India’s position to 35th rank in the latest bi-annual World Bank Logistics Performance Index (LPI) report will open many corridors of opportunities as industry will witness swift growth in international as well as inter-state freights, an effect of Union Government’s commitment to make India as a preferred destination for many global businesses.
Noticeable in the government’s latest first of its kind facility in India, the implementation of logistics data tagging of containers to track cargo at the Jawaharlal Nehru Port (JNPT), Mumbai.
“The application of innovative tagging and tracking, which enables in-transit visibility and real time status update, has been so far successfully adapted in many advanced nations such as America, Japan and Germany. Introduction of the same in India is unquestionably claiming India’s strong position in the global trade map.” said, Brijesh Lohia, Managing Director of Global Ocean Group.
An ascent in India’s position is a breadth of fresh air for the often scrutinized India’s logistics industry, which has once again reinstated its position as a crucial player in nation’s international competitiveness and industrial growth. The recognition also comes as promise for stakeholders, private and public sector as well as the government for overall progress in the nation’s trade.
“The specific nature of the report demonstrates increase in India’s LPI score to 3.42, based on analysis across six different components, which indicates efficient procedures, adequate quality of infrastructure and quest for improvement among local logistics companies.”
There are enough reasons for optimism, one being the recent major announcement by the ministry of railway on cutting down the completion of Rs 12 Lakh crore programmes Sagarmala from the estimated 10 years to five years.
A Port-Rail Connectivity Programme ‘Sagarmala’, is estimated to ease logistics time and cost by 10 to 18 percent, making trading business in India more efficient.
“The failure of addressing the logistical issues was the major set-back in the growth of the sector, but this is a history now. The new score will positively benefit country’s economic prospects and we are fortunate to be part of this new wave of developments and recognition, which is expected to get only better once the industry begins to reap.” ended, Lohia.
Source: Press ReleasePrevious Next
In Conversation With Mr Ajay Reshamwala, Managing Director, Reshamwala Shipbrokers
India Tanker Shipping Trade Summit 2018