Cutting down logistics cost to 9% of GDP to expediate India's vision to be among top 25 logistics hubs, says..
India must prioritize clear policies, strong infrastructure, and low logistics costs to become a top global logistics hub, says Sukumar Kameswaran of TVS Supply Chain Solutions India. He highlights four emerging trends in the sector- digitalisation, sustainability, skilling, and globalization- and advises logistics service providers on how to capitalize on them.
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FAQ - Cutting down logistics cost to 9% of GDP
Frequently Asked Questions (FAQ)
FAQ 1: What is the significance of cutting down logistics costs to 9% of GDP for India?
Answer: Cutting down logistics costs to 9% of GDP is significant for India as it aligns with the country's vision to be among the top 25 global logistics hubs. Lower logistics costs improve the competitiveness of the economy by making goods cheaper to transport domestically and internationally, thus facilitating trade and economic growth.
FAQ 2: Who stated the importance of reducing India's logistics costs to 9% of GDP?
Answer: The importance of reducing India's logistics costs to 9% of GDP was stated by the CEO of TVS Supply Chain, as reported by ET Auto.
FAQ 3: What are the key factors needed to achieve lower logistics costs in India?
Answer: To achieve lower logistics costs in India, there needs to be a clear policy framework, strong infrastructure development, and efficient logistics operations. These elements are critical to decreasing the cost of transporting goods and improving the overall supply chain within the country.
FAQ 4: How can strong infrastructure contribute to reduced logistics costs in India?
Answer: Strong infrastructure, including well-developed roads and modernized transportation facilities, can help in reducing travel time, improving efficiency, and lowering transportation costs, which in turn can significantly contribute to reduced overall logistics costs.
FAQ 5: What impact could reducing logistics costs have on India's economy?
Answer: Reducing logistics costs could have a substantial impact on India's economy by enhancing its global trade competitiveness, attracting more investments, and promoting economic activities that can lead to an increase in GDP growth.
FAQ 6: Are there other benefits to cutting down logistics costs besides economic growth?
Answer: Yes, besides economic growth, cutting down logistics costs can lead to greater market accessibility, reduced operational expenses for businesses, improved customer satisfaction with faster delivery times, and environmental benefits through more efficient logistics operations.
For more detailed information, you can refer to the article titled "Cutting down logistics cost to 9% of GDP to expediate India's vision to be among the top 25 global logistics hubs, says TVS Supply Chain CEO" on the Economic Times Auto website (ETAuto).