The Union Ministry of Commerce and Industry is developing a National Logistics Portal to ensure ease of trading in the International and domestic markets. The portal will link all the stakeholders of EXIM, domestic trade and movement and all trade activities on a single platform.
The portal’s main objective will be to fulfill the commitment of the Union Government to enhance trade competitiveness, create jobs, boost India’s performance in global rankings and pave the way for India to become a logistics hub.
As per the Economic Survey 2017-18, the Indian logistics sector provides livelihood to more than 22 million people and improving the sector will help facilitate 10 per cent decrease in indirect logistics cost leading to 5- 8 per cent growth in exports.
• The National Logistics Portal will be a single window online marketplace for trade, which will connect businesses, create opportunities and bring together various ministries, departments and the private sector.
• It will bring together all the concerned stakeholders including traders, manufacturers, logistics service providers, infrastructure providers, financial services, Government departments and groups and associations on one platform.
• The portal’s creation was announced by Finance Minister Arun Jaitley during this year’s budget speech.
• It will be implemented in phases and will aim to reduce the logistics cost from the present 14 per cent of GDP to less than 10 per cent by 2022.
The Indian logistics sector is highly defragmented and complex with more than 20 government agencies, 40 partnering government agencies (PGAs), 37 export promotion councils, 500 certifications, 10000 commodities and 160 billion market size.
It also involves 12 million employment base, 200 shipping agencies, 36 logistic services, 129 ICDs, 168 CFSs, 50 IT ecosystems and banks & insurance agencies.
According to the estimates of the Economic Survey 2017-18, the worth of Indian logistics market would be around USD 215 billion in next two years compared to about USD 160 billion currently.
Video: Check out the latest current affairs of this week
President Ram Nath Kovind’s visit to Cyprus: Key Highlights
India records best-ever performance at Asian Games 2018: In Detail
Indus Waters Treaty: India, Pakistan agree to undertake Treaty mandated tours on both sides
Vodafone-Idea merger completed; creating India’s largest telecom service provider