The Indian logistics sector plays a pivotal role in the nation's economy, acting as a linchpin for the seamless movement of goods across diverse industries. According to a recent Ernst & Young report, India is projected to grow to a $26 trillion economy by FY48. As the nation gears up for rapid growth over the next 25 years, the transportation and logistics sector stand ready to serve as the backbone, facilitating this unprecedented expansion. The efficient flow of goods, materials, and products is often regarded as the lifeblood of an economy, and in India, with its vast and diverse landscape, the logistics industry assumes a pivotal role. Yet, despite its significance, the sector faces persistent challenges that threaten to hinder its progress and global competitiveness.
One of the most pressing challenges confronting the Indian logistics sector is the disproportionately high logistics costs, constituting approximately 7.88.9 per cent of the country's GDP, surpassing the global average of 8 per cent. This directly impacts the global competitiveness of Indian businesses, placing them at a disadvantage compared to international counterparts with lower logistics expenses.
EFFICIENCY AND ECONOMICS OF LOGISTICS
A primary challenge stems from the intricate network involving multiple players and intermediaries, leading to a multitude of cargo exchanges. This not only results in escalated costs but also introduces inefficiencies into the system. Further adding to this issue, unorganised players often prioritise manual labour over technology due to its perceived costeffectiveness.
The diversity in export and import commodities further compounds the situation by causing a mismatch between the types of containers used. This lack of standardisation contributes significantly to operational inefficiencies within the industry.
This story is from the March 2024 edition of The Machinist.
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This story is from the March 2024 edition of The Machinist.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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