4th Logix India 2023 to focus on end-to-end logistics
Indian logistics costs will meet global benchmarks of 8% by 2030 from the current level 13-14% of GDP: FIEO President
A Sakthivel, President, Federation of Indian Export Organisations (FIEO), while inaugurating the 4th Logix India 2023 in Mumbai, said India's logistics ecosystem is now ready for a major transformation. "PM Gati Shakti and National Logistics Policy (NLP) 2022 shall ensure a new era of planning, coordinating, storing, and moving resources like people, raw materials, inventory, equipment, etc., from one location to another, from the production points to consumption, distribution, or other production points," Sakthivel said.
He added that Indian logistics will meet global benchmarks by 2030 by reducing the cost from 13-14 percent of GDP to global best practices of 8 percent, and India will be in the top 10 of Logistics Performance Index by 2030.
The 4th Logix India 2023 is a 2-day exhibition-cum-conference event being held at the NESCO Exhibition Centre in Mumbai. Over 100 participants/exhibitors from over 30 countries are participating in the event.
Ajay Sahai, Director General & CEO, FIEO said the logistics sector is one of the fastest growing sectors in India, particularly after the introduction of goods and services tax (GST), and "this trend will continue with the growth in e-tailing and rising consumption in tier-2 and tier-3 cities."
"The correct transportation mix with focus on railways followed by road and coastal shipping should be the long-term objective of the country. Almost 50 percent of transportation should be by railways, 30-35% by road and 15-20 percent by coastal shipping. While the turnaround time at the major ports have decreased, it is still very long when compared with less than 12 hours turnaround at Dubai, Singapore, Shanghai and Colombo."
He highlighted the need for large logistics companies providing value-added and end-to-end logistics solutions and sought partnerships, joint ventures and 100 percent foreign investments, which is a prime objective of Logix.
Nadia Abdul Aziz, President, National Association of Freight and Logistics (NAFL), UAE, Shankar Shinde, Chairman, FFFAI and Shantanu Bhadkamkar, Immediate Past President, AMTOI also attended the inaugural event.