The portal “will fulfil the commitment of the Government of India to enhance trade competitiveness, create jobs, boost India’s performance in global rankings and pave the way for India to become a logistics hub,” the ministry said in a statement.
In this year’s budget speech, finance minister Arun Jaitley had announced that the Department of Commerce will create a portal which will be a single window online market place for trade and will connect business, create opportunities and bring together various ministries, departments and the private sector. Stakeholders like traders, manufacturers, logistics service providers, infrastructure providers, financial services, government departments and groups and associations will all be on one platform.
India’s logistics sector is highly defragmented, and the aim is to reduce the logistics cost from the present 14 per cent of GDP to less than 10 per cent by 2022. India’s logistics sector is very complex with more than 20 government agencies, 40 partnering government agencies (PGAs), 37 export promotion councils, 500 certifications, 1,0000 commodities, 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 and insurance agencies. Further, 81 authorities and 500 certificates are required for EXIM.
As per the Economic Survey 2017-18, the Indian logistics sector provides livelihood to more than 22 million people and improving the sector will facilitate 10 per cent decrease in indirect logistics cost leading to the growth of 5 to 8 per cent in exports. Further, the Survey estimates that the worth of Indian logistics market would be around $215 billion in next two years compared to about $160 billion currently. (RKS)
Fibre2Fashion News Desk – India
| On 14th Jun 2021
Sri Lanka's Export Development Board is concerned over the resolution ...
| On 14th Jun 2021
Pakistan's latest budget aims to reduce the input cost of many...
Apparel exports of Vietnam are expected to increase from $14.96...
Blockchains will be in heavy use by early adopters by 2025
Value of 'Made in India' should get more importance
Always best to produce under our own supervision
Founded by Chini Chouhan, her eponymous brand specialises in women's...
<b>Gus Bartholomew</b>, co-founder of SupplyCompass, explains to <b>Subir...
With the support of the first investors - Finland's Technical Research...
Loomia designs and manufactures soft circuit systems that can be produced...
Dieffenbacher India Pvt Ltd
Germany-based Dieffenbacher Group is a producer of high-quality composites ...
Pranesh Sridharan & Berndt Koll
The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...
Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...
Twee In One
Best known for convertible clothing, Indian brand Twee In One by designer...
Gramin Vikas Evam Chetna Sansthan
Ruma Devi is a jet-setting promoter of artisans who has empowered...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.