Decoding the National Logistics Policy
The logistics sector is considered the backbone of India's economy, estimated to be worth $215 billion, growing at a CAGR of 10.5 percent. However, the sector is plagued with numerous bottlenecks, including fragmentation, informalisation, and wastage.
To bring down India’s high logistics and supply chain costs, the government is on the verge of adopting the National Logistics Policy (NLP), which the Ministry of Commerce and Industry says will enable “closer collaboration with the logistics division”.
The policy is aimed at streamlining and strengthening India’s logistics sector, promoting the seamless movement of goods across the country, and increasing the ease of doing business for players in the sector.
It also hopes to enable companies to start adopting better systems and processes, including digital tools to formalise the sector, and has the potential to become a great disrupting force.
“The policy will help integrate local supply chains with international supply chains better,” says Vineet Agarwal, President of ASSOCHAM.
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“Companies need to upskill their employees more so that their teams are ready for the next set of reforms and even understanding other dynamics such as warehousing and ecommerce.”
— Vineet Agarwal, President, ASSOCHAM