Budget Expectation 2024: Mr. Rampraveen Swaminathan, MD & Chief Executive Officer, Mahindra Logistics Ltd.

22 Jan 2024 , 01:05 PM

‘The upcoming interim budget offers a unique opportunity to balance economic growth priorities and fiscal consolidation. Prioritizing capital expenditure in key infrastructure projects, alongside financial incentives like PLI, tax benefits, and subsidies, can drive innovation in logistics. Building a ‘One India’ logistics ecosystem and integrating initiatives like the National Logistics Policy and Sagarmala Project are crucial to enhancing India’s global Logistics Performance Index ranking.

To reinforce India’s potential as a manufacturing powerhouse, the budget needs to focus on domestic manufacturing and prepare the logistics sector for service integration, growth in fulfilment logistics, and multi-modal transportation adoption. The government should also consider automation investments, especially in technologically advanced warehouses, which can position India as a logistics innovation leader.

We anticipate government announcements for the EV industry, which may include tax incentives, charging infrastructure subsidies, and financial support for R&D. A holistic regulatory framework for last-mile delivery and formal recognition of the gig workforce under labour laws are essential for fair employment practices in the digital economy. A forward-thinking budget aligned with these expectations will enhance the logistics sector and contribute to India’s global competitiveness and economic prosperity’.