Logistics sector Current Affairs - 2019
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The Global Logistics Summit (GLS-2018) was held in New Delhi from April 5-6, 2018 to improve logistics and connectivity which are vital for increasing intra-state and international trade flows.
The summit was organised by Department of Commerce, Ministry of Commerce & Industry along with Federation of Indian Chambers of Commerce & Industry (FICCI) and World Bank Group. It provided platform to hold discussions for global experts, academics, government officials and private sector and industry representatives.
The sector involves transportation, material handling, warehousing, packaging, shipping security, inventory management, and supply chain management, procurement, and customs service. Government has defined logistic as multimodal logistics park comprising an Inland Container Depot (ICD) with a minimum investment of Rs.50 crore and minimum area of 10 acre. In November 2017, logistic sector was granted infrastructure status.
Importance of Logistic Sector
India spends around 14.4% of its GDP on logistics and transportation sector. It employs over 45 million people across country and its certain sub-sectors growing at rate of 15% and even 30-40% per annum. It provides efficient and cost effective flow of goods from manufacturing sector on which other commercial sectors dependent.
Tags: Business • Department of Commerce • Economy • FICCI • Global Logistics Summit
The Department of Commerce has signed MoU with Confederation of Indian Industry (CII) for setting-up institutional mechanism for the development of Logistics sector in the country.
Both will work together for taking logistics sector to global levels both in terms of efficiency and cost. They will follow Commerce Ministry’s roadmap for modernizing logistics sector and bring it at par with the global best.
The road map aims to foster focused engagement with the industry and collaborate with the concerned agencies including state Government’s and other related agencies. It will also undertake mutually agreed focused studies on logistics and promote Government’s policies on logistics
The Union Government has decided to reduce Logistics cost in country from the present 14% of GDP to less than 10% by 2022. For this purpose, a concerted effort in collaboration with Central Ministries as well as State Governments has been initiated for simplifying the regulatory processes in both domestic and EXIM (export-import) logistics. Government also has granted infrastructure status to number of logistics activities, which will enable them to avail cheaper and long term commercial loans.