FE Online | New Delhi | October 8, 2016
The Postal Department has bucked up to overcome its
big annual revenue deficit of Rs 6000 by hiking prices of postcards,
stamps etc. The decision comes after Minister of Communications Manoj
Sinha held a meeting to discuss the strategies to bring in the
additional Rs 1000 cr revenue every year.
However with the new rates in execution, the Minister did not forgot to remind the officials about focusing on the time of delivery of the parcels.
The Postal Department has bucked up to overcome its big annual
revenue deficit of Rs 6000 by hiking prices of postcards, stamps etc.
The decision comes after Minister of Communications Manoj Sinha held a
meeting to discuss the strategies to bring in the additional Rs 1000 cr
revenue every year.
During the meeting when Sinha was apprised with the fact that the
pricing comes from Finance Ministry, the Communications Minister
directed a committee of ministers to be formed to decide on the hike and
the new prices.
According to Indian Express, the new prices of the 25 paise and 50
paise postcards will be 2 rupees, and the price of the Rs 6- printed
postcard to Rs 9 per printed postcard. Similarly, the price of an inland
letter of Rs 2.50 denomination has been proposed to be increased to Rs
9. The price of India Post’s parcels have also been surged up from Rs 19
per 500 gms to Rs 30 now.
However with the new rates in execution, the Minister did not forgot
to remind the officials about focusing on the time of delivery of the
parcels.
Going by a report of 2015, the Department found out that its expenses
had risen by 262 per cent despite the revision last made in 2001-02 and
the prices remaining unchanged.
Also discussed in the meeting was the India Post’s market share in
the parcel market which is a minor Rs 1.5-2.0 lakh crore compared to
other courier majors. India Post is already cashing in on the boom in
e-commerce deliveries, especially the surging cash-on-delivery
consignments of the country’s top online sellers — Amazon, Snapdeal, Flipkart
and Myntra. Sinha asked the officials to come up with a strategy to
beat the over priced courier companies in market in order to shoot up
India Post’s shares. All of the further plans will be discussed in a
second meet planned for the next month.
Source : http://www.financialexpress.com
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