012 81.27 93.31 29.61 11.15 152.80 47.23 52.40 287.96 775.73

FY 2013 90.96 123.06 35.13 13.58 99.48 57.25 37.55 237.10 694.12

217.7 240.26

342.41 395.13

459.92

551.61

644.28

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012(RevisedEstimate)

FY 2013(Budget

Estimate)

Road Transport Contribution to State Revenue, INR bn

754.53

775.73

694.12

FY 2011 FY 2012 FY 2013

Road Transport Contribution to Central Govt. Revenue, INR bn



Source:

FDI in Transport and Infrastructure (graphs show calendar years)

FDI in Transport and Infrastructure, 2008-2013 (Jan-Sep)

FDI in Transport and Infrastructure, Jan-Sep 2013

Total FDI in India, USD mn

CEIC

33,029

27,044

21,007

27,576

22,789

16,854

72.4%

-18.1%

-22.3%

31.3%

-17.4%

-26.0%

-40%

-20%

0%

20%

40%

60%

80%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2008 2009 2010 2011 2012 2013 (Jan-Sept)

Total FDI in India, USD mn % y/y change

253.59

2,104.41

29.02 275.68 119.95

469.75 99.65

Railway Related Components, USD mn Construction of Roads and Highways, USD mn

Maintenance and Repairs of Airports, USD mn Air Transport, USD mn

Air Freight, USD mn Sea Transport, USD mn

Shipbuilding, USD mn

Air Freight is a component of Air Transport. Shipbuilding

and Shipping are components of Sea Transport.

110.02

171.12

26.43 25.37 32.29

1.41

Railway Related Components, USD mn Construction of Roads and Highways, USD mn

Air Transport, USD mn Air Freight, USD mn

Sea Transport, USD mn Shipbuilding, USD mn

Air Freight is a component of Air Transport. Shipbuilding

and Shipping are components of Sea Transport.



.

…

Source:

FDI Regime

In Sep 2012 the Indian government allowed both foreign direct and

foreign institutional investment (FII) of 49% in domestic air carriers, in

an attempt to help cash-strapped companies get over their financial

troubles. Previously only foreign non-airline companies were allowed to

own up to 49% in local airlines. The FDI cap for foreign airlines was

limited to 24%. Calls were made on the government to raise the cap to

26%, which would allow foreign investors veto rights in board decisions.

FDI in laying railway tracks and running trains is not allowed in India.

The Ministry of Railways allows FDI (through the automatic route) only

in private companies manufacturing components for the railway

network. In an effort to reduce the shortage of rail connectivity to coal

and iron ore mines, in Aug 2012, the Ministry proposed to the

government to allow FDI through the approval route to build dedicated

lines for industry corridors. The government will soon invite foreign

businesses to help expand its railways, the Economic Times of India

said on Jan 9, 2014.

100% FDI in construction of roads and highways under the automatic

route is allowed. In terms of FDI, construction of roads and highways is

the best-performing of all observed segments, accounting for 1.42% of

the total FDI India attracted between 2008 and Sep 2008. The private

sector is expected to contribute a total 51.5% of the total funding

needed for national highway construction and upgrades under the

National Highway Development Program (NHDP) in the XII Plan (up to

FY 2017).

The Indian government allows 100% FDI in maritime infrastructure like

ports, terminals, jetties, harbors and merchant shipbuilding. 100% FDI

is also allowed in shipping and support infrastructure like warehousing,

roads, Inland Water Transport (IWT) and other logistics components.

However, as many as nine shipping companies had left India over the

past five years, the Sunday Guardian said in a report in Sep 2012.

According to the paper, quoting sources in the industry, issues to be

addressed to attract FDI include structural reforms like taxation policy

and labor laws.

FDI

Regime

Airlines Ports and Shipping

Railways Road Building

National Conclave on Shipping, Deloitte, Jun 2012; Mantrana Maritime Advisory; The Hindu Business Line; The Times of India; The Indian Express;

steelguru.com; The Sunday Guardian; Planning Commission;



II. Forecasts









Source:

Air Passenger and Freight Throughput Forecast

Domestic Passenger Throughput, FY 2017

Domestic Freight Traffic, FY 2017

International Passenger Throughput, FY 2017

International Freight Traffic, FY 2017

Planning Commission Report on Civil Aviation for the XII Plan

26

71

106

209 173.1%

49.3%

97.2%

0%

50%

100%

150%

200%

0

50

100

150

200

250

FY 2002 FY 2007 FY 2011 FY 2017 (F)

Domestic Passenger Throughput, millions % change

14

26

38

60 85.7%

46.1%

66.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

10

20

30

40

50

60

70

FY 2002 FY 2007 FY 2011 FY 2017 (F)

International Passenger Throughput, millions % change

294 530

852

1,680

80.3%

60.8%

97.2%

0%

20%

40%

60%

80%

100%

120%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

FY 2002 FY 2007 FY 2011 FY 2017 (F)

Domestic Cargo Traffic, thou tonnes % change

560 1,021

1,496

2,650

82.3%

46.5%

77.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

500

1,000

1,500

2,000

2,500

3,000

FY 2002 FY 2007 FY 2011 FY 2017 (F)

International Cargo Traffic, thou tonnes % change



Source:

Airline and Airport Forecasts (tables, charts show Indian fiscal years)

Aviation Turbine Fuel (ATF) Demand Forecast, thou tonnes

Expected Fleet Expansion of Indian Air Carriers

Expected Investments in Airports in XII Plan

No. of Employees To Be Required by Domestic Carriers

Petroleum Planning and Analysis Cell (PPAC), Emerging Markets Insight India Oil and Gas Report, Planning Commission Report on Civil

Aviation, KPMG Analysis

6,009 6,587

7,202 7,849

8,540 9,263

10,022 10,829

11,673 12,517

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

XII Plan XIII Plan

Aviation Turbine Fuel (ATF) Demand Forecast, thou MT

Investor Investment Category INR bn

Airports Authority of India Airport Projects 175

Private Investments

From Airport Operators 400

By Others (Concessionaires,

Third Party, etc.) 100

Subtotal 500

Total 675

Name of Airline No. of Aircraft

To Be Added by 2017

Estimated Value

of Aircraft To Be Added,

INR bn

Air India 40 180

GoAir 22 81

Jet Airways 79 320

JetLite 20 76

SpiceJet 68 261

IndiGo 69 261

Total 298 1,179

4,600 9,200 10,000

20,600 11,500

22,000 36,000

65,200

FY2011 FY2017 (F)

Pilots Cabin Crew Aircraft Engineers and Technicians Other Staff

62,000

117,000



Water Transportation and Ports Forecast

Port Capacity

Under the Maritime Agenda of the Shipping Ministry, the capacity at the country’s 13 major ports is likely to increase to 1,459.53 mn tonnes, while that at non-major ports is expected to reach 1,660.02 mn tonnes by 2020. This will enable ports to provide berthing facilities upon the arrival of ships, thus achieving zero pre-berthing detention of the vessels. Port capacity investment will total INR 2,770 bn, consisting of INR 1,090 bn for major ports and INR 1,680 bn for non-major ports. Liquid and bulk cargo traffic are expected to rise in the future due to India’s increasing reliance on imported fossil fuels (crude oil and coal). In addition, the country is a global top 5 iron ore exporter.

More Ports

Needed

India has a huge landlocked hinterland depending for imports on coastal infrastructure. Some 90% of India’s trade by volume

takes place through water transport. In the same time, cities have grown around existing government-owned ports, restricting

their expansion possibilities. In order to handle larger new-generation ships, ports need to have longer drafts and other

upgraded infrastructure. According to Deloitte India, the transport sector in India as a whole, and ports in particular, are

currently undergoing regulatory and policy changes. This will open opportunities for large-scale private participation and

greenfield projects.

Container

Traffic

According to estimates cited by Deloitte India, global container throughput will nearly double from current levels to 1.0 billion

TEUs by 2020. Growth will be primarily due to the economic development of emerging Asian and African countries. In India,

container traffic mostly belongs to major ports. Only a few non-major ports have the necessary infrastructure to handle

containers. According to Mantrana Maritime Advisory, the rise in India’s per capita income would lead to a higher consumption

of finished goods, which would consequently result in more containerized cargo. The rise in export-oriented manufacturing in

the country is another factor to contribute to higher containerization in the future.

Shipbuilding

As of Mar 2012, Indian shipbuilding accounted for 0.01% of the global market as a result of the withdrawal of the shipping

subsidy in 2007. Between 2002 and 2007, when the subsidy was applicable, domestic shipbuilding was about 1% of the global

business. In its Maritime Agenda 2020, the Shipping Ministry voiced intentions to bring the country’s share to 5% of global

shipbuilding in a decade. Rising oil prices will result in more exploration activities and, consequently, in a higher demand of off-

shore vessels (OSV) in which India specializes.



Source:

Railway Transportation Forecast

Number of Passengers Forecast, millions

Lead (Trip) Distance of Non-Suburban Passengers

Freight Load Forecast, Selected Commodities, million tonnes

Planning Commission Report on the Railway Sector, XII Plan;

Commodity FY 2014 FY 2015 FY 2016 FY 2017 Share, %

Total Coal 538 587 641 700 46.70%

Total Iron &

Steel 44 49 55 61 4.07%

Iron Ore for

Export 14 13 12.58 12 0.80%

Domestic Iron

Ore 122 137 153.77 173 11.54%

Cement 140 159 180 205 13.68%

Foodgrains 52 54 55 57 3.80%

Fertilizers 51 53 54 56 3.74%

Petroleum, Oil

and Lubricants 43 43 44 45 3%

Containers for

Export 39 45 52 60 4%

Domestic

Containers 13 16 18 21 1.40%

Total

Containers 52 60 70 81 5.40%

4,545 4,855 5,186 5,540 5,917

4,323 4,651 5,005

5,385 5,793

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Suburban Passengers, millions Non-Suburban Passengers, millions

11,711 10,924

10,190 9,506

8,868

3,578.01 3,868.38

4,182.66 4,522.25

4,890.10

731.34 794.97 864.22 939.44 1,021.35

174.65 196.65 221.12 248.31 278.55

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Distance of Less Than 300 Km (Millions Passengers Travelling)

301-1,050 Km (Millions Passengers Travelling)

Distance of More Than 1,050 Km (Millions Passengers Travelling)



Source:

Railway Transportation Forecast (cont’d)

Anticipated Requirement of Rolling Stock

Railway Sector Financial Requirements in the XII Plan

Planned Capacity Increases in Production Units in XII Plan

Parcel Traffic Forecast

Planning Commission Report on the Railway Sector, XII Plan;

7.21 7.69 8.19 8.73 9.33

17.53 19.77

22.30

25.15

28.37

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Projected Tonnage (million tonnes) Projected Earnings (INR bn)

Source of Funding Amount, INR bn

Gross Budgetary Support 3,540

Railway Safety Fund 168

Internal Resources 2,018

Extra Budgetary Resources 1,470

Total 7,197

Name of Production Unit (PU) Planned Capacity Increase

per Year

Diesel Locomotive Works (DLW) 200-300 diesel locomotives

per year

Chittaranjan Locomotive Works (CLW) 200-275 electric locomotives

per year

Integral Coach Factory (ICF) 1,500-1,700 coaches per year

Rail Coach Factory (RCF 1,500-1,700 coaches per year

Diesel Locomotive Modernisation Works (DMW) Assembly of 100 Diesel

Locomotives per year

Coaches Diesel

Locomotives

Electric

Locomotives Wagons

FY 2013 4,000 325 350 18,659

FY 2014 4,200 327 351 22,197

FY 2015 5,000 448 404 22,020

FY 2016 5,200 450 455 21,043

FY 2017 5,600 450 450 21,740



III. Government Policy









Source:

Civil Aviation Government Policy

Key Bodies

The Civil Aviation Sector is structured into three functional branches - regulatory, operational and infrastructural. The safety and

security functions are performed by the Directorate General of Civil Aviation (DGCA) and the Bureau of Civil Aviation Security

(BCAS). Operational functions are carried out by flag carrier Air India, government-owned helicopter carrier Pawan Hans Helicopters

Ltd. and the other scheduled and non-scheduled airline operators. Infrastructural facilities are provided by the Airports Authority of

India (AAI) and private airport developers. The Ministry of Civil Aviation (MoCA) is the key body in charge of developing national

aviation policies and overseeing the three functional branches. The Airport Economic Regulatory Authority (AERA) was set up in

2008 as a tariff setting and planning body as well as an airport infrastructure regulator. The Association of Private Airport

Operators (APAO) is an organization established in 2009 to represent the interests of the major private airports in India.

Scheduled

Airlines

A total five scheduled airlines, flying under eight brands, operated in India in 2013. These are: Air India (brands: Air India, Alliance Air and Air India Express); Jet Airways (brands: Jet Airways and JetKonnect); IndiGo, SpiceJet and GoAir. Kingfisher Airlines (brands: Kingfisher Airlines and Kingfisher Red) suspended flights in Oct 2012 and had its license revoked in Feb 2013. A scheduled domestic airline is a carrier which operates with a minimum of five aircraft and on a fixed schedule. Many unscheduled airlines also operate in the country. To allow carriers to operate on international routes, the government requires them to have at least five years of experience and a minimum of 20-aircraft fleet. This rule has constantly faced industry criticism and news reports have been claiming the government may soon review it. Within India, scheduled airlines are required to provide services along routes falling into each of the categories I (profit-generating), II (loss-generating) and III (all other routes), as per the national Route Dispersal Guidelines (RDG). However, the route requirements have largely failed to ensure sufficient connectivity of several regions in India.

Regional

Connectivity

Category I routes, connecting large metropolitan areas, cross-subsidize losses generated from Category II routes, which connect

airports in the North-Eastern region, Jammu and Kashmir and the Andaman & Nicobar and Lakshadweep islands. According to the

Planning Commission’s conclusions, air connectivity along strategically important but commercially unviable routes has largely been

confined to state capitals, leaving island airports behind. The commission concluded that innovative mechanisms were needed to

achieve maximum impact of the RDG connectivity objectives. The commission suggested revisiting an earlier government expert

report that recommended the setting up of an Essential Air Services Fund (EASF) in charge of managing a government airline

subsidy to be awarded under a competitive bidding process. Separately, the need to achieve low air fares, change the popular

perception of air travel as an elite mode of transportation and adopt a “no-frills” airport model was highlighted.

Websites of Key Bodies; Planning Commission Report on Civil Aviation for the XII Plan



Source:

Civil Aviation Government Policy (cont’d)

General

Aviation and

Ground

Handling

According to the Planning Commission, the ground handling business in India generated a turnover of some INR 20 bn in FY 2011. Under a new ground handling policy the Civil Aviation Ministry announced in 2011, only three ground handlers would be allowed at each of the six metro airports in India. One would be a subsidiary of national flag carrier Air India, while the other two can be selected by airport operators through competitive bidding. In the General Aviation (GA) segment, the following issues have been highlighted as policy priorities until 2017 – to review the regulatory framework regarding takeoff and landing clearances, as the current preference given to scheduled flights in terms of landings and departures discourages investment in GA fleet expansion; to promote investment in airport support infrastructure in Tier II and III cities; to upgrade non-operational air strips and create a database of all airports, airstrips and helipads not in general use to promote safety; and to consider the development of a PPP helicopter policy for servicing areas that cannot have runways because of financial or terrain-related considerations.

Freight

Handling

Infrastructure

According to the Planning Commission, the perception of Indian exports abroad are affected by freight handling infrastructure at

domestic airports. Current infrastructure is rated as poor and is claimed to result in spoilage, pilferage, high turnaround times and

quality degradation of the goods to be exported. Therefore, up to 2017, emphasis will be placed on higher efficiency and automation of

cargo handling. Another segment to be developed is trans-shipment as India’s location allows it to aspire to become an international

freight hub. The development of dedicated trans-shipment infrastructure and more clarity in related procedures will be a focus of the

XII Plan air freight policy. Other plans include dwell time reduction, the setting up of 24/7 customs operations and establishing Air

Freight Stations (AFS) in the hinterland.

Maintenance,

Repair and

Overhaul

Indian Maintenance, Repair and Overhaul (MRO) companies have to pay taxes some 40% higher than those payable by their

foreign counterparts. The additional tax burden consists of import duties on spare parts, Value Added Tax (VAT) and Service Tax.

High import duties stops domestic companies from maintaining sufficient levels of inventory, which keeps planes to be repaired

grounded for a longer period of time. This results in Indian carriers having their aircraft repaired at foreign MRO locations such as

Dubai, Singapore and Malaysia. To boost the development of the Indian MRO segment, the Planning Commission suggested that

import duties for spare parts be abolished and that the domestic manufacturing of spare parts be treated as “import substitution” and,

as such, be tax-free. Other ways to help develop the domestic MRO segment include simplifying MRO licensing procedures and

encouraging airlines to set up their own MRO hubs under three-way joint ventures with MRO service providers and airport companies.

Planning Commission Report on Civil Aviation for the XII Plan (FY 2012 - FY 2017)



Source:

Railway Transport Government Policy

Key Bodies

and

Legislation

The Ministry of Railways is in charge of drafting India’s railway policy and managing railway operator Indian Railways (IR). Key

legislation is the Railways Act of 1989. In its report on the XII Plan, the Planning Commission recommended the setting up of a Rail

Tariff Regulatory Authority to rationalize railway tariffs, help improve IR performance and reduce productivity losses, while keeping

railway transport affordable to citizens. Currently full powers for tariff fixation are vested with the Ministry of Railways. The Railway

Safety Fund is a source of railway sector funding, collects its resources from diesel cess transfers from the Central Road Fund.

Transfers currently total come INR 10 bn a year but according to the Planning Commission, they have to increase to at least INR 33

bn per year to meet railway funding requirements.

Bullet Train

and

Monorail

In July 2012 the government set up a company called High Speed Rail Corporation of India (HSRC Ltd.) to build India’s first bullet

train network from Mumbai to Ahmedabad. The high-speed train is expected to reduce travel time between the two financial hubs to

two hours from the current eight hours. The network is expected to cost some INR 600 bn and take ten years to complete, Hindustan

Times reported in May 2013. On Jul 21, 2013, India’s first monorail made its maiden journey with passengers in Mumbai. The

Mumbai Metropolitan Region Development Authority awarded the 19.5-km stretch, worth some INR 24.6 bn, to a consortium of Indian

civil engineering major Larsen & Toubro and Malaysian Scomi Engineering Bhd. Suburban railway services are available in Mumbai,

Kolkata, Pune, Chennai, Delhi and Hyderabad. Subway networks are currently operational in Kolkata, Chennai, Delhi and Namma;

and are under construction in seven metropolitan areas across the country.

Rail Fares

In Oct 2013, IR increased passenger and freight fares by some 2% for all classes and by 1.7%, respectively, in an effort to deal with

rising diesel and electricity costs, the Indian Express reported. In the six months prior to Oct 2013, electricity and diesel costs went up

by 15.5% and 7.3%, respectively, the paper added. In Jan 2013, India raised railway passenger fares for the first time since 2004

in an effort to curb losses and help improve the sector’s financial position. The fare increase was expected to help generate INR 66 bn,

Railway Minister Pawan Kumar Bansal was quoted as saying. The government gave up its previous attempt to raise fares in Mar 2011

and fired the then railway minister, following protests by a key political ally. Following the fare increase, the ticket price for bottom-rung

sleeper-class customers travelling from Delhi to Mumbai, some 1,400 km apart, jumped 21% to some INR 400, roughly equivalent to

USD 7.3, AFP and Reuters reported in Jan 2013.

Ttrweekly.com; AFP; reuters.com; tradearabia.com; railnewscenter.blogspot.com; Indian Railways Annual Report 2010-11; The Economic Times of India,

Planning Commission Report on Railways in the XII Plan, Larsen&Toubro Annual Report 20211-12;



Railway Freight Transport Government Policy

Private Capital

for Industrial

Rail

Connectivity

In Nov 2012, the Indian government allowed private companies to build new rail lines for last-mile connectivity. The move

is expected to lower transportation costs and quicken the evacuation of commodities such as minerals, coal and finished

products from their places of manufacture or origin, the Times of India reported. Under the new policy, private companies will

be allowed to lay tracks under a Build-Operate-Transfer (BOT) arrangement. Lines can also be assigned via competitive

bidding for concession periods raging between 15 and 20 years, the daily added. Privately-built connections to ports and mines

will be declared Non-Government Railways (NGR) for the public carriage of goods. The government said it would soon prepare

the model agreements for private participation under NGR and BOT. The initiative comes to replace a Railway Infrastructure for

Industry initiative adopted in 2010. The policy, alternatively referred to as R3i, was aimed at attracting private sector

participation in rail connectivity projects across the country.

Dedicated

Freight

Corridors

The Dedicated Freight Corridor Corporation of India Ltd. (DFCCIL) is a Special Purpose Vehicle set up in 2006 under the

Railway Ministry to plan, build and operate railway routes and lines used solely for freight transportation across India. An

Eastern and Western corridors, each some 1,500-km long, have been planned and are currently in various stages of

completion. Freight corridors are expected to increase the railways’ share in freight traffic and reduce freight transportation

costs in the country. Capacity utilization of above 100% of the routes carrying more than half of Indian Railways’ freight traffic

has made the building of freight corridors a necessity. The busy routes are those part of the Golden Quadrilateral linking the

cities of Delhi, Mumbai, Chennai and Howrah, and its two diagonals, with a combined length of 10,122 km.



Source:

Port and Shipbuilding Government Policy

Key Bodies

and

Legislation

Infrastructure investments in ports are fully controlled by the Ministry of Shipping. The Directorate General of Shipping (DG

Shipping) is a statutory maritime authority under the Ministry which deals with executive matters relating to merchant shipping. The

Mercantile Marine Department (MMD) works under DG Shipping to implement the Merchant Shipping Act of 1958. Other key

maritime industry acts are the Major Ports Trust Act, 1963; The Draft Ports Bill, 2011; the Cabotage Law and The Land Policy

for Major Ports, 2010. The Tariff Authority for Major Ports (TAMP) was set up in 1997 to regulate vessel- and cargo-related tariffs

and lease rates for major ports and private players. The Maritime Boards, which are state port authorities, sign concession

agreements with private-sector operators. Port dues are regulated and fixed on the basis of actual costs. The Draft Policy on Private

Freight Terminals (PFT) is aimed at facilitating cargo handling while switching between railway and water transport modes. The move

to gradually replace the Central Sales Tax (CST) with Value Added Tax (VAT) is also expected to facilitate containerization.

Shipbuilding

Subsidy and

Taxation

The government provided a subsidy of 30% of all export orders to both public and private shipyards between Oct 2002 and Aug 2007.

Currently, the subsidy is provided to all eligible shipbuilding contracts signed up to Aug 14, 2007. The subsidy withdrawal caused an

outcry among shipbuilders and reportedly brought India’s market share in global ship manufacturing to 0.01%. A 2007 study by KPMG

India recommended that the 30% subsidy be continued until 2017 and be scaled down to 25% until 2022. According to a May 2012

statement of the Shipping Minister to the Upper House of Parliament Rajya Sabha, the domestic shipbuilding sector was adversely

affected by high and complicated taxation. Taxes payable by shipyards include 5% excise duty and 3% cess on domestic ship sales,

coupled with value-added tax (State VAT) on indigenous ship sales. In addition, basic customs duty of 10% plus additional duty,

countervailing duty and cess, adding up to a total 26.85%, are applicable on the capital items imported for shipbuilding works.

Inland

Waterways

The Inland Waterway Authority of India (IWAI) is in charge of the development and regulation of Inland Waterways (IW) for the

purposes of shipping and navigation. There are five established inland waterway routes in India. A sixth one has been proposed for

government approval. IWAI manages the infrastructure facilities of the first three. Inland water transport (IWT) is more cost effective

compared to the road and rail modes, but accounts for about 1% of inland cargo traffic in India. The Planning Commission has not

allocated any funds for infrastructure development of NW 4 and 5, as envisaged by the Detailed Project Reports (DPRs) IWAI had

prepared, so the waterway authority is seeking public-private cooperation to enhance the commercial viability of these stretches, the

Shipping Ministry said in its FY 2013 Annual Report. The Ministry’s Maritime Agenda 2020 envisages both budgetary support and

private funding for IW development.

Shipping Ministry Annual Report 2011-12, Deloitte India: “Intermodal and Multimodal Logistics”, Sept 2012, Maritime Agenda 2020, shippingbiz360.com, marinelog.com



Source:

Shipbuilding Subsidy

Shipbuilding Subsidy by Sector Shipbuilding Subsidy by Type of Order

Statistics of India’s Shipbuilding and Ship Repairing Industry 2011-12;

Year Public Shipyards,

INR mn

Private Shipyards,

INR mn

Total,

INR mn

FY 2001 150.00 NIL 150.00

FY 2002 200.00 NIL 200.00

FY 2003 253.60 NIL 253.60

FY 2004 100.00 NIL 100.00

FY 2005 150.00 NIL 150.00

FY 2006 1,015.30 NIL 1,015.30

FY 2007 1,105.20 NIL 1,105.20

FY 2008 1,699.60 192.80 1,892.40

FY 2009 1,317.10 NIL 1,317.10

FY 2010 1,074.00 718.00 1,792.00

FY 2011 709.10 1,281.90 1,991.00

FY 2012 57.70 1,166.50 1,224.20

Year Domestic Orders,

INR mn

Export Orders,

INR mn

Total,

INR mn

FY 2001 150.00 - 150.00

FY 2002 200.00 - 200.00

FY 2003 133.30 120.30 253.60

FY 2004 NIL 100.00 100.00

FY 2005 NIL 150.00 150.00

FY 2006 505.30 510.00 1,015.30

FY 2007 405.20 700.00 1,105.20

FY 2008 422.30 1,470.10 1,892.40

FY 2009 228.00 1,089.10 1,317.10

FY 2010 189.60 1,602.40 1,792.00

FY 2011 NIL 1,991.00 1,991.00

FY 2012 NIL 1,224.20 1,224.20



Source:

Public Port Sector Expenditure Estimates

Estimated Port Sector Expenditure During XII Plan (2012-17) Rail/Road Port Connectivity Projects

Shipping Ministry Annual Report FY 2012; Maritime Agenda 2020; Deloitte India;

Port Phase I, (2010-

12), INR bn

Phase II, (2012-

17), INR bn

Phase III, (2017-

20), INR bn

Total

Investment, INR

bn

Chennai 10.00 NIL 2.25 12.25

Kolkata 0.30 10.75 NIL 11.05

V. O.

Chidambaranar 1.27 6.40 3.00 10.67

Ennore 5.76 4.46 NIL 10.22

Cochin 8.03 0.40 NIL 8.43

Visakhapatnam 3.96 1.50 2.00 7.46

JNPT 6.81 0.45 NIL 7.26

Paradip 6.15 NIL NIL 6.15

Mumbai 3.33 NIL NIL 3.33

Kandla 0.45 1.16 NIL 1.61

New Mangalore 0.70 NIL NIL 0.70

Mormugao NIL NIL NIL NIL

Total 46.76 25.12 7.25 79.12

Expenditure

Item

Gross Budgetary

Support (GBS),

INR bn

Contribution

from State

Govts., INR bn

Private

Investment/Inter

nal Extra

Budgetary

Resources

(IEBR), INR bn

Total, INR bn

Ship Acquisition NIL NIL 600 600

Restructuring of

the Regulatory

Regime

5.46 NIL NIL 5.46

Directorate

General

(Shipping)

1.5 NIL NIL 1.5

IMU 12.80 NIL NIL 12.80

Training &

Welfare 8.28 NIL NIL 8.28

Seafarers Safety 0.3 NIL NIL 0.3

Coastal Shipping 28.35 12.00 123.60 164.00

Multimodal

Transport NIL NIL NIL NIL

Lighthouses &

Lightships 7.9 NIL NIL 7.9

Inland Water

Transportation

(IWT)

40.40 11.40 53.20 105.00

Total 104.99 23.40 776.80 905.19



Source:

Road Transport Government Policy

Key Bodies

Free

Movement of

Goods

More Lanes

and

Expressways

The Ministry of Road Transport and Highways (MRTH) – the key government body developing legislation on road transport. The National Highways Authority of India (NHAI) – an agency under the Ministry of Road Transport and Highways, in charge of developing, operating, maintaining and managing India’s national highway network. NHAI was set up in 1988. State Public Works Departments (State PWDs) are in charge of building and maintaining national highways, state highways and Major District Roads on their respective territories. Border Roads Construction (BRO) – a road construction unit under the Indian army, set up in 1960. BRO specializes in building General Staff (GS) Roads in border areas. It also builds airfields, concrete bridges and housing. The Road Transport Corporation Act of 1950 is the key legislation regulating the operations of road transport companies.

In 2010 the Indian government introduced a composite annual goods transport fee of INR 15,000 per truck, allowing it to move freely anywhere across the country. The move amended the previous permit regime, under which goods carriers paid an annual fee of INR 20,000 per truck that granted it access to its home state and three neighboring states. Companies had to pay INR 5,000 for each additional state the truck entered. The amendment to the national permit regime is a step towards adopting an all-India Goods and Services Tax (GST) and achieving a national market of goods and services. The permit regime change would have a marginal impact on the operating costs of transporters but would significantly reduce paperwork, daily The Economic Times of India quoted a Delhi-based transportation firm executive as saying. Segment key legislation is The Carriage by Road Act of 2007.

In addition to Phase VI of NHDP, envisaging the building of 1,000 km of expressways, the

government has set a target to develop additional 500 km of expressways. Some 200 km will

be funded by government support and 300 km – through public-private partnerships. At the

beginning of FY 2012, a total 9,220 km of national highways had less than two lanes. In a

report, the Planning Commission proposed 2,000 km of these to be upgraded to two-lane

national highways (one lane per direction), to be funded in different proportions by the central

budget, a World Bank (WB) loan and under Build-Transfer-Operate (BOT) schemes with

private contractors. At least 200 km of national highways are proposed to be upgraded to at

least four-lane divided carriageway facilities through public-private partnerships.

The Goods and Services Tax

(GST)

An important reform expected

to improve tax collection and

simplify trade across India, is

the Goods and Service Tax

(GST), proposed in 2009 and

as of end-2013 still not

implemented.

The comprehensive tax levy

on manufacture, sales and

consumption of goods and

services will replace a

multitude of state levies with a

single national tax rate and will

thus abolish the multiple levels

of taxation currently existing in

India.

Under GST, both Central and

State taxes will be collected at

the point of sale and will be

charged on the manufacturing

cost. The taxation burden will

be divided equitably between

manufacturing and services

through a lower tax rate by

increasing the tax base and

minimizing exemptions.

MRTH website, HNAI website, Karnataka PWD website, BRO website, The Economic Times of India, GSTIndia.com, Emerging Markets

Insight



Source:

The National Highway Development Project (NHDP)

Progress of NHDP up to Mar 31, 2013

Sources of NHDP Funding in XII Plan (2012-2017)

Stages of the NHDP

NHAI Website, Planning Commission, MRTH Annual Report 2011-12

Phase

under NHDP Description

Phase I

The Golden Quadrilateral (GQ), the 5,846-km highway, connecting India's four

major cities - Delhi, Mumbai, Chennai and Kolkata, was completed in Jan 2012.

The highway consists of four-or six-lane stretches and was worth some INR

300 bn, largely funded by petroleum product tax revenues and government

borrowing.

Phase II

The North-South (NS) and East-West (EW) corridors, connecting four extreme

points along the length of the country. At the end of FY 2012 in March, some

85% of the project, which also includes port connectivity, was completed. The

highways have a total length of 7,300 km and are worth some INR 350 bn.

Phase III A scheme to upgrade 12,109 km of national highways on a Build-Operate-

Transfer (BOT) basis. Contracts have been awarded for some 2,000 km.

Phase IV Consists of a plan for widening 20,000 km of single-lane highways into two-

lane highways with paved shoulders.

Phase V A plan to upgrade some 5,000 km of four-lane roads into six-lane roads.

Phase VI Consists of projects for building expressways connecting major industrial and

commercial centers.

Phase VII

Includes projects to improve city road networks by adding ring roads and

facilitating connectivity to national highways. Also envisages improvements to

selected national highway stretches, including the construction of flyovers and

bypasses. To be funded on a BOT basis.

Name of Source Amount of Funding, INR bn

Cess 548.98

External Assistance 1.8

Toll Revenue 275.07

Additional Budgetary Support (ABS) for SARDP-

NE and Jammu & Kashmir 77.71

Internal and Extra Budgetary Resource (IEBR) 666.8

Sub-Total 1570.36

Participation of Private Sector 1667.38

Total 3237.74

Phase under

NHDP Total Length, km

Completed (km) as of

Dec 2012

Length Completed in FY

2013

I 7,522 7,507.01 22.39

II 6,647 5,542.50 44.07

III 12,109 4,602.49 959

IV 20,000 62 62

V 6,500 1,276.29 366

VI 1000 NIL NIL

VII 700 km of Ring Roads/Bypasses +

Flyovers 18.73 5.38



Source:

Government Road Building Programs

Rural Roads

In 2000, the Indian government launched poverty alleviation strategy Pradhan Mantri Gram Sadak Yojana (PMGSY) to provide all-weather road connections to isolated settlements with a population of 1,000 and above by 2003, and to settlements with a population of 500 and above by 2007. Implementation problems and scarcity of funds delayed program completion and PMGSY was still being implemented at the end of the XI planning period in 2012. According to the Planning Commission, PMGSY would need an annual funding of INR 400 bn for each of the five years of the XII plan, if all projects are to be completed by its ending year 2017. In May 2013, the central government approved PMGSY-II to upgrade some 50,000 km of rural roads constructed under the programme, the Business Standard reported on May 5, 2013. Jawahar Rojgar Yojna (JRY) is a government-sponsored poverty alleviation scheme set up in 1989 to provide employment opportunities and infrastructure development to India’s rural areas. Road construction is one of the ways JRY provides employment to rural Indians.

Road Program

for the North-

East

The Special Accelerated Road Development Program in North Eastern Region (SARDP-NE) is a government of India initiative

aimed at promoting the rapid development of the road infrastructure in the north-eastern region of India. The program is divided into

three parts – Phase A, Arunachal Pradesh Package and Phase B. The total length of roads to be built/upgraded under Phase A is

4,099 km, under the Arunachal Pradesh Package – 2,319 and under Phase B – 3,723 km. According to a report by the Planning

Commission on targets for the XII Plan (2012-2017), some 1,000 km were competed by Mar 31, 2012 under Phase A and the AP

Package. Of the Phase B’s total length, 1,610 km will be taken up for implementation in the XII Plan. Total fund requirements under

Phase A and the AP Package have been estimated at INR 257.4 bn, and for Phase B – at INR 119.34 bn for the XII Plan. A total 625

km were completed in FY 2013, the Road Ministry’s FY 2013 Annual Report showed.

Roads in

Disadvantaged

Areas

The government of India has drafted a two-phase program for the development of roads in the Left-Wing Extremism (LWE)-Affected

Areas. The program includes a Tribal Sub-Plan (TSP) component. Phase I features construction and upgrades of roads of a total

length of 5,477 km. Some 350 km have been completed by Mar 31, 2012 and 76 – by Mar 31, 2013. The remainder is scheduled to be

built by Mar 2015. Phase II envisages road works of a total length of 8,014 km to be completed by Mar 2017. The total estimated fund

requirement under phases I and II, have been estimated at INR 53.76 bn and INR 107 bn under Phase II. The Planning Commission

proposed that some INR 30 bn be earmarked for the development of national highways by army building unit Border Roads

Construction (BRO).

Planning Commission, Ministry of Development of the North-Eastern Region



Source:

The Central Road Fund (CRF)

CRF Allocations for Road Transport in India

In 2000, the Indian government set up a Central Road Fund

(CRF) to promote road building in the country. CRF is

financed from the collection of cess on petrol and High Speed

Diesel (HSD) Oil. As of Mar 31, 2013, INR 2 per litre was

collected as cess on petrol and HSD Oil. A total 50% of INR

1.5 of the cess on HSD goes to nationwide road

development. The other half of the cess on HSD and the

entire cess collected on petrol are allocated as follows:

57.5% for the development and maintenance of national

highways;

12.5% for the construction of roads under or over bridges

as well as for safety works at unsupervised railway

crossings;

30% for the development of state roads. A total 10% of

this amount is kept as reserve for allocation to states for

the implementation of state road schemes (ISC & EI).

The remaining cess of INR 0.5 per litre is allocated to

development and maintenance of the national highways.

CRF operations are regulated by the Central Road Fund Act

of 2000.

In its report on road transport development in the XII Plan, the

Planning Commission set a target of 85,000 km of national

highways by 2017, against roughly 77,000 km available in

FY 2012.

CRF Allocation Break-Down

CEIC; MRTH Annual Reports 2011-12 and 2012-13; Deloitte Intermodal and Multimodal Logistics, Sept 2012; Planning Commission Report on Road

Transportation in the XII Plan;

140,903

185,000 170,298

160,415

212,746

194,338

12.32%

31.30%

-7.95% -5.80%

32.62%

-8.65%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

0

50,000

100,000

150,000

200,000

250,000

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

CRF Disbursements, INR bn % y/y change

FY 2011, INR bn

FY 2012

(up to Dec 2011),

INR bn

FY 2013, INR

bn

Grant to State Governments and UTs for

State roads 18.94 22.48 23.60

Grant to States & UTs for Roads of Inter-

State Connectivity and Economic

Importance

2.1 2.5 2.62

National Highways (incl. Expressways) 78.49 94.12 98.82

Rural Roads 44.34 55.5 58.27

Railways 8.77 10.41 10.93

Total 152.64 185 194.24



IV. Air Transport









Air Transportation Highlights

Importance

India became the 9th-largest civil aviation market in the world between fiscal years 2006-2011. In spite of this, air travel

penetration in FY 2011 was at 0.04 per capita trips, against 2 per capita trips per year for the US and Australia. China’s

domestic air traffic is five times the size of India’s, although its population is only 10% larger, the Planning Commission pointed

out. While air transport accounts for some 0.3% of GDP, India’s national statistics do not measure separately the contribution of

all civil aviation stakeholders to the public finances of the country. Civil aviation contributed some 1.5% to India’s 2009 GDP

and supported some 10 million jobs, including those in tourism, a study by Oxford Economics showed.

Players

A total five scheduled airlines, flying under eight brands, operated in India in 2013. The demise of Kingfisher Airlines was one of

the major events in the sector in FY 2013. As a result of the removal of Kingfisher’s seats, combined with modest capacity

induction by other carriers, the demand/supply dynamics in the market favored airlines for the first time since 2004, CAPA

commented. This drove average fares up by 15%-20% y/y in FY 2013, which in turn curtailed demand and resulted in almost all

carriers reporting a slight decrease in average passenger load factors in the year.

Opportunities

Factors that support investments in the Indian aviation sector include strong growth prospects coupled with very low

penetration, and the low valuations of listed airlines due to poor performance. The country is well situated to become a hub for

international traffic between Europe and South Asia, as well as a maintenance, repair & overhaul (MRO) center. However,

scheduled air carriers suffer under high operation costs and excess capacity, combined with insufficient airport infrastructure.

Jet fuel costs account for 30-45% of operating costs for Full-Service Carriers (FSCs) and 40-55% for Low-Cost Carriers

(LCCs). Congestions at major domestic airports increase fuel costs considerably.

Challenges

The impact of rising prices of imported ATF is aggravated by the depreciation of the rupee against the US dollar, since many

carriers have more USD costs than USD revenues. The cost environment remained hostile in FY 2013, CAPA commented. The

increased landing and navigation charges at key metro airports and higher operational costs contributed to airline losses.

Losses were exacerbated as airlines were unable to fully pass on these incremental costs to passengers. Experienced local

pilots are hard to find, which has resulted in the employment of many foreign pilots, who demand higher salaries paid in foreign

currency.



Source:

Aircraft and Freight Movement, 2013

Aircraft Movement, 2013 (Jan-Sep), numbers

Freight Handled By Airports, 2013 (Jan-Sept), tonnes

CEIC;

166,787 182,008

76,221 71,389 72,252

30,672

77,094

299,674

65,774 77,764

31,665 13,339 17,154 15,160

Domestic International Domestic International Domestic International Domestic International Domestic International Domestic International Domestic International

Mumbai Delhi Chennai Kolkata Bangalore Ahmedabad Hyderabad

134,239

336,873

143,431

283,886

54,367

166,265

60,349 32,738

65,018

113,563

25,232 36,809 26,429 11,533

Domestic International Domestic International Domestic International Domestic International Domestic International Domestic International Domestic International

Mumbai Delhi Chennai Kolkata Bangalore Hyderabad Ahmedabad



Source:

Selected Air Transportation Details

Full-Service and Low-Cost Carriers

Companies Operating Five or More Helicopters (publ. Apr 2011)

Flights per Week to North-East Regions and Islands

Helicopter Usage (data published Apr 2011)

Planning Commission’s Report on Civil Aviation in the XII Plan;

No. of Flights per Week

FY

2006

FY

2007

FY

2008

FY

2009

FY

2010

FY

2011

Total No. of Domestic Flights 8,724 10,624 11,048 11,063 11,315 12,107

No. of Flights to the North-Eastern

Region 259 285 298 286 347 370

No of Flights to Jammu&Kashmir 104 116 110 113 120 179

No. of Flights to Andaman &

Nicobar Island 24 42 42 35 40 42

No. of Flights to Lakshadweep

Island 6 13 10 7 13 10

Deccan Charters Himalayan Heli

Services Pvt. Ltd.

Pawan Hans Helicopters Ltd,

(PHHL)

Mesco Airlines Ltd.

Global Vectra Helicorp Ltd.

6

6

14

51 23

Total No. of

Helicopters:

around 300

Total No. of

Operators:

more than

90

69%

17% 10%

1% 1% 1%

Corporate andGeneral

Offshore OilSupport

VIPTransportation

Training LawEnforcement

EmergencyMedicalServices

Areas of Helicopter Usage, %

66% 54% 52%

37% 31%

34% 46% 48%

63% 69%

0%

20%

40%

60%

80%

100%

120%

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011

Low-CostCarriers

Full-ServiceCarriers(FSC), %



Source:

Aviation Turbine Fuel (ATF) Prices

Domestic Production and Consumption of ATF, thou tonnes

According to the Planning Commission’s report on civil aviation in

the XII Plan (up to FY 2017), ATF costs account for some 40-50%

of the total operational costs of airlines.

Jet fuel in India is some 60% more expensive compared to major

competing hubs (see adjacent graph), a KPMG analysis showed.

According to the Planning Commission, high ATF prices in India

result in airline tickets from India to these locations being cheaper

than those for flights within the country.

Following the dismantling of the Administered Price Mechanism

(APM) on Apr 1, 2002, ATF prices in India are based on

international import parity prices and do not relate to the costs of

producing ATF in India.

Domestic ATF prices include freight charges from the Persian

Gulf to India, domestic transportation charges, throughput

charges paid to the airports, marketing margin for the OMCs,

excise duty and cess, VAT levied by state governments and sales

tax.

ATF prices rose 6.9% to INR 75,031 per kilolitre, as a result of the

rupee depreciation and costlier crude oil imports, the Times of

India reported on Sept 2, 2013. The hike came after price

increases of 5.8% in July and 6.3% in August.

The industry has suggested that ATF be included in the upcoming

Goods and Services Tax (GST), or, alternatively, that jet fuel be

assigned a lower and uniform tax under a “declared good” regime.

To reduce the taxation burden on ATF prices, the government has

decided to allow Indian carriers to directly import ATF to meet

their needs, Civil Aviation Minister Ajit Singh said in Mar 2013.

Carriers Kingfisher Airlines, SpiceJet and IndiGo were allowed to

directly import specified amounts of jet fuel in 2012.

Comparison of ATF Prices in India and Competing Hubs

Petroleum Planning and Analysis Cell (PPAC), Emerging Markets Insight India Oil & Gas Report, KPMG, Planning Commission Report on

Civil Aviation for XII Plan; zeebiz.com; Jet Airways Annual Report 2012;

1,400

825 880 810 840

India Singapore Bangkok Kuala Lumpur Dubai

Comparison of ATF Prices (May-Aug 2011) in India and Major Competing Hubs,USD/kilolitre

8,356 9,304

9,817 10,061 10,089

4,423 4,627 5,078

5,536 5,270

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

ATF Production, thou tonnes ATF Consumption, thou tonnes



V. Ports, Water Transportation and Inland Waterways (IWT)









Port Sector Highlights

Overview

India has over 7,500 km of coastline and some 14,000 km of navigable rivers and canals. The country’s nine coastal states are West Bengal, Odisha, Andhra Pradesh, Tamil Nadu, Kerala, Karnataka, Goa, Maharashtra and Gujarat. A total 13 major and 187 medium-sized and minor ports operate in India. The newest additions to the major ports group are Ennore Port, located in Chennai, and the first Indian port registered as a public company; and Port Blair, located in the capital city of the Andaman and Nicobar Islands. Both assumed their status in 2010. The major ports, excluding the newest additions, handled some 65% of cargo traffic in FY 2012. Petroleum, Oil and Lubricants (POL), iron ore and coal are the three major freight groups handled by ports in India. Not all medium-sized and minor ports are equipped to handle container traffic. According to Deloitte India, port traffic grew at an annual rate of some 7.7% between FY 2006 and FY 2011. Major ports reported a growth rate of 5.37%, while non-major ports posted a growth of some 13.55% in the period.

Performance

The classification of ports into major, minor and intermediate (medium-sized) has mostly an administrative significance and

does not bear a strict relation to traffic volumes. The Ministry of Shipping administers major ports, while the shipping

departments or ministries of the coastal states are in charge of non-major ports in the country. Only about 50 non-major ports

are operational while the rest are fishing harbors. The major ports handled a total traffic of 560.14 million tonnes in FY 2012. As

of Mar 31, 2012, the major ports reported aggregate capacity of 696.53 million tonnes per annum (MTPA). 100% FDI is allowed

in the port sector in India, which reported private investment of INR 368.68 bn in the XI five-year plan (2007-2012). The

country’s plans to triple cargo-handling capacity at its ports to 3.2 bn tonnes by 2020 with private participation of some INR 3.0

tn are jeopardized after many project tenders failed because of lack of interest from bidders, livemint.com reported in Jul 2013.

Challenges

Limited capacity is one of the issues to be addressed by the Indian port sector, as major ports operated well above the optimum

range of 70-75% capacity utilization between FY 2006-2011, Deloitte India said in a report, quoting the Indian Ports

Association. On the other hand, many ports are located in cities and cannot be physically expanded beyond a certain limit.

According to a study submitted to the Indian Parliament in Feb 2010, ports in the country suffered from inefficient freight

handling services and low productivity. Some 55% of the equipment in use at all ports, except the JN Port, had outlived its

useful life, the report pointed out. Inadequate drafts and poor connectivity options to other modes of transport represent yet

another challenge, Deloitte India said. Other issues to be addressed include different tariff-setting frameworks for major and

non-major ports, inadequate port connectivity and slow progress of environmental clearances and land acquisition.



Source:

Freight Traffic

Freight Traffic at Major Ports (excl. Ennore and Port Blair)

Freight Traffic of Selected Goods at Major Ports (excl. Ennore and Port Blair)

Freight Traffic at Non-Major Ports

CEIC;

Total Freight Traffic FY 2013 – 545.68 mn tonnes

277 288 323 330 341

209 211 212 213 194

33.238 31.862 26.645 27.322 25.159

0

100

200

300

400

500

600

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Treight Traffic: Transhipment, mn tonnes Freight Traffic: Export, mn tonnes

Freight Traffic: Import, mn tonnes

519.31 570.03 561.09

530.53 560.14

113.46 127.72 182.92

213.00 246.75

89.923 74.644

105.94 101.53

101.47

0

50

100

150

200

250

300

350

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Import, million tonnes Export, million tonnes

203.38 202.36

288.86 314.53

348.22

176.14 175.08 179.17 179.1 186.17

94.0

36

100.

33

87.0

59

60.4

01

27.0

81

12.1

53

10.9

39

12.4

02

12.2

59

7.46

3

6.07

4

6.77

8

7.58

9

8.12

7

7.32

1

43.3

01

43.3

75

43.6

46

50.8

27

58.8

45

27.0

98

28.3

34

29.0

82

27.9

58

28.2

92

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

Petroleum, Oil and Lubricants, mn tonnes Iron Ore, mn tonnes Fertilizer, Finished, mn tonnes Fertilizer, Raw, mn tonnes Thermal Coal, mn tonnes Coking Coal, mn tonnes



Source:

Container Traffic at Major Ports

Container Traffic at Major Ports

Container Traffic by Major Ports (figures have been converted from mn TEUs and rounded)

Share of Major Ports in Container Traffic, FY 2012

CEIC, Basic Port Statistics of India 2011-12;

Cochin,

Containers,

TEUs

Chennai,

Containers,

TEUs

Haldia,

Containers,

TEUs

JNPT,

Containers,

TEUs

Kandla,

Containers,

TEUs

Kolkata,

Containers,

TEUs

Mormugao,

Containers,

TEUs

Mumbai,

Containers,

TEUs

New

Mangalore,

Containers,

TEUs

Paradip,

Containers,

TEUs

Tuticorin,

Containers,

TEUs

Visakhapatn

am,

Containers,

TEUs

2006 203,000 735,000 110,000 2,667,000 148,000 203,000 9,000 156,000 10,000 4,000 321,000 47,000

2007 227,000 886,000 110,000 3,298,000 178,000 239,000 13,000 138,000 17,000 2,000 377,000 56,000

2008 254,000 1,128,000 128,000 4,060,000 165,000 297,000 14,000 118,000 21,000 4,000 450,000 71,000

2009 261,000 1,144,000 127,000 3,953,000 137,000 302,000 14,000 92,000 29,000 2,000 439,000 88,000

2010 290,000 1,216,000 124,000 4,092,000 147,000 378,000 13,000 58,000 32,000 4,000 440,000 97,000

2011 312,000 1,524,000 149,000 4,270,000 160,000 377,000 18,000 72,000 40,000 4,000 468,000 145,000

2012 328,000 1,558,000 139,000 4,321,000 166,000 412,000 22,000 58,000 45,000 8,000 477,000 234,000

JNPT 56.40%

Chennai 20.30% Tuticorin 6.20%

Kolkata 4.10%

Vishakhapatnam 3.10%

Mumbai 0.70%

Kandla 2.20%

Kolkata 4.10%

Haldia 1.50%

Paradip 0.10%

Cochin 4.40%

Mangalore 0.60%

73.44 92.27 93.14 101.24 114.16 120.28

5,541

6,710 6,588 6,895 7,561 7,651

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

0

20

40

60

80

100

120

140

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Container Traffic, mn tonnes Container Traffic, TEUs



Source:

Capacity Utilization of Major Ports

Capacity Utilization at Major Ports

Capacity Utilization By Major Ports

Capacity and Traffic at Major Ports

Basic Port Statistics of India 2011-12; CEIC;

97.60%

92.30% 90.98%

85.06%

80.43%

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Capacity Utilization, %

Port Name Capacity FY 2012,

mn tonnes

Traffic FY 2012,

mn tonnes

Traffic FY 2013,

mn tonnes

Kolkata Dock System (KDS) 17.14 12.23 11.80

Haldia Dock Complex (HDC) 50.75 31.02 28.08

Paradip (PPT) 80.3 54.25 56.55

Visakhapatnam (VPT) 66.33 67.42 58.96

Ennore 31 N/A N/A

Chennai (ChPT) 83.19 55.71 53.40

Tuticorin (TPT) 33.34 28.11 28.26

Cochin (CoPT) 41.86 20.09 19.85

New Mangalore (NMPT) 50.97 32.94 37.04

Mormugao (MoPT) 41.9 39.00 17.69

J. L. Nehru (JNPT) 64 65.73 64.50

Mumbai (MbPT) 44.53 56.19 58.04

Kandla (KPT) 91.22 82.50 93.62

All Major Ports Above 696.53 545.18 527.79

71.37% 50.75% 67.56%

101.64%

48.25%

66.96%

84.30%

48%

64.63%

93.20% 102.70%

126.18%

90.44%

76.70% 69.05% 73.24%

104.79%

35.52%

77.09%

95.16%

43.57%

69.23%

119.38%

100.50%

122.59%

94.21%

Kolkata DockSystem

Haldia DockComplex

Paradip Visakhapatnam Ennore Chennai Tuticorin Cochin New Mangalore Mormugao J. L. Nehru Mumbai Kandla

Capacity Utilization, %, FY 2012 Capacity Utilization, %, FY 2011



Comments

Source:

Efficiency Indicators of Major Ports

Average Turnaround Time is an indicator of port efficiency calculated as the total hours a vessel stay in port (buoy-to-buoy time) divided by the total

number of vessels. A shorter average ship turnaround time indicates higher port efficiency.

Average Pre-Berthing Detention is the time between a ship arrives at the anchorage (reporting station) until it starts moving to the working berth, i.e.,

operational berth. Pre-berthing Detention is a component of the total turnaround time. Thus, any increase in the pre-berthing detention correspondingly

increases turnaround time.

Average Pre-Berthing Detention at Major Ports, Days Average Turnaround Time at Major Ports, Days

Basic Port Statistics of India 2011-12, nividh.com Dashboarding Services;

Port Name FY 2011 FY 2012 % y/y change

Kolkata Dock System 1.23 0.77 -37.40

Haldia Dock Complex 3.73 2.54 -31.90

Paradip 5.04 3.69 -26.79

Visakhapatnam 2.81 2.84 1.07

Ennore 0.65 0.76 16.92

Chennai 1.61 1.16 -27.95

Tuticorin 1.29 1.91 48.06

Cochin 1.03 1.05 1.94

New Mangalore 0.59 0.79 33.90

Mormugao 4.07 2.94 -27.76

J. L. Nehru 1.51 1.13 -25.17

Mumbai 1.23 1.37 11.38

Kandla 3.32 3.74 12.65

All Ports (Average) 2.32 2.05 -11.64

Port Name FY 2011 FY 2012 % y/y change

Kolkata Dock System 6.21 5.45 -12.24

Haldia Dock Complex 4.45 3.62 -18.65

Paradip 7.73 6.33 -18.11

Visakhapatnam 5.84 5.68 -2.74

Ennore 2.78 2.17 -21.94

Chennai 4.36 3.91 -10.32

Tuticorin 4 4.94 23.50

Cochin 2.2 1.82 -17.27

New Mangalore 2.7 2.95 9.26

Mormugao 10.43 7.68 -26.37

J. L. Nehru 2.64 1.94 -26.52

Mumbai 4.96 5.22 5.24

Kandla 5.9 6.42 8.81

All Ports (Average) 5.29 4.56 -13.80



Source:

Number and Type of Vessels Sailed

Number and Type of Vessels Sailed by Major Port Number and Type of Vessels Sailed, All Major Ports

Basic Port Statistics of India 2011-12;

Container Break Bulk Dry Bulk

(Mechanized)

Dry Bulk

(Conventional) Liquid Bulk All Types

FY

2011

FY

2012

FY

2011

FY

2012

FY

2011

FY

2012

FY

2011

FY

2012

FY

2011

FY

2012

FY

2011

FY

2012

Kolkata 570 577 358 327 NIL NIL 105 60 269 239 1,301 1,203

Haldia 355 291 55 57 291 226 532 555 998 853 2,189 1,982

Paradip 14 28 22 75 440 376 659 532 352 317 1,487 1,328

Visakhpatnam 277 351 166 219 233 189 1,015 958 778 715 2,469 2,432

Ennore NIL NIL 22 52 175 241 9 NIL 87 92 293 385

Chennai 812 789 558 524 28 1 281 222 502 507 2,181 2,043

Tuticorin 379 365 411 360 123 130 275 295 214 226 1,402 1,376

Cochin 360 389 38 35 29 34 19 16 373 359 819 833

New

Mangalore 80 80 89 157 60 53 168 153 700 693 1,097 1,136

Mormugao 27 48 7 37 265 307 404 251 160 153 853 785

J.L.Nehru 2,490 2,233 60 168 NIL NIL 71 67 479 461 3,100 2,929

Mumbai 14 14 715 568 NIL NIL 336 333 1,027 1,102 2,092 2,017

Kandla 226 225 431 456 NIL NIL 684 715 1,351 1,318 2,692 2,714

5,604 5,390

2,904 3,035

1,644 1,557

4,588 4,157

7,290 7,035

FY 2011 FY 2012

Container Break Bulk Dry Bulk (Mechanized)

Dry Bulk (Conventional) Liquid Bulk

22,022

21,163



Source:

Financial Indicators and Employment at Major Ports

Capital Employed at Major Ports, INR bn

Number of Employees at Major Ports as of Mar 31, 2011 (Latest figures available)

Operating Income and Expenditure per Tonne of Cargo

Basic Port Statistics of India 2011-12;

3,774

13,391

1,730 2,817

1,636

3,749

2,079

7,774

88

4,584

2,634

5,374

3,304

Kandla Mumbai J.L.Nehru Mormugao New Mangalore Cochin Tuticorin Chennai Ennore Visakhpatnam Paradip Haldia Kolkata

Number of Employees at Major Ports as of Mar 31, 2011

134.77 143.10 153.62 174.73 187.65

12.95%

6.18% 7.35%

13.75%

7.39%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0

50

100

150

200

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Capital Employed at Major Ports, INR bn % y/y change

125.75 128.3 132.92 141.95

76.49 84.15 86.02

94.26

FY 2009 FY 2010 FY 2011 FY 2012

Major Ports' Operating Income per Tonne of Cargo, INR

Major Ports' Operating Expenditure per Tonne of Cargo, INR



Source:

Shipbuilding and Ship Repair

Number of Shipyards in India, FY 2012

In its National Maritime Policy, the government has voiced

intentions to bring the country’s share in shipbuilding to 5%,

grab a 10% share in global ship repairs and create 2.5 million

jobs by 2025. Indian shipbuilding accounted for 1% of the global

market between 2002 and 2007 when a subsidy was available

to shipbuilders.

India specializes in building off-shore vessels (OSVs) which are

used for oil exploration. Other segments expected to see a

rising number of orders in the future are rigs/drilling units and

LNG-propelled vessels.

Some of the challenges to be addressed by the shipbuilding

industry in India include high input costs, reliance on imported

materials and reduced control over the pricing and delivery of

equipment and components due to underdeveloped domestic

ancillary industries; foreign exchange risks related to contracts

in foreign currencies and the depreciation of the rupee; and

stagnant order inflows due to the global downturn. Companies

building defense ships have experienced an increase in orders

from the Indian Navy and Coast Guard.

The government has been operating a Shipbuilding Subsidy

Scheme for central public sector shipyards intermittently since

1971. Subsidy is currently provided only to shipbuilding

contracts signed until Aug 14, 2007.

According to the Planning Commission’s Water Transport

Report for the XII Plan (2012-2017), there is an increasing

demand for the development of shipbuilding and repair facilities

in the vicinity of major ports. The Commission encouraged ports

to develop such facilities through private investment by long-

term leasing out of land.

Public Sector Shipyards in India, FY 2012

Shipping Ministry Annual Report 2011-12; Bharati Shipyard Limited;

Shipyards Run By Central Public

Sector

Shipyards Run By State Governments

Privately Held Shipyards

2 6

13

Total

Number of

Shipyards

in India -

21

Shipyards Under Ministry of

Shipping

Shipyards Under Ministry of

Defence

Shipyards Run by State

Governments

Cochin Shipyard Ltd., Cochin Mazagaon Dock Ltd, Mumbai Alcock Ashdown Co. Ltd.,

Gujarat

Hooghly Dock and Port Engineers

Ltd., Kolkata

Garden Reach Shipbuilders and

Engineers Ltd., Kolkata

Shalimar Works Ltd,

Kolkata, West Bengal

Goa Shipyard Ltd., Goa

Hindustan Shipyard Ltd.,

Visakhapatnam



Source:

Shipbuilding Statistics

Ships on Order by Number and DWT, FY 2012

Ships on Order, Private Sector, FY 2012

Ships on Order, Public Sector, FY 2012

Book Order by Type of Vessel, as of Mar 31, 2012


Tankers Dry

Cargo

Bulk

Cargo Passengers Others Total

Public

Sector

No. 11 NIL 2 10 111 134

thou DWT 8.25 NIL 106 1 55.42 170.67

Private

Sector

No. NIL 6 70 1 194 271

thou DWT NIL 30.90 3,195.5 1.12 254.82 3,482.34

Total

No. 11 6 72 11 305 405

thou DWT 8.25 30.90 3,301.5 2.12 310.24 3,653.01

904.7

DWT = Dead Weight Tonnage

Public Sector

Private Sector

Total:

3,652.99

thou DWT

3,482.32

170.67

Public Sector

Private Sector

134

Total No

of Ships:

405

271

30

22 19

CochinShipyard

HindustanShipyard

GardenReach Ship-Building &Engineers

Number of Ships on Order, as of Mar31, 2012

108.5

28.1 16.2

HindustanShipyard

CochinShipyard

MazagonDock

Ships on Order by thou DWT, as ofMar 31, 2012

86

65

40 36

15 11

1,739.80

241.00 17.60

1,442.50

11.00 21.40 0

400

800

1,200

1,600

2,000

0

20

40

60

80

100

ABGShipyard

BharatiShipyard

Larsen&Toubro

Pipavav TebmaShipyard

DempoShipbuilding

&Engineering

Number of Ships on Order Number of Ships by thou DWT



Comments

Source:

Inland Waterways

India’s nearly 14,500-km navigable inland waterways (IW) consist of 5,200 km of major rivers and 500 km of canals. However, only ten waterways are

recommended for navigation. Of these, five routes are termed National Waterways (NW). Inland Water Transport (IWT) is less expensive in terms of fuel

efficiency, compared to road and rail modes, but nevertheless accounts for about 1% of India’s total inland freight transportation, the Inland Waterway

Authority of India (IWAI) said. IWT is suitable for mechanized crafts, bulk goods such as coal, over-dimensional cargo and hazardous goods. According

to a report by Deloitte India, inland waterways have until now largely been used for transporting boulders, cement and waste oil. Government-owned

Central Inland Water Corporation Ltd. (CIWTC) is the principal IWT operator in the Eastern/North-Eastern Region.

National Waterways (NW) in India Inland Waterway Funding Under Maritime Agenda 2020

Shipping Ministry Annual Report 2012-13, Deloitte India: “Intermodal and Multimodal Logistics”, Sept 2012, Maritime Agenda 2020, India’s National

Waterways: A Long Way to Go, Dr. K.G.S. Sarma;

Abbreviation Name Length

NW-1 Ganges River, from Haldia to Allahabad 1,620 km

NW-2 Brahmaputra River from Dhubri to Sadiya 891 km

NW-3 West Coast Canal, from Kottapuram to Kollam, along with

the Udyogmandal and Champakara canals 205 km

NW-4 The Kakinada-Puducherry stretch of Canals and the

Kaluvelly Tank, the Bhadrachalam – Rajahmundry stretch

of Godavari River and the Wazirabad – Vijayawada stretch

of River Krishna

1,028 km

NW-5 The Talcher-Dhamra stretch of Brahmani River, the

Geonkhali-Charbatia stretch of the East Coast Canal, the

Charbatia-Dhamra stretch of Matai River and the

Mangalgadi-Paradip stretch of the Mahanadi Delta rivers

588 km

NW-6 (PROPOSED) Barak River from Lakhipur to Bhanga 121 km

Support from

Budget,

INR bn

Private Funding,

INR bn

Total,

INR bn

On-Going Projects 41.75 84.00 125.75

New Projects 66.30 115.05 181.35

Total 108.05 199.05 307.10



Source:

Inland Waterways (cont’d)

Freight Transportation by Inland Waterways Inland Waterway Projects

Inland Waterways are set to be increasingly used for coal

transport, after India’s largest thermal power station NTPC

signed in 2010 a contract to receive 3 mn tonnes of coal per year

for seven years using the NW-1 route. This happened after

NTPC’s power pants Farakka and Kahalgaon, located along NW-

1, had faced serious coal shortages due to railway infrastructure

problems. IWAI pledged to develop the NW-1 branch-out to the

power plants to allow the passage of 1,500-2,000-tonne cargo

vessels, if NTPC committed to a fixed annual coal quantity to be

carried along the upgraded water route.

Problems have not been solved as shown by an Apr 4, 2013

publication by The Economic Times of India, saying NTPC

threatened to shut down its seven thermal power generation

units at Kahalgaon if coal supply did not resume within a few

days.

An Inland Water Transit and Trade Protocol has been signed

between India and Bangladesh, under which the inland vessels

of one country can transit through specified routes of the other

country. Five ports in each country have been designated to

handle inter-country trade.

The Kaladan Multimodal Transport Project provides an

alternative connectivity of the eastern state of Mizoram with the

Haldia/Kolkata ports through the Kaladan River in Myanmar.

Related infrastructure works are expected to be completed by

Jun 2013.

A Ro-Ro facility to provide IWT connectivity to the Vallarpadam

International Container Transshipment Terminal (ICTT) at Kochi

Port started operations in Feb 2011.

NW-1, 2 and 3, along with the Sunderbans waterways, are

popular cruise destinations among domestic and foreign tourists.

Shipping Ministry Annual Report 2012-13; The Economic Times of India;

FY 2010 FY 2011 FY 2012

NW-1

1.811

mn tonnes

1.871

mn tonnes 3.31 mn tonnes

1.048 btkm 1.228 btkm 1.454 btkm

NW-2

2.114

mn tonnes

2.164

mn tonnes

2.406

mn tonnes

0.059 btkm 0.057 btkm 0.061 btkm

NW-3

0.667

mn tonnes

0.886

mn tonnes

1.344

mn tonnes

0.010 btkm 0.014 btkm 0.013 btkm

Goa Waterways

53.03

mn tonnes

54.5

mn tonnes

43.279

mn tonnes

2.651 btkm 2.725 btkm 2.164 btkm

Mumbai Waterways

11.991

mn tonnes

14.875

mn tonnes

19.948

mn tonnes

0.648 btkm 0.803 btkm 1.077 btkm

Total

69.614

mn tonnes

74.296

mn tonnes

70.029

mn tonnes

4.416 btkm 4.828 btkm 4.770 btkm



VI. Railways









Railway Transportation Highlights

Coverage

With its 64,600 route kilometers in FY 2012, Indian Railways (IR) is one of the world’s largest rail networks under single

management. The railway, which boasts more than 150 years of history, operates tracks under three gauge standards with

broad gauge (distance between the rails of 1,676 mm), dominating the network. IR carried 22.5 million passengers and 2.65

million tonnes of freight each day during FY 2012. Steam trains are used in the luxury tourism segment in the country.

Upgrade

As of Mar 31, 2012, a total 31.39% of IR’s total route kilometers were electrified. A total 6,500 route kms have been proposed

for railway electrification during the 12th Plan. In fiscal years 2008, 2009, 2010 and 2011, IR allocated a combined 36.56% of

its expenditure to new line additions and 33.88% to inventory upgrade and other works, the IR Yearbook for fiscal 2011

showed. A total 13.48% were spent on rolling stock, 12.55% on tracks and bridges and 3.53% on electrification.

Bridges

At the end of FY 2012 in March, Indian Railways had 133,873 bridges, subdivided as 725 important, 10,833 major and

122,315 minor bridges. A total 924 bridges including 12 distressed bridges were rehabilitated/rebuilt during the year. Between

FY 2008 and FY 2012, 742 Road Over Bridges (ROBs) and 1,204 Road Under Bridges (RUBs) were built to limit level road

crossings and improve safety. A total 226 ROBs and 653 RUBs were completed in FY 2012.

Level

Crossings

As of Apr 1, 2012, Indian Railways maintained 31,846 level crossings, out of which 18,316 or 58% had gate-keepers and

13,530 or 42% were unmanned. A total 777 unmanned level crossings were provided with gate keepers in FY 2012. Other

91 level crossings were equipped with gate-keepers between Mar and June 2013.

Land

Ownership

As of Apr 1, 2012, Indian Railways owned some 460,000 ha of land. Some 360,000, or 90%, were used for railway

infrastructure. A total 48,000 ha were allocated to afforestation and other 4,000 ha were used to grow food under the

government-sponsored “Grow More Food” scheme. Vacant railway land is also eligible for commercial development.



Source:

Railway Passenger Statistics

Average Lead (Journey Distance), km

Annual Passenger Kilometers, Million Km

Number of Passenger Trains Per Day

Indian Railways Yearbook 2011-12;

650,114 713,196 772,548 841,381 902,465

119,842 124,836

130,917 137,127

144,057

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Annual Passenger Kilometers, Suburban, million kmAnnual Passenger Kilometers, Non-Suburban, million km

978,508 903,465

838,032 769,956

1,046,522

228

229

229

234

235

33

33

34

34

33

118

121

125

128

127

FY2008

FY2009

FY2010

FY2011

FY2012

Average Lead, km Average Lead, Suburban, kmAverage Lead, Non-Sururban, km

4,634 4,893 4,520 4,710 4,644

2,132

2,619 2,676

2,875 3,071

3,602

3,985 4,066

4,239 4,620

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Ordinary passenger Trains and Mixed Trains per Day

Mail or Express Trains per Day

Electric Multiple-Unit (EMU) Trains per Day

11,824

11,262 11,497

10,368

12,335



Source:

Railway Passenger Statistics (cont’d)

Number of Passengers, millions

Average Speed of Passenger Trains, Including Halts, km/h

Passenger Figures by Segment

Passenger Revenue Per Km (in Paise = 1/100 Rupee)


2,835 3,118 3,370 3,590 3,847

3,689 3,802 3,876 4,061 4,377

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Number of Passengers, Suburban, millions

Number of Passengers, Non-Suburban, millions

7,651 7,246 6,920 6,524

8,224

40.2 40.4 40.5

50 50.1 50.3

35.8 31.1 30.2

36.8 36.7 36.2 26.5 25 25.1

FY 2010 FY 2011 FY 2012 FY 2010 FY 2011 FY 2012

Broad Gauge Metre Gauge

Electric Multiple-Unit (EMU) Train, km/h Mail/Express Train, km/h

Ordinary Passenger Trains, km/h

Segment FY 2010 FY 2011 FY 2012

Suburban (all classes) 12.75 12.78 13.37

Non-Suburban:

Upper Class 102.72 106.51 108.83

Second Class-Mail/Express

(incl. Sleeper Class) 26.19 25.75 26.53

Second Class - Ordinary 15.52 15.94 13.89

Non-Suburban Average 28.15 28.47 29.17

Overall Average 25.92 26.27 26.99

Segment Number of Passengers Passenger Kms Revenue

Millions % of Total Millions % of Total INR bn % of Total

Suburban (all

classes) 4,377 53.22% 144,057 13.77% 19.26 6.82%

Non-Suburban:

Upper Class 112 1.36% 72,148 6.89% 78.52 27.80%

Second Class-

Mail/Express (incl.

Sleeper Class)

1,188 14.45% 548,861 52.45% 145.60 51.54%

Second Class -

Ordinary 2,547 30.97% 281,456 26.89% 39.09 13.84%

Non-Suburban

Total 3,847 46.78% 902,465 86.23% 263.21 93.18%

TOTAL 8,224 100% 1,046,522 100% 282.46 100%



Source:

Electrification, Data by Gauge

Gauge Conversions

Railway Electrification

Route Length by Gauge as of Mar 31, 2011


1,516

837 856

FY 2010 FY 2011 FY 2012

Gauge Conversions, km

Gauge

(distance

between

rails)

Single-Line Double/

Multiple-Line

Grand

Total

Electrified Non-

Electrified Total Electrified

Non-

Electrified Total

Broad

(1,676

mm)

5,242 30,723 35,965 14,365 4,858 19,223 55,188

Metre

(1,000

mm)

NIL 6,809 6,809 NIL NIL NIL 6,809

Narrow

(762 mm/

610 mm)

NIL 2,463 2,463 NIL NIL NIL 2,463

Total 5,242 39,995 45,237 14,365 4,858 19,223 64,460

1,117

975

1,165

FY 2010 FY 2011 FY 2012

Railway Electrification, route km

Chart shows conversions from Metre and Narrow

Gauge (MG/NG) to Broad Gauge (BG).



Source:

Railway Freight Statistics

Annual Goods Traffic, million tonnes Total Annual Goods Carried, tonne-km (millions)

CEIC;

337 370 396 420

456

11

11 12

13

15

26

29

32 33

35

137 131

133 119

105 79 86

93 99

108

38

36

39 44

46

35.83

41.35

43.68 48.2

52.7

35.88

38.08

38.88 39.3

39.77

94.47

92.57

101.04 106.6

112.35

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Others, mn tonnes

Petroleum, Oil andLubricants, mntonnes

Fertilizers, mntonnes

Foodgrains, mntonnes

Cement, mntonnes

Iron Ore, mntonnes

Pig Iron andFinished Steel, mntonnes

Raw Materials forSteel Plants, mntonnes

Coal, mn tonnes

793.89

833.39

887.79

921.73

969.05

208 230 247

268 291

8

7 9

10

10

21

22

25

32 34

28 22

25

16

36

43 47

54 57

62

47 46

50

52

58

25.81 33.11

36.57

40.7

43.91

23.4

24.02

24.87

26.1

26.1

116.94

120.45

128.79

124.1

106

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Others, tonne-km(millions)

Petroleum, Oil andLubricants, tonne-km (millions)

Fertilizers, tonne-km (millions)

Foodgrains, tonne-km (millions)

Cement, tonne-km(millions)

Iron Ore , tonne-km (millions)

Pig Iron andFinished Steel,tonne-km (millions)

Raw Materials forSteel Plants,tonne-km (millions)

Coal, tonne-km(millions)

521.37

551.45

600.55 625.7

667.61



Source:

Rolling Stock

Number of Locomotives by Type Number of Goods Wagons


Number of Locomotives

FY Steam Diesel Electric Total

1951 8,120 17 72 8,209

1961 10,312 181 131 10,624

1971 9,387 1,169 602 11,158

1981 7,469 2,403 1,036 10,908

1991 2,915 3,759 1,743 8,417

2001 54 4,702 2,810 7,566

2008 44 4,843 3,443 8,330

2009 43 4,964 3,586 8,593

2010 42 5,022 3,825 8,889

2011 43 5,137 4,033 9,213

2012 43 5,197 4,309 9,549

Wagon Types as % of Total No. of Wagons

FY Total No. of

Wagons Covered

Open High-

Sided

Open Low

Sided

Departme

ntal Other Types Total

1951 205,596 58.9 25.5 3.4 5 7.2 100

1961 307,907 57.3 25.5 2.5 4.1 10.6 100

1971 383,990 53.4 25.6 1.8 4.2 13 100

1981 400,946 53.3 28.3 3.2 3.4 11.8 100

1991 346,102 49.1 29.6 3.6 3.3 14.4 100

2001 222,193 34.1 41 3.6 3.8 17.5 100

2008 204,034 28.3 48.4 4.2 4.9 14.2 100

2009 212,835 26.4 49.2 4 6.2 14.2 100

2010 220,549 26.2 51.2 3.2 5.3 14.1 100

2011 229,381 26.5 52.9 3.1 5.5 12 100

2012 239,200 26%

57.4

( Includes

both types of

Open

Wagons

See cell on

left 5.6 10.99 100



VII. Road Transportation









Road Transportation Highlights

Overview

India is home to the world’s second-largest road network, which carries some 85% of the country’s passenger traffic and 65%

of its freight, figures by the Ministry of Road Transport and Highways (MRTH) showed. At 0.66 km of highway per sq km of

land, the density of India’s highway network is similar to that of the US (0.65) and is much higher than that of China and Brazil,

at 0.16 and 0.2, respectively, the World Bank (WB) said in a report. However, nearly half of India’s roads are unpaved, and

some 60% of the rural population does not have access to all-weather roads. Many of India’s highways are narrow and

congested with poor surface quality, the WB added. In 2011, national highways accounted for 1.5% of the country’s total road

network, but carried nearly 40% of the total traffic.

Fuel Prices

Among the passenger-carrying State Road Transport Undertakings (SRTUs), fuel accounted for some 30% of all expenditures

in both FY 2011 and 2012. The Indian government controlled the prices of petrol, diesel, kerosene and liquefied petroleum gas

(LPG), until June 2010. Then authorities deregulated the price of petrol and announced an upcoming deregulation in diesel

prices. In Nov 2011 diesel deregulation had been put on hold. After the deregulation of petrol, Oil Marketing Companies

(OMCs) are allowed to change prices every two weeks after receiving approval from the government. In mid-Jan 2013, the

government allowed OMCs to periodically raise diesel prices in a partial deregulation aimed at making up for the INR 9.6 per

litre they lose from selling diesel at a subsidized price. Total losses amount to some INR 940 bn per year, the Economic Times

of India reported. Diesel prices will be deregulated in six months with gradual price increases, Oil Minister M. Veerappa Moily

told The Hindu on Nov 20, 2013.

Challenges

Similar to the mining, fossil fuel extraction and utility sectors, land acquisition problems and environment and forest clearances

are one of the key challenges slowing the development of India’s road network, MRTH said in its FY 2013 Annual Report.

Roads Over and Under Bridge (RoBs and RuBs) have to be built to avoid level crossing of highways and railways. These

projects require approvals from several railway authorities and departments, which is time consuming and a problem for the

progress of many road projects. A similar issue is the coordination among road builders and utilities for electricity and

telecommunication lines and water and sewer pipelines that may be affected by road projects. Social protests hinder road

development in some areas. Delays often occur as a result of local population demands for additional road infrastructure. Cash

flow problems of road contractors have often led to early termination of contracts, litigation and further delays in the completion

of works.



Source:

National Highways

Expansion of National Highways By Planning Periods

State Highways by Type of Surface, FY 2011

National Highways by Number of Lanes

Basic Road Statistics, FY 2009, 2010, 2011 (Ministry of Road Transport and Highways)

Black Top (BT) or Cement Concrete

(CC) 97.73%

Water-Bound Macadam (WBM)

1.07%

Unpaved 1.21%

609

23,814

9,008

10,228

34,298

58,112

66,590

76,818

1.80%

69.40%

14.60% 15.40%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

VIII Plan (1992-1997)

IX Plan (1997-2002)

X Plan (2002-2007)

XI Plan (2007-2012)

Length Added, km Total Length, km % increase in Total Length

28.51% 25.56% 24.11% 22.81%

52.94% 52.85%

51.67% 54.05%

18.55% 21.59% 24.22% 23.14%

0%

20%

40%

60%

80%

100%

120%

FY 2009 FY 2010 FY 2011 FY 2012

Single/Intermediate Lane Two-Lane Four-Lane and Above

70,934 km 70,934 km 76,818 km 70,548 km



Source:

Share of Paved Roads

Urban Roads, FY 2011

Project Roads, FY 2011

Rural Roads, FY 2011

Other PWD Roads, FY 2011

Basic Road Statistics, FY 2009, 2010, 2011 (Ministry of Road Transport and Highways)

Paved 38%

Unpaved 62%

Paved 71% Unpaved 29%

Urban roads consist

of municipal roads,

major and minor port

roads, railway roads

and roads built under

Military Engineering

Services.

Paved 26.63%

Unpaved 73.37%

Project Roads

include roads built

by forest, irrigation

and electricity depts.,

the sugarcane

authority, coal mines,

and govt-owned

companies such as

SAIL and NMDC.

Type of Other PWD Road Share, %

Paved 87.59% of Total

BT/CC 77.48% of Paved

WBM 10.11% of Paved

Motorable 9.29% of Unpaved

Non-Motorable 3.12% of Unpaved



Source:

Number of Motor Vehicles

Number of Registered Motor Vehicles in India Bus Ownership by Sector

Road Transport Yearbook FY 2012 (Ministry of Road Transport and Highways)

71.50% 71.70% 71.70% 71.80% 72.40%

13.20% 13.30% 13.50% 13.60% 13.50%

1.40% 1.30% 1.20% 1.10% 1.00% 5.30% 5.30% 5% 5% 4.80%

8.60% 8.40% 8.60%

8.50% 8.30%

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Two-Wheelers Passenger Cars Busses Goods Vehicles Other Vehicles

105.3 115 127.7 141.8 159.5

Total Number of Registered Motor Vehicles in India, millions:

1,313.6 1,368.0 1,408.3 1,473.2

1,544.7

113.6 117.6

118.8

130.6

131.8

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Private Sector, thousands Public Sector, thousands

Note: Public-sector busses are owned and operated by the State Road Transport

Undertakings (STRUs). The number of private-sector busses is the difference

between the total number of busses and those operated by the public sector. Public

sector data as reported by the SRTUs.

992

1,427.2 1,485.6

1,527.1

1,603.8 1,676.5



Source:

Fuel Prices

Number of Petroleum Retail Outlets, all India

State Ranking by Number of Petroleum Retail Outlets

Average Petrol, Diesel Price, INR/liter

Petroleum Planning and Analysis Cell, CEIC, Emerging Markets Insight calculations

45.82

52.75

65.75

71.28 73.21

34.00

38.74

41.81

45.53

53.32

30

35

40

45

50

55

60

65

70

75

80

2009 2010 2011 2012 2013 (up to Oct25, 2013)

Average Petrol Price, INR/liter Average Diesel Price, INR/liter

-3.63%

2.71%

24.64%

8.41%

15.12%

-9.57% 8.90%

13.94%

7.92%

17.12%

Note: The graph shows average prices of petrol and diesel between fiscal 2009 and

2013 (up to Oct 25, 2013), calculated as the average of the daily prices in four cities

– Delhi, Kolkata, Mumbai and Chennai, for the respective years.

Percentages show y/y changes in the average price of petrol (above the blue line)

and of diesel (above the green line), respectively.

37,953 39,431 41,947

45,104

49,077

2.80%

3.89%

6.38%

7.53%

8.81%

0%

2%

4%

6%

8%

10%

0

10,000

20,000

30,000

40,000

50,000

60,000

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013(Prov.)

Number of Petroleum Retail Outlets, all India % y/y change

Top 10 States with

Highest Number of

Petroleum Retail

Outlets

Petroleum Retail

Outlets, numbers

Top 10 States with

Lowest Number of

Petroleum Retail

Outlets

Petroleum Retail

Outlets, numbers

Uttar Pradesh 5,680 Goa 104

Maharashtra 4,644 Manipur, Arunachal

Pradesh 67 each

Andhra Pradesh 4,502 Nagaland 68

Tamil Nadu 4,340 Tripura 56

Karnataka 3,306 Chandigarh 41

Punjab 3,193 Sikkim 43

Rajasthan 3,135 Mizoram 30

Gujarat 2,770 Daman & Diu 25

Madhya Pradesh 2,630 Dadra & Nagar Haveli 21

West Bengal 2,120 Lakshadweep 0



Source:

Physical Performance of State Passenger Carriers

SRTUs With Highest (l) and Lowest (r) Fleet Numbers

Average Age of Bus Fleet, Top 3 SRTUs Top and Bottom

Physical performance Indicators of SRTUs

Performance of SRTUs (Report Published Nov 2012) by the Ministry of Road Transport and Highways

Performance Indicator FY 2011 FY 2012

Average Fleet Held (number) 130,563 131,824

Average Fleet Operated (number) 118,154 119,209

Fleet Utilization, (%) 90.5 90.4

Revenue Earning Kilometers, (billion km) 148,429.3 150,666.5

Total Number of Employees 726,599 727,990

Staff/Bus Ratio 5.6 5.5

Staff Productivity (Km/Staff/Day) 56.0 56.5

Vehicle Productivity (Km/Bus/Day) 311.5 312.3

Passenger Kilometers Offered (billions) 754.98 768.16

Passenger Kilometers Performed (billions) 548.19 551.98

Occupancy ratio, (%) 72.6 71.9

Passengers Carried (millions) 28.78 29.13

For a complete list of the reporting SRTUs, see Appendix.

22,170

16,801

8,746

Bus Fleet

Andhra Pradesh SRTCMaharashtra SRTCUttar Pradesh SRTC

47 50

63

Bus Fleet

Mizoram ST

Meghalaya ST

Tripura RT

3.35 3.44

3.7

Average Age of Bus Fleet, years

Karnataka SRTC

Metro TC (Chennai) Ltd.

Thane MTU

12

9.8 9.4

Average Age of Bus Fleet, years

Kolhapur MTU

Bihar SRTC

J &K SRTC

Oldest Fleet Newest Fleet



Source:

Financial Performance of State Passenger Carriers

Aggregate Financial Performance of SRTUs

Structure of Expenses of SRTUs, FY 2012, %

Best and Worst Performing SRTUs, INR bn, FY 2012

Performance of SRTUs in Metropolitan Areas, FY 2012

Performance of SRTUs (Report Published Nov 2012) by the Ministry of Road Transport and Highways;

Total Revenue,

INR bn

Total Expenses,

INR bn

Net Profit (Loss),

INR bn

Delhi TC 12.81 38.21 -24.31

Calcutta STC 0.62 2.34 -1.72

Ahmedabad MTS 1.20 2.61 -1.41

B.E.S.T. Undertaking 13.15 16.84 -3.68

Bangalore

Metropolitan TC 14.84 14.59 0.25

Metro TC (Chennai)

Ltd. 10.44 12.76 -2.32

For a complete list of the reporting SRTUs, see Appendix.

263.42

318.43 359.29

310.79

377.44 426.26

-47.37 -58.99 -65.88 -100

0

100

200

300

400

500

FY 2010 FY 2011 FY 2012

Total Revenue, INR bn Total Expenses, INR bn Net Profit/Loss, INR bn

0.64 0.25 0.194

24.311

5.287 4.023

MaharashtraSRTC

BangaloreMetropolitan

TC

KarnatakaSRTC

DelhiTransport

Corporation

AndhraPradeshSRTC

Gujarat SRTC

Highest Profit FY 2012 Highest Loss FY 2012

Staff 39.60%

Tyres and

Tubes 2.50%

Spares and

Materials 2.90%

Operating Expenses:

Fuel and

Lubricants

30.1%

Interest 7

Taxes 6.3

Others 6.2

Non-Operating Expenses:

Depreciation

30.1%



Source:

Road Accidents

Number of Accidents Reported by SRTUs

Road Accidents Per 100,000 Persons, 10,000 Vehicles

Overview of Road Accidents in India

State Police Departments, Road Accidents in India, 2012;

Number

of

Accidents

Number

of

Persons

Accident

Severity (No of

Persons Killed

per 100

Accidents

Total Fatal Killed Injured

FY 2003 406,726 73,589

(18.1%) 85,998 435,122 21.1

FY 2004 429,910 79,357

(18.5%) 92,618 464,521 21.5

FY 2005 439,255 83,491

(19.0%) 94,968 465,282 21.6

FY 2006 460,920 93,917

(20.4%) 105,749 496,481 22.9

FY 2007 479,216 1,01,161

(21.1%) 114,444 513,340 23.9

FY 2008 484,704 1,06,591

(22%) 119,860 523,193 24.7

FY 2009 486,384 1,10,993

(22.8%) 125,660 515,458 25.8

FY 2010 499,628 1,19,558

(23.9%) 134,513 527,512 26.9

FY 2011 497,686 1,21,618

(24.4%) 142,485 511,394 28.6

FY 2012 4,90,383 123,093

(25.1%) 138,258 509,667 28.2

41.4 42.5 42.3 41.9 42.5 41.1

51.4 49.6 46 42.3 39.1 35.1

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011

Number of Road Accidents per 10,000 Vehicles

Number of Road Accidents per 100,000 Persons

Number of Road Accidents per 100,000 Persons in FY 2012 – 40.6

21,547 21,356 20,783

4,621 4,628 4,378

FY 2010 FY 2011 FY 2012

Total Number of Accidents Reported by SRTUs

Number of Fatal Accidents Reported by SRTUs



Source:

Share of Road Accidents in Rural

Areas

Share of Road Accidents in Urban

Roads

53.5%

National Highways

State Highways

Other Roads

30.1%

24.6%

45.3%

Road Accidents (cont’d)

Share of Accidents by Location, FY 2012, (%)

Share of Accidents by Type of Vehicle, FY 2012, (%)

Share of Accidents by Type of Road, FY 2012, (%)

Share of Accidents by Time of Day, FY 2012, (%)

State Police Departments, Road Accidents in India, 2012;

46.5%

Two-Wheelers

Auto-Rickshaws

Passenger Cars

Busses Trucks, Tracktors

Others

22.4%

6.9%

23.7%

21.3%

8.7%

17%

06:00 - 09:00 AM (day)

09:00 - 12:00 AM (day)

12:00 - 15:00 PM (day)

15:00 - 18:00 PM (day)

18:00 - 21:00 PM (night)

21:00 - 0:00 PM (night)

00:00 - 03:00 AM (night)

03:00 - 06:00 AM (night)

16%

15.1%

16.2% 11.6%

7.1%

6.7%

10.5% 16.8%



VIII. Major Players









Source:

Top M&A Deals in Transportation and Infrastructure

Top M&A Deals in Transportation and Infrastructure in 2013

DealWatch;

Date Target Company Deal Type Buyer Seller Deal Value USD (mn) Stake %

Jan 16, 2013 Dhamra Port Company Limited ( DPCL ) Acquisition Adani Group Larsen & Toubro Ltd (L&T); Tata

Steel Ltd.; 1000 100.00%

May 30, 2013 Jet Airways India Ltd Acquisition Naresh Goyal - private investor Tail Winds 555 65.85%

Sep 27, 2013 Econocaribe Consolidators Inc Acquisition Allcargo Logistics Ltd N/A 50 100.00%

Nov 18, 2013 Jet Airways India Ltd Open market purchase; PE

Entry

Deutsche Securities Mauritius; Merrill

Lynch Capital Markets; Private

Investors;

Tail Winds 33.68 7.89%

Mar 6, 2013 AirAsia (India) Pvt Ltd Joint venture AirAsia Bhd N/A 14.9 N/A

Nov 30, 2013 Spicejet Ltd Minority stake purchase Kalanithi Maran - private investor N/A 8.71 2.80%

Sep 10, 2013 ABG Container Handling Pvt Ltd Minority stake purchase Bollore Africa Logistics G Infralogistics Ltd 7.5 49.00%

Oct 31, 2013 Kingfisher Airlines Ltd Minority stake purchase UB Group Kingfisher Finvest India Ltd. 6.51 6.92%

Feb 26, 2013 Essar Ports Ltd.; Essar Shipping Ltd. Block trade Undisclosed investors CLSA Mauritius Ltd. 6.19 N/A

Nov 20, 2013 Vijayawada Tollway Pte Ltd Minority stake purchase IJM Corporation Bhd 3i India Infrastructure Fund 5.05 38.70%

Sep 30, 3013 Jet Airways India Ltd. Open market purchase Naresh Goyal - private investor Tail Winds 5.26 1.11%

Oct 24, 2013 Gujarat Pipavav Port Ltd Open market purchase Private Investors IL&FS Private Equity Trust 4.91 1.24%

Sep 6, 2013 Gujarat Pipavav Port Ltd Open market purchase Swiss Finance Corporation (Mauritius)

Ltd. N/A 1.79 0.56%

May 20, 2013 Gati Ships Ltd Minority stake purchase Riba Construction Pvt Ltd Gati Ltd 1.48 40.00%



Source:

Possible M&A Activity in Transportation and Infrastructure

Companies Looking to Buy Companies Looking to Sell

The Economic Times; Business Standard; Hindustan Times; livemint.com; The Times of India; DealWatch; firstpost.com;

CDC Group will buy a significant minority stake in UTI Capital backed

unlisted freight terminal maker Pristine Logistics and Infrastructure for

INR 2 bn, in the third direct investment by the British fund in India,

sources familiar with the development told The Economic Times of India

on Jan 10, 2014.

India Gas Solutions (IGS), the 50:50 joint venture formed by BP and

Reliance Industries Ltd. (RIL) is one among the eight bidders who bid for

a 25% stake in Gujarat State Petronet Corporation (GSPC) and the

Adani group's five million tonnes per annum (mtpa) liquefied natural gas

(LNG) terminal at Mundra, Gujarat, the Business Standard reported on

Dec 30, 2013.

Apeejay Shipping of the Apeejay Surrendra Group has just bought ships

hauling coal, iron ore and grains It is also looking to foray into tanker,

dredging or the OSV segment. The company presently operates only in

the dry bulk cargo segment., The Economic Times of India reported on

Nov 19, 2013.

The US-based private equity fund TPG Capital has entered into an

exclusivity agreement with the Chennai-based Marg Group to acquire a

majority stake in the Karaikal Port near Chennai for some INR 10 bn,

Hindustan Times and livemint.com reported in Nov 2013.

The bidding process for handing over the operation and maintenance of

Sardar Vallabhbhai Patel International Airport to a private player will take

place after Jan 15, instead of the last week of December The Times of

India reported on Jan 7, 2014. In 2013, the Aviation Ministry announced

plans to privatize six airports - Chennai, Kolkata, Ahmedabad, Lucknow,

Jaipur and Guwahati.

Indian road transportation and logistics company Siddhi Vinayak Logistic

Ltd., is looking for international investors to back its expansion plans, a

senior executive told DealWatch on Dec 2, 2013. The company is looking

for an industrial partner rather than a financial one and said that it would

not be interested in private equity investors.

Airline SpiceJet will get a strategic investor, an international airline, within

the next two months, firstpost.com reported on Dec 17, 2013. SpiceJet

announced an interline pact with Tigerair, a subsidiary of Singapore

Airlines, in December.

Authorities deferred the deadline for shortlisting bidders for the

privatization of the airports in Chennai, Kolkata, Ahmedabad, Guwahati

and Jaipur - owned by the Airport Authority of India (AAI) – The Hindu

said in November 2013. In September, the AAI allowed private investors

to own 100% stakes in the operation and management of six airports

(also including that of Lucknow) through public-private partnership (PPP),

the paper added. The move was severely criticized by the Employees’

Union of the Airport Authority.



Highlights

Source:

Indian Railways

Financial Performance

No. of Employees and Average Annual Wage

Indian Railways (IR) is India’s railway carrier and one of the largest railway companies in the world. Railway transportation was launched in India in 1853 and separate networks were nationalized in 1951.

Today IR, managed by the Ministry of Railways, operates inter-urban, long-distance and suburban rail systems on a multi-gauge network comprising broad, meter and narrow gauges. At 55.95 thou route km, broad gauge accounted for 86.6% of the total route kilometers in FY 2012. It carried more than 99% of the freight measured in net tonne-km, and above 97% of the passengers measured in passenger-km.

As of Mar 31, 2012, Indian railway operations covered 24 states and three union territories as well as a few neighboring destinations in Nepal, Bangladesh and Pakistan.

In 2011, the number of passengers carried rose 7.49% to 8,224 million compared to 7,651 million in the previous year. Passenger kilometers, which is the product of the number of passengers carried and the average distance traversed, were 1,046 billion as of Mar 31, 2012, up by 6.95% from the 978 billion reported in the previous year. Passenger earnings increased by 9.88% y/y compared to FY 2011.

The company sources its rolling stock from government-owned locomotive and diesel locomotive manufacturing plants and coach and wheel factories.

Government-owned Indian Railway Finance Corporation of India Ltd. (IRFC) has been established as the Railway’s Ministry financing arm to help fund the nation’s railway development.

Company data;

Accounts, INR bn 2010 2011

Gross Traffic Receipts 945.36 1,041.10

Net Traffic Receipts (less Total

Working Expenses) 50.61 54.43

Net Revenue (=Net Traffic

Receipts less Net Miscellaneous

Transactions)

63.46 67.82

Bottom Line (=Net Revenue less

Dividend and Other Payments to

General Revenues)

14.05 11.26

Note: Account names, except Bottom Line, are as per the IR financial statement. Text in brackets is

explanation of how the amount has been derived, using the account names of the financial statement.

1,386 1,362 1,332.10 1,305.70

290.8

382.5 394.1

456.8

0

100

200

300

400

500

0

200

400

600

800

1,000

1,200

1,400

2008 2009 2010 2011

Number of Employees, thou personsAverage Annual Wage per Employee, thou INR



Source:

Indian Railways (cont’d)

Railway Upgrades 2011

Track Renewals

Production Unit Details

Company data; Indian Railways Yearbook 2011-12;

Name of Production Unit Location Performance in 2011

Chittaranjan Locomotive

Works (CLW) Chittaranjan

Manufactured 246 BG electric locomotives

including 76 state-of-the-art three-phase

6,000 HP electric locos.

Diesel Locomotive Works

(DLW) Varanasi

Manufactured 259 BG diesel locomotives

including 190 indigenous high HP

locomotives. Out of these, 42 diesel

locomotives were supplied to non-

Railway customers (NRCs). DLW also

manufactured a prototype 5,500 HP diesel

locomotive with top-notch technologies,

and exported spare parts worth INR 112.7

mn.

Integral Coach Factory

(ICF) Chennai

Manufactured 1,511 coaches including

405 Electric Multiple Units (EMUs), 141

Diesel EMUs, 48 Kolkata Metro Coaches

and 38 coaches for NRCs. Exported

spare parts were worth INR 659.6 mn.

Rail Coach Factory (RCF) Kapurthala

Manufactured 1,421 coaches including

112 Main Line Electrical EMUs and 260

lightweight LHB coaches with higher

passenger comfort and amenities.

Exported 16 MG DMU coaches worth INR

156 mn to Senegal.

Rail Wheel Factory (RWF) Bengaluru Produced 70,315 wheel-sets, 201,135

wheels and 100,504 axles.

3,840

3,465

3,300

41.06

49.85 52.86

0

10

20

30

40

50

60

3,000

3,100

3,200

3,300

3,400

3,500

3,600

3,700

3,800

3,900

2009 2010 2011

Track Renewals, km Gross Expenditure on Track Renewals, INR bn

A total 855.55 km of track was converted from MG/NG to BG between

Apr 1, 2011 and Mar 31, 2012.

A total 752.28 km of double/multiple lines were completed in the

same period.

New lines of a total length of 726.8 km were built in the same period.



Highlights

Source:

Jet Airways India Ltd.


Operating Performance of Jet Lite

Jet Airways, India's second-largest airline in terms of market share and passengers carried, was set up in 1992 and is owned by businessman Naresh Goyal.

As of Mar 31, 2013, the company operated flights to 75 destinations, including 20 international destinations across four continents and 55 destinations within India.

As of Mar 2013 the airline had a 95-strong fleet of an average age of 5.4 years. As of Jan 2013, it employed a total 12,082 people, down from 12,849 a year earlier.

On Nov 20, 2013, Etihad Airways, the national airline of the UAE, completed the acquisition of 24% in Jet Airways, after the Indian government allowed FDI in the industry in 2012.

On Nov 18, 2013, Jet Airways founding entity Tail Wings divested its 7.89% stake in the company through the BSE and NSE stock exchanges, DealWatch reported. On May 30 and Sep 30, 2013, Jet chairman Naresh Goyal purchased 65.85% and 1.11% in the company from Tail Wings, DealWatch added.

Jet Airways acquired wholly-owned subsidiary Jet Lite in Apr 2007. Effective March 25, 2012 (therefore, starting in fiscal 2013), the service offered under the Jet Lite brand was re-named into JetKonnect.

As of Mar 2012, Jet Lite operated a fleet of 15 Boeing 737 aircraft. The airline flies to 55 domestic destinations, operating over 430 flights a day.

Jet Airways has set up a Jet Privilege program, offering regular customers benefits based on their membership tier.

The airline offers passengers the following interactive services – online booking engine, web, kiosk and SMS check-in, online payment options, real-time mobile phone application JetMobile, a WAP site as well as mobile and Interactive Voice Response (IVR) ticketing.

Company data; Business Standard; Moneycontrol.com; DealWatch;

117.

87

106.

23

129.

32

151.

73

174.

03

114.

77

104.

70

127.

37

148.

16

168.

53

-4.02 -4.68

0.10

-12.36

-4.86

-14

-12

-10

-8

-6

-4

-2

0

2

0

50

100

150

200

2008 2009 2010 2011 2012

Revenue, INR bn Operating Revenue, INR bn Net Profit, INR bn

2011 2012

Departures (Number) 41,992 38,160

Available Seat Kilometers

(ASKMs) (Million) 5,829 4,566

Revenue Passenger

Kilometers (RPKMs) (Million) 4,543 3,416

Passenger Load Factor (%) 77.9 74.8

Revenue Passengers

(Number) 4,794,658 3,871,414



Source:

Jet Airways India Ltd. (cont’d)

Revenue Passenger Data

Passenger Load Factor, %

Available Seat Kilometers and Number of Departures

Freight Carried, tonnes

Company data;

11.08 12.04 14.67

17.31 16.85

21.44 22.64

26.97

30.64 29.50

0

5

10

15

20

25

30

35

2008 2009 2010 2011 2012

Revenue Passengers, millions Revenue Passenger-Kilometers, billions

31,652 29,242 34,323 38,643 37,428

133,736 131,108 146,876

175,646 169,254

2008 2009 2010 2011 2012

Available Seat Kilometers, millions Number of Departures

68%

77%

79% 79%

79%

2008 2009 2010 2011 2012

Passenger Load Factor, %

181,432

187,802

205,942

212,162

230,057

2008

2009

2010

2011

2012

Freight Carried, tonnes



Highlights

Source:

Air India Ltd.


Plan Outlay 2012-2016

Flag-carrier Air India Ltd., owned by the Indian government, is

headquartered in New Delhi. The company, which assumed its

current name in 2010, was established as a result of the merger

between Air India Ltd. and Indian Airlines Ltd. in 2007.

Air India’s major domestic hubs are located at the Indira Ghandi

international airport and the Chhatrapati Shivaji International

Airport. Secondary hubs are at the Chennai International Airport

and the Netaji Subhas Chandra Bose International Airport.

Air India’s market share was 20.6% and 20.2% as of Mar 31, 2012

and 2013, respectively.

The carrier has received about USD 1.7 bn in funding support

from the government since Apr 1, 2009. The company pays more

interest on its debt than any publicly traded Asian airline,

Bloomberg said in May 2013. Air India paid INR 34.8 bn (USD 634

mn) in interest in the year ended Mar 31, Bloomberg added. The

company adopted a Turnaround Plan (TAP) and a Financial

Restructuring Plan (FRP) to improve its operational and financial

performance in 2011.

The government has pledged USD 6.5 bn to cash-strapped Air

India in equity infusion till 2021, but the airline has received no

funds from the INR 35 bn promised to it in the financial year

ending Mar 2014, livemint.com reported in Oct 2013.

In addition to having to look for more debt to make up for the

delay, the former monopoly is about to face increased competition

as Air Asia BHD and Singapore Airlines Ltd. have been reported

to be seeking tie-ups in India, and Etihad Airways of the UAE has

already bought 24% in Jet Airways. The government granted

Etihad the rights to increase the number of its flights to and from

India as part of the deal, which is to hurt Air India’s international

operations.

Company data; Bloomberg.com; livemint.com;

140.62 147.14

-68.65 -75.60

2010 2011

Revenue, INR bn After-Tax Loss, INR bn

Approved Outlay 2012-2017 INR bn

Aircraft Projects 11.73

Non-Aircraft Projects 18.65

Budgetary Support from Government 150.96

Total Plan Outlay 181.34



Source:

Air India Ltd. (cont’d)

Revenue Break-Down, 2011

Fleet Size, 2010

Expense Break-Down, 2011

Ground Handling

Company data;

Passenger Revenue 77.6%

Mail & Excess Bagage 1.3%

Freight 5.1%

Charter & Code Share Revenue

5.0%

Revenue Sharing from AICL 3.1%

Other Revenue 7.6%

Others 0.3%

Staff Costs 15.2%

Interest on Aircraft Loans 4.5%

Fuel & Oil 36.3%

Aircraft Landing , Parking and

Navigation 4.5%

Depreciation and Obsolescence

7.1%

Others 32.4%

Aircraft Type Owned Leased Sale & Lease

Back Total

B777-200LR 8 NIL NIL 8

B777-300ER 12 NIL NIL 12

B747-400 3 NIL 2 5

A310-300 Pax Nil NIL 1 1

A310-300 Fr Nil NIL NIL NIL

A320 18 5 8 31

A319 19 5 NIL 24

A321 20 NIL NIL 20

A330 NIL 2 NIL 2

TOTAL 80 12 11 103

2009 2010

Air India 123,940 123,845

Foreign Carriers 35,642 33,926

Air India Express 13,196 11,344

Other Flights 850 839

Haj Flights 846 273

Total Flights Handled 174,474 170,227



Source:

Jawaharlal Nehru Port (JNP)


The Jawaharlal Nehru Port Trust (JNPT), alternatively

known as Nhava Sheva, started operations in 1989 to

relieve the overburdened Mumbai Port.

JNPT, which is the largest container port in India, is

located on the Konkan mainland opposite the island city of

Mumbai, and covers some 10 sq km, or around 2,500

acres, of land.

The port, which is run by the government-owned JNP

Trust, enabled importers to avoid paying taxes for

entering Mumbai city, as it falls outside its jurisdiction.

JNP handles containers, liquid bulk and cement ships and

also provides marine and shipping services. In 2011, the

port handled about 60% of the total number of containers

handled by the Major Ports of India.

JNP expects to handle some 10 million TEUs by Mar

2016 from about 4.0 million TEUs a year currently.

The port operates three container terminals, general and

liquid freight terminals, as well as Container Freight

Stations and Connected Inland Depots (ICD) where goods

are examined by customs officers and put into containers,

or waiting further transportation. According to JNP’s

website, road connectivity to the port’s facilities has been

upgraded to four-lane from two-lane roads, while the

improvement of rail connectivity is still being completed.

JNP employed 1,730 people in 2010, nine less compared

to the previous year.

Cash Flow Overview

Company data; SEBI;

8.91 9.65

10.42 11.23 11.67

5.77 5.90 6.48 6.78 6.68

6.78 5.30 5.41 5.44 6.17

2007 2008 2009 2010 2011

Revenue (called Operating Income), INR bnProfit Before Income and Tax (called Operating Profit), INR bnNet Profit, INR bn

INR bn 2007 2008 2009 2010 2011

Net Cash Flow from Operating

Activities 4.63 4.10 3.59 3.08 3.73

Total Cash Flow from Investing

Activities 0.72 2.87 -1.03 2.02 0.95

Total Cash Flow from Financing

Activities -2.25 -4.27 NIL NIL NIL

Increase/(Decrease) in Cash and

Cash Equivalents 3.09 2.70 2.55 5.10 4.68

Opening Cash And Bank Balances

Incl. Term Deposits 9.47 12.56 15.26 17.82 22.91

Closing Cash And Bank Balances

Incl. Term Deposits 12.56 15.26 17.82 22.91 27.59



Source:

Jawaharlal Nehru Port (JNP) (cont’d)

Net Worth and Capital Employed

Key Operational Parameters

Cargo Terminals

Company data; SEBI;

Container

Terminal JNPCT

NSICTL

Container

Terminal

GTIPL

Container

Terminal

TOTAL

Quay Length (Meters) 680 600 712 1,992

Draft (Meters) 12.5 12.5 12.5 37.5

Capacity (In Million TEUs) 1.1 1.2 1.8 4.1

RMQCs (Nos.) 9 8 10 27

RTGCs (Nos.) 18 29 40 87

Traffic Handled Unit FY 2010 FY 2011 FY 2012

Container traffic million tonnes 53.09 56.43 58.23

Liquid Bulk Traffic million tonnes 6.63 6.80 6.66

Other Bulk/ break bulk (including cement) million tonnes 0.02 0.21 0.13

Dry Bulk million tonnes 1.02 0.87 0.71

Vehicles million tonnes 0.001 NIL NIL

TOTAL million tonnes 60.76 64.32 65.73

Vessels handled (incl. Barges) numbers 3,072 3,128 2,929

Vehicles numbers 756 NIL NIL

35.91

41.35

47.52

18.26 18.71 20.29

2009 2010 2011

Net Worth (Reserves & Surplus), INR bn Capital Employed, INR bn



Source:

The Shipping Corporation of India Ltd. (SCI)


The Shipping Corporation of India (SCI) is a

government-owned company that offers shipping services

aboard vessels of diversified profile on both domestic and

international lines.

The Mumbai-based shipper was set up in 1961 by the

merger of the Eastern and Western Shipping Corporations.

The Jayanti Shipping Company and Mogul Lines Ltd. were

merged with SCI in 1973 and 1986, respectively.

As of Mar 31, 2012, SCI’s fleet comprised 75 ships of a

total 5.95 million DWT (deadweight tonnage) and 3.34

million gross tonnage (GT). The company’s order book

included 13 different types of vessels of a total 986,800

DWT and 606,280 GT as of the same date.

SCI is the largest tanker owner and the major bulk carrier

in India, with a fleet of 17 bulk carriers as of Mar 2013. The

vessels carry various types of freight including iron ore,

coal, grains, fertilizers, steel products, plywood and

bauxite.

The company also offers lighterage operations,

shipbuilding consultancy, cellular container services, liner

break-bulk services from European ports to India and

passenger and cargo transportation between the mainland

and the Andaman & Nicobar group of islands on behalf of

the government of India.

SCI is the only Indian shipping company engaged in LNG

transportation.

Fleet Profile as of Mar 31, 2013

Company data;

Number of Vessels DWT

1 Crude Oil Tankers 19 2,353,718

Product Tankers 14 908,059

Chemical Tankers 1 33,058

Gas Carriers 2 35,202

VLCC Carriers 4 1,274,175

2 Bulk Carriers 17 1,113,889

3 Liner Ships 5 202,413

4 Offshore Supply Vessels 12 25,447.07

5 Passenger-cum-Cargo Vessels 1 5,140

Total 75 5,951,100.81

45.64

38.96 40.18 38.21 43.61

10.55

4.76 6.57

-4.3

-1.14

2008 2009 2010 2011 2012

Revenue, INR bn Pre-Tax profit, INR bn



Source:

Container Corporation of India Ltd. (CONCOR)


The Container Corporation of India Ltd. (CONCOR) is a

government-owned multi-modal logistics provider supporting

India’s foreign and domestic trade. When it was set up in 1988,

CONCOR took over Indian Railways’ existing network of seven

Connected Inland Depots (ICD).

As of Mar 31, 2013, the Government of India held 63.09% in

CONCOR. The company’s shares are listed at the Bombay and

the National Stock Exchanges (BSE, NSE).

CONCOR currently operates 62 ICDs/CFSs. In addition to

providing inland transport by rail for containers, it also offers

management of ports, air cargo complexes and cold-chain

storage and transportation.

The company’s wholly-owned subsidiary Fresh and Healthy

Enterprises Limited (FHEL) was set up in 2006 to provide cold

chain logistics solutions and create cold storage infrastructure in

India. In July 2012 another subsidiary, CONCOR Air Limited,

was established to handle the design, development and

operations of the air cargo terminal at the Santa Cruz airport in

Mumbai.

As of Mar 31, 2013, India had a total 17 container train

operators, of which 15, including CONCOR, were active. The

containerized tonnage transported by them rose by some 6.5%

to 41.07 million tonnes from 38.58 million tonnes in the previous

year.

However, the level of inland penetration of containers remained

quite low on account of heavy costs and delays attributable to

import-export imbalances, the company commented in its

Annual Report for fiscal 2013.

Physical Performance, TEU

Company data;

36.28 38.86 40.32

43.77 47.43

11.42 11.42 12.04 13.4 13.85

7.91 7.87 8.76 8.78 9.4

2008 2009 2010 2011 2012

Total Revenue, INR bn EBITDA, INR bn Net Profit, INR bn

1.85 1.88 2.02 2.14 2.15

0.45 0.54 0.54 0.47 0.43

2008 2009 2010 2011 2012

International Handling, million TEU Domestic Handling, million TEU

2.58 2.61 2.56 2.42

2.3



Source:

Larsen & Toubro (L&T)


Larsen & Toubro (L&T), headquartered in Mumbai, is a

multinational industrial conglomerate and India’s top

construction and engineering company.

The company also manufactures and sells electrical and

electronic components and industrial machinery and

equipment and provides property development and financial

services.

L&T started operations in 1938 as a representative of Danish

dairy equipment manufacturers. The company, set up by

Danish engineers Henning Holck-Larsen and Soren Kristian

Toubro, assumed its current name and line of business in Feb

1946.

In its short-term business strategy, L&T said it aimed for

foreign markets, particularly in the Middle East, Brazil and

Turkey, to account for 25% of revenue by 2016, to offset the

economic slowdown in India.

As of Mar 31, 2013, the L&T group comprised 139

subsidiaries, 14 associates and 14 joint venture companies. In

2012, consolidated revenue totaled INR 751.95 bn, up from

INR 649.60 bn in the previous year, and consolidated net profit

excluding exceptional and extraordinary items was INR 49.11

bn compared to INR 46.49 bn.

As of Mar 31, 2013, financial institutions and the general

public were L&T’s major groups of shareholders with stakes of

30.54% and 24.05%, respectively. Foreign institutional

investors held 16.58%, and management – 0.43%. The

remaining shares were held by various other stakeholders, the

largest of which was the L&T Employees Welfare Foundation

with a claim of 12.09%.

Revenue by Segments, INR bn, 2012

Company data; reuters.com;

87%

343.37 373.56

442.96

537.38

614.71

39.22 48.16 56.40 62.83 64.07

34.82 43.76 39.58 44.57 49.11

2008 2009 2010 2011 2012

Gross Revenue from Operations, INR bn EBIDTA, INR bn Profit After Tax, INR bn

Engineering & Construction

543.78

Electrical & Electronics 34.03

Machinery & Industrial Products

23.03

Others 13.87

4%

6%

88%

Total Revenue:

INR 614.71 bn



Source:

Larsen & Toubro (L&T) (cont’d)

Order Inflow, INR bn

Order Inflow Vs GDP Growth

Order Inflow by Segment, INR bn, 2011

Number of Employees

Company data;

37,357 38,785

45,117

48,754

54,092

2008 2009 2010 2011 2012

Number of Employees

516.80 695.19

803.62 705.74

880.35 708.20

1,004.12

1,309.49 1,457.23 1,536.04

2008 2009 2010 2011 2012

Order Inflow (Incl. Integrated Joint Ventures), INR bn

Order Book (Incl. Integrated Joint Ventures), INR bn

803.62

705.74

808.35

8.5%

6.2%

5.0%

0%

2%

4%

6%

8%

10%

650

700

750

800

850

2010 2011 2012

Order Inflow, INR bn GDP Growth, %

Engineering & Construction

797.66

Electrical & Electronics 35.66

Machinery & Industrial Products

23.44 Others 23.59

3%

4%

90%

Total Order

Inflow:

INR 880.35

bn

3%



IX. Appendix









Source:

Financial Performance of Shipyards

Financial Performance of Shipyards


Total Income, FY 2011,

INR mn Total Income, FY 2012, INR mn

(+)Profit/(-)Loss, FY

2011, INR mn (+)Profit/(-)Loss, FY 2012, INR mn

Public Sector

Alcock Ashdown (Gujarat) Ltd. 674 72.982 (-) 220.429 (-) 677.63

Cochin Shipyard Ltd. 16,028 14815.448 (+) 2,275.277 (+) 1,723.27

Garden Reach Shipbuilders & Engineers Ltd. 11,633 13330 (+) 1,627.6 (+) 1,693.50

Goa Shipyard Ltd. 10,274 7228.8 (+) 2,647.9 (+) 1,260.30

Hindustan Shipyard Ltd. 10,906 6043.37 (+) 550 (-) 859.83

Hooghly Dock & Port Engineers Ltd. 70 6106.192 (-)550 (+) 5,678.85

Mazagon Dock Ltd. 28,261 30699 (+) 2,435.2 (+) 6,917.80

Shalimar Works Ltd. 296 216.874 (-) 97.479 (-) 174.82

Private Sector

Dempo Shipbuilding and

Engineering Ltd. 823 698.72 (+)73.338 (+) 31.371

ABG Shipyard Ltd. 20,810 24328.6 (+)1,888 (+) 1,802.90

Bharati Shipyard Pvt. Ltd. 15,813 14060.327 (+)1,794.9 (-) 485.86

Chowgule & Co. Ltd. 2,370 2168.053 (+) 68.55 (+) 417.55

Ferromar Shipping Pvt. Ltd. 92 23.282 (+) 5.65 (-) 6.04

A.C.Roy & Comp. Ltd. 226 241.6 (+) 23.5 (+) 33.60

Bristol Boats 21 26.788 (-) 3 (-) 5.53

Tebma Shipyard Ltd. 1,542 3526.027 (-)755.6 (-) 127.33

Larsen & Toubro Limited 45,348 54508.8 (+) 5,832.9 (+) 6,310.33

N N Shipbuilders and Engineers 89 110.209 (+)2.58 (+) 2.47

Pipavav 9,010 18914.6 (+)542.84 (+) 726.90



Source:

Road Statistics by State

Road Statistics by State (Most Recent Available)

Basic Road Statistics, FY 2009, 2010, 2011, Ministry of Road Transport and Highways

Road Length, km National Highways, km

State/Union Territory Total Road Length,

km Area, sq km

Population 2011,

thou persons

Per 100 sq km of

area

Per 100,000

Persons

Total Length of

National

Highways, km

Per 100 sq m of

Area

Per 100,000

Persons

Andhra Pradesh 238,001 275,045 84,666 86.53 281.11 4,537 1.65 5.36

Arunachal Pradesh 21,555 83,743 1,383 25.74 1558.98 1,992 2.38 144.08

Assam 241,789 78,438 31,169 308.26 775.73 2,836 3.62 9.1

Bihar 130,642 94,163 103,805 138.74 125.85 3,642 3.87 3.51

Chhattisgarh 93,965 135,191 25,540 69.51 367.91 2,184 1.62 8.55

Goa 10,627 3,702 1,458 287.06 729.01 269 7.27 18.45

Gujarat 156,188 196,024 60,384 79.68 258.66 3,245 1.66 5.37

Haryana 41,729 44,212 25,353 94.38 164.59 1,518 3.43 5.99

Himachal Pradesh 47,963 55,673 6,857 86.15 699.53 1,409 2.53 20.55

Jammu & Kashmir 26,980 222,236 12,549 12.14 215 1,245 0.56 9.92

Jharkhand 23,903 79,714 32,966 29.99 72.51 1,805 2.26 5.48

Karnataka 281,773 191,791 61,131 146.92 460.94 4,396 2.29 7.19

Kerala 201,220 38,863 33,388 517.77 602.68 1,457 3.75 4.36

Madhya Pradesh 197,293 308,245 72,598 64.01 271.76 5,027 1.63 6.92

Maharashtra 410,521 307,713 112,373 133.41 365.32 4,191 1.36 3.73

Manipur 19,133 22,327 2,722 85.7 702.98 959 4.3 35.23

Meghalaya 11,984 22,429 2,964 53.43 404.32 810 3.61 27.33

Mizoram 9,810 21,081 1,091 46.53 899.13 927 4.4 84.97

Nagaland 34,146 16,579 1,981 205.96 1724.02 494 2.98 24.94



Source:

Road Statistics by State (cont’d)

Road Statistics by State (Most Recent Available) (cont’d)

Basic Road Statistics, FY 2009, 2010, 2011, Ministry of Road Transport and Highways

Road Length, km

National Highways,

km

State/Union Territory Total Road Length, km Area, sq km Population 2011,

thou persons

Per 100

sq km of

area

Per 100,000

Persons

Total Length

of National

Highways, km

Per 100

sq m of

Area

Per

100,000

Persons

Odisha 258,836 155,707 41,947 166.23 617.05 3,704 2.38 8.83

Punjab 84,193 50,362 27,704 167.18 303.9 1,557 3.09 5.62

Rajasthan 241,318 342,239 68,621 70.51 351.67 5,585 1.63 8.14

Sikkim 4,630 7,096 608 65.25 761.92 62 0.87 10.2

Tamil Nadu 192,339 130,058 72,139 147.89 266.62 4,832 3.72 6.7

Tripura 33,772 10,486 3,671 322.07 919.96 400 3.81 10.9

Uttarkhand 49,277 53,483 10,117 92.14 487.08 2,042 3.82 20.18

Uttar Pradesh 390,256 240,928 199,581 161.98 195.54 6,774 2.81 3.39

West Bengal 299,209 88,752 91,348 337.13 327.55 2,578 2.9 2.82

Union Territories

Andaman & Nicobar Islands 1,386 8,249 380 16.81 364.86 300 3.64 78.96

Chandigarh 2,284 114 1,055 2,003.94 216.6 24 21.05 2.28

Dadra & Nagar Haveli 808 491 343 164.61 235.74 0 0 0

Daman & Diu 236 112 243 211.08 97.32 0 0 0

Delhi 29,648 1,483 16,753 1,999.18 176.97 80 5.39 0.48

Lakshadweep 190 32 64 594.69 295.36 0 0 0

Pundicherry 2,740 479 1,244 572.1 220.21 53 11.06 4.26

All India (excluding JRY Roads) 3,790,342 3,287,240 1,210,193 115.3 313.2 70,934 2.16 5.86

All India (including JRY Roads) 4,690,342 3,287,240 1,210,193 142.68 387.57 70,934 2.16 5.86



Source:

List of State Road Transport Undertakings (STRUs)

Names of State Road Transport Undertakings (STRUs) Names of STRUs (cont’d)

Performance of SRTUs 2010-11

Abbreviation Full Name

Ahmedabad MTS Ahmedabad Municipal Transport Service

Andhra Pradesh SRTC Andhra Pradesh State Road Transport Corporation

Assam SRTC Assam State Road Transport Corporation

B.E.S.T. Undertaking The Brihan Mumbai Electric Supply & Transport

Undertaking

Bangalore Metropolitan TC Bangalore Metropolitan Transport Corporation

Bihar SRTC Bihar State Road Transport Corporation

Calcutta STC Calcutta State Transport Corporation

Chandigarh TU Chandigarh Transport Undertaking

Delhi TC Delhi Transport Corporation

Gujarat SRTC Gujarat State Road Transport Corporation

Haryana ST Haryana State Transport

Himachal RTC Himachal Road Transport Corporation

J & K SRTC Jammu and Kashmir State Road Transport

Corporation

Kadamba TC Ltd. Kadamba Transport Corporation Ltd.

Karnataka SRTC Karnataka State Road Transport Corporation

Kerala SRTC Kerala State Road Transport Corporation

Kolhapur MTU Kolhapur Municipal Transport Undertaking

Maharashtra SRTC Maharashtra State Road Transport Corporation

Meghalaya STC Meghalaya State Transport Corporation

Abbreviation Full Name

Metro.TC (Chennai) Ltd. Metro. Transport Corporation (Chennai) Limited

Mizoram ST Mizoram State Transport

Navi Mumbai MT Navi Mumbai Municipal Transport

North Bengal STC North Bengal State Transport Corporation

North Eastern Karnataka RTC North Eastern Karnataka Road Transport

Corporation

North Western Karnataka RTC North Western Karnataka Road Transport

Corporation

Pepsu RTC Pepsu Road Transport Corporation

Pune Mahamandal Pune Mahamandal Parivahan Mahamandal Ltd.

Rajasthan SRTC Rajasthan State Road Transport Corporation

South Bengal STC South Bengal State Transport Corporation

State Exp.TC TN Ltd. State Express Transport Corporation Tamil Nadu

Limited

Thane MTU Thane Municipal Transport Undertaking

TN STC (Coimbatore)Ltd. Tamil Nadu State Transport Corporation

(Coimbatore) Limited

TN STC (Kumbakonam)Ltd. Tamil Nadu State Transport Corporation

(Kumbakonam) Limited

TN STC (Madurai)Ltd. Tamil Nadu State Transport Corporation (Madurai)

Limited

TN STC (Salem)Ltd. Tamil Nadu State Transport Corporation (Salem)

Limited

TN STC (Villupuram) Ltd. Tamil Nadu State Transport Corporation (Villupuram)

Limited

Tripura RTC Tripura Road Transport Corporation

Uttar Pradesh SRTC Uttar Pradesh State Road Transport Corporation



Source:

Table of Terms and Abbreviations

Table of Terms and Abbreviations

Documents used in report, reference sources, Rowlett, Russ; University of North Carolina at Chapel Hill (2000). "How Many? A Dictionary of Units of

Measurement“; OECD Glossary of Statistical Terms, Intermodal and Multimodal Logistics Knowledge Paper, Deloitte, Sept 2012

Thou MT Thousand metric tonnes

GTKM Gross Tonne Kilometers

NTKM Net Tonne Kilometer , a haulage unit corresponding to 1 tonne of goods being hauled a distance of 1 km

BTKM Billion Tonne Kilometers

BPKM Billion Passenger Kilometers

Air trips per capita per year Domestic passengers carried in a year/ Total population

(Airline) Revenue Passenger

A passenger who has paid the transport operator for her or his trip. That excludes non-paying passengers such as airline employees

flying on free or nearly-free passes, babies and children who do not have a seat of their own, etc. Passengers who paid for their trip with

a frequent-flyer program mileage award are usually included.

Passenger Throughput The number of passengers handled at the airport. A domestic passenger is typically counted twice (on departure and arrival) in the

throughput calculation, while international and transit passengers are counted once.

TEU

The twenty-foot equivalent unit is an inexact unit of cargo capacity often used to describe the capacity of container ships and container

terminals.[1] It is based on the volume of a 20-foot-long (6.1 m) intermodal container, a standard-sized metal box which can be easily

transferred between different modes of transportation, such as ships, trains and trucks.

Intermodal transport

Movement of goods (in one and the same loading unit /a container/ or a vehicle) by successive modes of transport, without handling of

the goods themselves when changing modes. The method reduces cargo handling, and so improves security, reduces damage and loss,

and allows freight to be transported faster.

Multimodal transport

Carrying of goods by at least two different modes of transport under a single contract. Intermodal transport is a particular type of

multimodal transport. The Multimodal Transport Operator (MTO) acts as an agent for the shipper under a multimodal transport contract.

The MTO enters into separate contracts with transporters, cargo consolidators, ports, airports etc., coordinates customs procedures and

thus manages end-to-end freight movement.



Source:

Table of Terms and Abbreviations (cont’d)

Table of Terms and Abbreviations (cont’d)

Documents used in report, reference sources, Rowlett, Russ; University of North Carolina at Chapel Hill (2000). "How Many? A Dictionary of Units of

Measurement“; OECD Glossary of Statistical Terms, Intermodal and Multimodal Logistics Knowledge Paper, Deloitte, Sept 2012, Economic Survey 2012

Roll-On/Roll-Off (RORO or ro-ro) transport Carrying of wheeled cargo such as automobiles, trucks, semi-trailer trucks, trailers or railroad cars that are driven on and off

ships on their own wheels.

Lift-on/Lift-Off (LOLO or lo-lo) transport Carrying of wheeled cargo and using a crane to load and unload it on ships.

LASH transport

Lighter Aboard Ship, a combination of deep sea and inland waterway transportation. Inland waterway vessels are loaded onto a

ship, carried across sea to the destination port, then unloaded and left to sail and carry the cargo further into the hinterland. Ports

of origin and destination need to have special handling facilities.

Piggyback / Trailer train

A combination of transport by road and rail, under which the goods are packed in trailers and hauled by tractors to the railway

station. At the station, the trailers are moved onto railway flat cars and the transport tractors, which stay behind, are then

disconnected. At destination, tractors again haul the trailers to the warehouses of the consignee.

Sea Train A combination of rail and ocean transport, similar to the Ro-Ro system, except that in the place of the Ro-Ro vehicle, a rail car is

used so that geographically separated rail systems can be connected by the use of an ocean carrier.

Spans of Indian Five-Year Planning Periods

XII Plan 2012-2017

XI Plan 2007-2012

X Plan 2002-2007

IX Plan 1997-2002



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