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Monday, October 10, 2016

Postal Department to hike prices in order to overcome revenue deficit

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.

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,SnapdealFlipkart 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