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A strike at India\u2019s ports that further threatened the global supply chain was called off Tuesday after workers agreed to a new five-year contract.<\/p>\n The indefinite walkout by almost 20,000 workers across India\u2019s biggest ports was scheduled for Wednesday.<\/p>\n 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.<\/p>\n Negotiations had been ongoing since 2021. The previous pact expired in December of that year.<\/p>\n Annual cargo volume totals 1.62 billion metric tons through the ports of Chennai, Cochin and Mumbai, the news service reported.<\/p>\n India forecast total exports of $776.68 in fiscal 2023-24, up from $776.4 billion the previous fiscal year.<\/p>\n The post Union pact averts India port strike<\/a> appeared first on FreightWaves<\/a>.<\/p>\n<\/div>\n