With India moving towards becoming a $5 trillion, Logistics Insider and PHD Chamber of Commerce & Industry joined hands to organize a one-of-a-kind event India International Logistics & Supply Chain Conference (IILSC) 2022. The event was jointly organised by Logistics Insider and PHDCCI.
Addressing the stakeholders at the IILSC, Shri Som Parkash, Hon’ble Minister of State, Ministry of Commerce & Industry, Govt. of India said that the PM Gati Shakti National Masterplan will help achieve India’s aim of a USD 5 Trillion economy, at PHD House, here today.
Calling India one of the most attractive destinations for investment in the world, the minister mentioned that the government has prepared some important frameworks to help thrive businesses in the country. One of them is PM Gati Shakti’s master plan and its implementation will help us achieve our aim of logistic efficiency.
An infrastructure master plan will make a difference through an integrated approach by breaking the entrenched silos over six years which has received Rs 20,000 crore allocation in this year’s Budget. Propelled by seven engines – roads, railways, airports, ports, mass transport, waterways, and logistics – Gati Shakti is an idea whose time has come, the Minister added.
To help make this plan successful, the Minister urged all industry stakeholders to work in this direction collectively to achieve its significant results.
Amrit Lal Meena (IAS), Special Secretary – Logistics, Dept of Commerce & Industry, Govt of India, speaking at the event said that a lot of work is being done in this direction, mainly on the component cost of transportation & fuel and inventory cost to bring in logistic efficiency. Time and cost overrun are major factors of concern in the implementation of the plan. Steps are being taken to keep them at zero level.
“In PM GatiShakti’s master plan, 600 layers of all different ministries of state government are integrated on a digital platform for better coordination and early resolutions. Gaps are identified and taken on a priority basis regarding transportation to eliminate unnecessary congestion, said Shri Amrit Lal Meena.
Highlighting that the Indian Logistics sector is on a big growth tide, Mr. Pradeep Multani, President, PHDCCI, said, The government’s focus going forward is to bring down the cost of logistics which is at 14.4 percent of India’s GDP at present. The development of the logistics sector is also extremely important for the Indian economy, as it will boost exports, create jobs, and give the country a prominent position in the global supply chain.”
According to the domestic rating agency ICRA, the Indian logistics sector is expected to grow at a rate of 8-10 percent over the medium term. This is an improvement over the compound annual growth rate (CAGR) of 7.8 percent at which the industry grew during the last five years.
Throwing light on the importance of infrastructural development in the growth of any economy, Mr. Ashish Wig, Chair, Gati Shakti Development Forum, PHDCCI said, Roads, railways, airways, and waterways enable connectivity with the outside world, facilitate trade and bring prosperity to the region. Advanced modes of transportation allow faster movement of goods and services.
Further, he talked about PM Gati Shakti National Master Plan- an integral part of the Prime Minister’s ‘Aatmanirbhar Bharat’ (Self-reliant India) dream, which is expected to propel 21st century India towards a $5-trillion economy by 2024-25.
The event witnessed a confluence of policymakers, bureaucrats, exporters/importers, end-users and stakeholders who discussed some of the persistent issues in the supply chain. The event was sponsored by Gear, Jeena & Co, Wiz and Skyways Group.
To watch the first and second panels click here.
To watch the third and fourth panels click here.