Logistics policy is a mandate that determines how the processes are going to proceed. It could be a comprehensive policy covering transportation, customs, infrastructure development and trade. The provisions should create a new strategy to minimize bottlenecks in the industry. Over the past few decades, globalization has played an important role in world economic performance by increasing international and domestic trade, which is central to growth and the logistics sector is now recognized as one of the pillars of development. World Bank states reliable supply chains and logistics services efficiencies are critical for competitiveness. This is strongly associated with trade expansion and ability to attract FDI for the economic growth of the Country.
The grand vision of India to be a $5 trillion economy best by 2024 is an ambitious target. Post COVID-19, it is more challenging and would need a great integrated effort by Govt and the industry together. While the economy has contracted, due to the extended COVID-19 impact, the Atmanirbhar Bharat campaign could be the major push to the Make in India programme with a right policy intervention and support to the industry. Increasing the domestic consumption with adaption to the Made in India products and services could help the economy recover at a faster pace.
This story is from the June 2020 edition of Siliconindia - India Edition.
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This story is from the June 2020 edition of Siliconindia - India Edition.
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