Ministry of Commerce and Industry Current Affairs

Global Logistics Summit 2018 held in New Delhi

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.

Logistic Sector

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.

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Core sector growth up by 5.3% in February 2018

According to index of eight core industries released by Ministry of Commerce and Industry, eight core infrastructure sectors grew by 5.3% in February 2018. It was mainly due to robust performance of refinery products, fertilizer and cement segments. The core sectors expanded by 6.1% in January 2018 and it grew by just 0.6% in February 2017. Cumulatively, these 8 sectors grew by 4.3% in April-February 2017-18 against 4.7% in the same period last fiscal.

Breakaway of January Performance

  • Petroleum refinery production: It recorded 7.8% growth.
  • Fertilizer production: It recorded 5.3% growth.
  • Cement production: It recorded 22.9% growth.
  • Electricity generation: It grew by 4%.
  • Coal production: It grew by 1.4%.
  • Steel production: It grew by 5%.
  • Crude oil production: It declined by 2.4%.
  • Natural Gas production: It declined by 1.5%.

Core industries

Core industries can be defined as main industry of the economy. In most countries, there is particular industry that seems to be backbone of all other industries and it qualifies to be the core industry.In India, there are eight core sectors comprising of coal, crude oil, natural gas, petroleum refinery products, fertilisers, steel, cement and electricity. The eight infrastructure sectors, constitute 40.27% of the total index of industrial production (IIP).

Revised weightage in core sectors: Petroleum Refinery production (weight: 28.04%), Electricity generation (19.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6.88%), Cement production (5.37%), Fertilizers production (2.63%).

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