Cabinet approves National Logistics Policy

22 Sep 2022 , 10:12 AM

The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday (21 September) approved the National Logistics Policy. The vision is to develop a technologically enabled, integrated, cost-efficient, resilient, sustainable and trusted logistics ecosystem for accelerated and inclusive growth. The policy lays down an overarching interdisciplinary, cross-sectoral, multi-jurisdictional and comprehensive policy framework for the logistics sector. It is envisaged to bring efficiency in logistics services, and human resources through streamlining processes, regulatory framework, skill development, mainstreaming logistics in higher education and adoption of suitable technologies. The policy sets targets to reduce cost of logistics in India to be comparable to global benchmarks by 2030; improve the Logistics Performance Index ranking, to be among top 25 countries by 2030; and create data driven decision support mechanism for an efficient logistics ecosystem. For reducing logistics cost in the country, this policy will focus on enabling adequate development of warehouses with optimal spatial planning, promotion of standards, digitization and automation across the logistics value chain and better track and trace mechanisms. This policy supports enhancing competitiveness of Micro, Small and Medium Enterprises, and other sectors such as agriculture and allied sectors, fast moving consumer goods and electronics. With greater predictability, transparency and reliability, wastages in supply chain and need for huge inventory will reduce. Powered by Capital Market – Live News