A strike at India’s ports that further threatened the global supply chain was called off Tuesday after workers agreed to a new five-year contract.
The indefinite walkout by almost 20,000 workers across India’s biggest ports was scheduled for Wednesday.
Unions, which had first demanded a pay raise of around 10.6%, agreed to an increase of 8.5% over five years at negotiations in New Delhi, Reuters reported.
Negotiations had been ongoing since 2021. The previous pact expired in December of that year.
Annual cargo volume totals 1.62 billion metric tons through the ports of Chennai, Cochin and Mumbai, the news service reported.
India forecast total exports of $776.68 billion in fiscal 2023-24, up from $776.4 billion the previous fiscal year.
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The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now