English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

India logistics industry to top US$300 billion

NEW DELHI: May 04, 2016. India’s logistics market is forecast to be worth US$307 billion by 2020 according to Ram Kripal Yadav, the country’s minister of State for Drinking Water & Sanitation.

Speaking at a logistics conference organized by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Yadav said India spends around 14.4 percent of its GDP on logistics and transportation compared to less than 8.0 percent by other developing countries.

India multimodalHe said India’s cargo and logistics Industry can expect to grow at CAGR of 16 percent in the next few years as new investments create additional opportunities for the logistics sector.

In a bid to reduce costs and promote its ‘Make in India’ campaign, he said the government intends to encourage private investment in the country’s ports via a INR 2.87 trillion program to increase port capacity to 3.2 billion metric tonnes in anticipation of a rise in cargo traffic to 2.5 billion tonnes by the end of 2020.

Yadav noted the country’s plan to build dedicated rail freight corridors (pictured: APM Terminals Pipavav port on India's West Coast) will promote efficient haulage of containerized cargo and reduce times between Mumbai and Delhi to 18 hours from the current 60.

The minister’s comments follow a report by ASSOCHAM that India can save up to US$50 billion if logistics costs are brought down from 14 percent to nine per cent of country’s GDP.

The study suggests logistics service providers should have access to cheap capital to improve infrastructure while the government should create a uniform tax structure and remove multiple checkpoints and documentation requirements to improve the flow of cargo.

“Appropriate policy changes and opening up capacity together with increase in speed for transportation of goods and services through various modes, rail, road, water and others, is imperative for the growth of cargo and [the] logistics industry in India,” commented ASSOCHAM secretary general D.S. Rawat.

News

Written on 23/06/2017, 20:22
xpo-hit-by-port-strikeLOS ANGELES/LONG BEACH: June 23, 2017. Port and rail drivers working as independent contractors for XPO Cartage, part of XPO Logistics, began a strike...
Written on 21/06/2017, 22:44
more-disasters-but-less-moneyGENEVA: June 21, 2017. The United Nations says it needs US$23.5 billion in 2017 to provide humanitarian assistance to a record 141 million people in 37...
Written on 21/06/2017, 20:19
switzerland-remains-the-world-s-most-innovative-countryGENEVA: June 21, 2017 – Switzerland, Sweden, the Netherlands, U.S. and UK are the world's most innovative countries according to a new report by produced...
Written on 21/06/2017, 16:53
fedex-and-ups-among-best-civic-minded-u-s-companiesSEATTLE: June 21, 2017. FedEx and UPS are among the 50 most community-minded companies in the United States according to the latest 'Civic 50' list from...
Written on 16/06/2017, 20:37
eu-commercial-drones-by-2019-says-commissionBRUSSELS: June 16, 2017. The European Commission says commercial drones flying in a 'U-Space' under 150 meters from the ground will be operate in the EU...
Written on 16/06/2017, 19:00
collaboration-and-compromise-key-to-uk-trade-futurePARIS: June 15, 2017. The OECD is forecasting a 1.7 percent rise in UK GDP this year and just 1.0 percent in 2018 as uncertainty rises of Britain not...
Written on 16/06/2017, 15:01
amazon-to-buy-bricks-and-mortar-grocer-for-us-13-7-billionSEATTLE: June 16, 2017. Amazon has agreed to buy Texas-based Whole Foods Market (WFM) for US$13.7 billion including debt. WFM reported Q2 2017 net sales...
Written on 15/06/2017, 20:35
amazon-to-sell-cars-in-britain-delivered-by-emirates-skycargoLONDON: June 14, 2017. Amazon is hiring automotive experts as a prelude to selling cars in the UK according to eCommerce delivery company Parcel...
Written on 12/06/2017, 16:13
qatar-airways-adds-dublin-as-profits-riseDOHA, Qatar: June 12, 2017. Despite continued uncertainty in Qatar following political and economic sanctions imposed by neighboring GCC countries, Qatar...
Written on 09/06/2017, 16:35
spanish-port-strike-continuesBARCELONA: June 09, 2017. Some 6,000 Spanish dockworkers are expected to continue their strike action until June 24 unless a meeting between their union...
Written on 07/06/2017, 01:08
we-are-still-in-say-u-s-states-and-businessesWASHINGTON, DC: June 05, 2017. Ignoring Donald Trump, 1,219 governors, mayors, businesses, investors, colleges and universities in the U.S. have declared...
Written on 06/06/2017, 19:35
iata-repeats-call-for-trade-freedomCANCUN, Mexico: June 06, 2017. IATA's 73rd annual general meeting has called on governments to implement the World Trade Organization's (WTO) Trade...
Written on 05/06/2017, 20:34
qatar-cargo-to-operate-perishables-airliftDOHA: June 05, 2017. The Qatar Cargo weekly A330 freighter service to London Heathrow that began on June 03 could be part of a food airlift if the Saudia...
Written on 01/06/2017, 20:52
u-s-not-so-competitiveLAUSANNE, Switzerland: May 31, 2017. The United States is no longer one of the top three competitive countries in the world according to a new 63-country...
Written on 01/06/2017, 18:57
rickmers-group-files-insolvency-following-bank-moveHAMBURG: June 01, 2017. The Rickmers Group has declared insolvency following the rejection by HSH Nordbank of a proposed financial restructuring. Last...
Written on 01/06/2017, 14:07
exxon-mobil-low-carbon-future-as-trump-pulls-climate-plugBOSTON, MA: June 01, 2017. As expected, Donald Trump has announced the United States is withdrawing from the Paris Agreement on climate change, despite...
Written on 26/05/2017, 16:16
powerful-future-ahead-for-madagascarPORT LOUIS, Mauritius. May 24, 2017. Volga-Dnepr Airlines has now completed a series of flights begun in March to deliver power generators from Mauritius...
Written on 25/05/2017, 20:07
rhinos-return-to-rwandaAKAGERA, Rwanda: May 25, 2017. Ten years after the Eastern black rhino disappeared from Rwanda following decades of poaching, 19 animals have now taken up...
Written on 25/05/2017, 18:33
port-everglades-gets-expansion-go-aheadPORT EVERGLADES, FL: May 24, 2017. Port Everglades is to invest US$437.5 million to add new berths for larger cargo vessels and install crane rail...
Written on 24/05/2017, 20:42
hapag-lloyd-takes-a-big-step-with-uascHAMBURG: May 24, 2017. Hapag-Lloyd and the United Arab Shipping Company (UASC) have completed their merger. Shareholders at the annual general meeting on...

- powered by Quickchilli.com -