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Indian ports are expected to achieve mid-single digit volume growth in the financial year 2023-24, despite challenges posed by economic slowdowns in importing markets like the EU and US. This is due to enhanced operational efficiency, investments in infrastructure, and stability in freight rates. India's overall Logistics Performance Index rank also improved significantly in 2023. The stability in freight rates is expected to boost foreign trade and result in higher cargo volume growth. However, the signs of slowdown in the EU and US economies could present challenges for India's cargo volume growth, particularly in terms of exports.
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