INDIA has finally got a National Logistics Policy (NLP). This has been a persistent demand of the $200 billion logistics sector for several years. A vital factor to its success will be the speedy implementation of various proposals.
Logistics includes planning, coordinating, storing and moving resources such as people, raw materials, inventory and equipment from one place to another. This could be from manufacturing locations to consumption, distribution or other manufacturing locations. India's logistics sector is complex, with more than 20 specialist establishments, 37 export elevation bodies, 500 certifications and 10,000 commodities. The sector also involves 200 transport entities, 36 logistics organisations, 129 inland container depots, 168 container freight stations, 50 IT ecosystems and banks and insurance coverage companies. Additionally, 81 authorities and 500 certificates are needed for exports and imports.
The necessity for the NLP was felt as the logistics cost in India is greater than those of advanced economies. A decrease in this cost expands productivity, adds value addition and uplifts enterprise. Presently, India spends nearly 14% to 18% of its gross domestic product on logistics costs, which is much higher than the global average. According to the 2018 World Bank Logistics Index, India ranked 44th in logistics cost. India is behind developed countries like the US and China, which were ranked 14th and 26th position, respectively.
The NLP aims to smoothen the movement of goods in the country, while also developing competitiveness of Indian goods in local and global markets. It also aims to augment economic progress and employment opportunities. The policy targets to accomplish rapid last-mile delivery, end transport linked hiccups, save time and money for producers and curb wastage of agro-produce.
This story is from the October 3, 2022 edition of India Legal.
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This story is from the October 3, 2022 edition of India Legal.
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