- The Global Logistics Summit, which acts as a platform to hold discussions for global experts, academics, government officials and private sector and industry representatives, was held in New Delhi recently.
- It was organised by the Department of Commerce, Ministry of Commerce & Industry, along with FICCI (Federation of Indian Chambers of Commerce & Industry)and the World Bank Group to support awareness building and develop better understanding on the issues related to logistics.
- Efficient logistics is critical for countries like India to harness trade and facilitate greater & faster integration with both the domestic as well as world economy. Keeping this in mind 56 new airports will become functional in the next few years, Union Minister for Commerce & Industry and Civil Aviation, Shri Suresh Prabhu said at the Global Logistics Summit
- The Minister further said that by bringing all the stakeholders together it will create the right platform to improve logistics and connectivity which are vital for increasing intra-state and international trade flows.
- Indian logistics industry is estimated at around US $ 215 billion in 2019-20, growing at over 10 % annually. In the last decade or so, significant improvements in Railways, Roads, Highways, Inland Waterways, Aviation, Ports and Coastal Shipping have taken place.
- India has improved its ranking in the Logistics Performance Index (prepared by the World Bank) from 54 in 2014 to 35 in 2016. To keep up with the growth in demand for logistics services, it is important to develop a consistent approach to logistics across infrastructure, services and different modes of transportation.
Source:PIB