CREATE INCENTIVES FOR SUSTAINABILITY

The fast-growing logistics sector is seeking continued policy support and adequate funds to support the creation of a unified logistics ecosystem as envisaged by the National Logistics Policy By Ashish Sinha

The rapidly growing logistics sector is crucial for the unified growth of the Indian economy. The National Logistics Policy, announced in September 2022, lays an overall roadmap to push the growth of this sector. India’s logistics are estimated to account for about 14.4 percent of GDP. It is estimated that more than 22 million people rely on it for their income.

For the upcoming Union Budget that is expected on February 1, 2023, the sector has urged the finance ministry to take note of some key issues. Why? Because the Union Budget enables policies to get to action in a time defined manner. “We are expecting the Union Budget to further the initiatives to support the growth of our economy. The Union Budget should continue to prioritise improvement of logistics infrastructure across roads, warehouses and ports,” says Yogesh Patel, CFO, Mahindra Logistics, one of the leading players in the market.