THE LOGISTICS SECTOR in India was estimated to be worth around $250 billion in FY 2021 and is projected to grow to $380 billion by 2025. But the sector is far from perfect with its over-reliance on road-based transport, excess paper trails for processes and manual labour.
The Indian logistics industry also entails higher costs (14 per cent of GDP) when compared with other BRICS nations (where the average is 11 per cent of GDP). The recently launched National Logistics Policy (NLP) will be instrumental in addressing a lot of these issues in the coming years.
One of the NLP's main objectives is to reduce logistics costs down to eight per cent of GDP by creating an efficient, integrated and sustainable logistics network through the use of better-qualified personnel, technological tools and the setting up of industry standards.
This story is from the December 03, 2022 edition of Businessworld India.
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This story is from the December 03, 2022 edition of Businessworld India.
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