INDIAN LOGISTIC INDUSTRY CONTINUES TO GO UPHILL

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Published on : 12 Apr, 18 13:04

INDIAN LOGISTIC INDUSTRY CONTINUES TO GO UPHILL
-remains impervious to weak economic sentiments
New Delhi: “The logistics industry in India is one of the leading industries in the country biting into 13% of the GDP, which is allocated to the advancement of the logistics programme in the country. Basis the logistics performance index (LPI), India positions 53rd across 115 countries recording a competent logistics system score of 3.08 out of 5.” as revealed by Ken Research.
It is anticipated that the Indian logistics industry exhibit a healthy growth of 10-15% per year, leading the pace of growth of the economy at large.Hence it is very important to support India’s fast-paced economic growth of logistics industry.
“Logistic industry in India is sprouting fast, it is the interplay of infrastructure, technology and new types of service providers, which classifies whether the logistics industry is able to help its customers reduce their costs in the logistics sector and provide effective services. Despite the weak economic outlook, the logistics industry continues to witness growth due to the growth in retail, e-commerce and manufacturing sectors. A rise of e-commerce logistics and increased domestic consumption will lead the way for the industry in the coming years.” Said Mr. Rahul Jain Founder and MD, SumpapPvt.Ltd.
The logistics and warehousing industry’s revenue is anticipated to grow at a CAGR of 10.7% during 2015-2019. 3PL, e-commerce logistics, and cold chain are the 3 biggest segments in the logistics and warehousing industry in India based on future growth rates. The industry comprises of the two main segments. First, the freight and passenger transportation via road, rail, air and water; second, warehousing and cold-storage.
Furthermore, the growth of the Indian logistics sector depends upon its soft infrastructures like education, training, and policy framework as much as the hard infrastructure.
India is still an emerging market in manufacturing and logistics. In the last five-six years, some firms introduced 3PL (third party logistics providers) in India and have now taken the baton forward by introducing 4PL (fourth party logistics providers).
“The 3PL concept has around been in India for some time, MNC and large companies are now going a step further and want to outsource their entire logistics to a 4PL.Globally, about 75 percent of the Fortune 100 companies and about 45 percent of Fortune 500 firms have now gone in for 4PLs,“ said Mr, Jain, Founder and MD, SumpapPvt.Ltd.
Mr. Rahul Jain, founder, and leader of Sump Logistics

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