Multi-Modal Logistics Parks in India Current Affairs - 2019
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Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu launched logo and brochure of Logix India 2019 in New Delhi. Logix India 2019 is scheduled to take place in New Delhi from 31stJanuary to 2nd February 2019. It is being organized by Federation of Indian Export Organisations (FIEO).
Logix India 2019
It aims to serve as major initiative to improve logistics cost effectiveness and operational efficiencies for India’s global trade. It will enable effective international trade logistics and help provide efficient and cost-effective flow of goods on which other commercial sectors depend
Over 20 countries are going to participate in this event. Through Logix India 2019, FIEO will also focus on investment opportunities in infrastructure development, technology integration, warehouse consolidation and IT enablement andskilling of manpower at the three-day meet.
Need for integrated Logistics sector development
The logistics cost in India is very high compared to developed countries. High cost reduces competitiveness of Indian goods both in domestic as well as export market. Logistics sector is expected to grow to US $360 billion by 2032 from current US $115 billion. Increasing globalization of Indian economy, along with renewed manufacturing vigour attributed to Make in India Campaign and growth of e-commerce business all forecast rapid growth in Indian logistics sector. India was ranked 44 in World Bank Logistics Performance Index 2018. As per Economic Survey 2017-18, India’s logistics industry which is worth around US $160 billion is likely to touch US $215 billion in the next two years. This sector provides employment to more than 22 million people and is expected to grow at rate of 10.5% over the next 5 years. Logistics is also backbone of India’s international trade and will help in diversification of not only India’s export basket but also of products and countries.