Logistics as an area deals with the general process about how the resources are developed, stowed and transported to the required destination. The management in logistics involves various aspects such as recognizing and knowing prospective suppliers and dealers to determine their effectiveness and accessibility.
In today’s economy, the most swiftly developing industry is logistics. It includes the trade of infrastructure, technology, and varied specifications of service providers. These factors decide whether the logistics industry can help customers reduce their logistics costs and deliver effective services. The logistics sector is considered as the backbone of the economy in India. As the role of logistics in India’s economy is highly recognized due to its practice in various sectors, the competition is overwhelming.
Growth of the Logistics sector in India-
The Indian logistics sector is currently valued at $160Bn, and the sector is expected to become worth $215Bn in the next two years. This sector is known to produce 14.4% of India’s GDP. This remarkable advancement is due to the eCommerce companies emerging into the market, paving the way for numerous MNCs to be a part of this headway. Companies have incorporated the logistic sector providers to cater to the various demands of customers. This is expected to result in a growth of 7% by the end of 2022.
Globalization and urbanization have made the world a global village. With the rise in customer needs, the availability of goods to clients has increased at decreased, and economical rates. This has resulted in high competition in the logistics industries. The government is dedicated to revolutionizing Indian logistics by updating its infrastructural growth. Infrastructure development further relies on its soft infrastructure, including education, training, and policy system. The rise in international transportation of goods aids e-commerce to flourish.
In 2017, infrastructure status was given to the Logistics Sector. The status of the infrastructure allows the logistics sector to benefit from its numerous advantages like infrastructure financing with improved limitations on more straightforward terms.