logistic news in India

Logistics sector is backbone of India's economy. It is estimated to reach a size of $215 billion by 2020. This sector is among the fastest growing sectors in India in 2019.There has been a significant growth in logistic sector in India for the last few years.India’s rank has gone up from 54 in 2014 to 44 in 2018 in the World Bank’s Logistics Performance Index (LPI), in terms of overall logistics performance.The Indian logistics sector employs more than 22mn people. The Indian warehousing and logistic market received around $3.4 Bn of institutional capital over the last five years (January 2014 - January 2018.) Investments into the warehousing sector account for around 26% of the total private equity investments into real estate during January 2014 - January 2018. The total FDI inflows for the period FY2014-2018 were INR98,845crore/ $15.2 Bn*.A new Logistics Division has been set up in the Department of Commerce to coordinate integrated development of the sector by way of policy changes, improvement in existing procedures, identification of bottlenecks and gaps, and introduction of technology-based interventions.Expenditure on investment in logistics, including infrastructure, will touch $500 Bn, annually, by 2025. Multi-Modal Logistics Parks Policy (MMLPs): The MMLPs are a key policy initiative of the Government of India to improve the country’s logistics sector. This initiative will lower freight costs, reduce vehicular pollution and congestion and cut warehouse costs to promote domestic and global trade. Logistics Portal: A National Logistics Portal is being developed in phases to serve as a transactional e-marketplace by connecting buyers, logistic service providers and relevant government agencies. This portal will be the single window market place to link all stakeholders. Logistics Data Bank: As a part of the India-Japan bilateral cooperation, a Logistics Data Bank Project has been commissioned to track containers on a ‘near-real-time’ basis. RFID tags are placed on every container coming out of the ports to tracks the container’s movement. The project has already expanded to various ports in India and covers almost 90% of the total container volumes in India.4