The 6th Edition of The Economic Times Supply Chain Management and Logistics Summit successfully hosted an event at Hotel Hyatt Regency, New Delhi with over 300 industry leaders from across India.
India’s supply chain ecosystem is considered the backbone of the economy. And, has great potential for growth in the coming years as the Indian economy soars to new heights. According to ASSOCHAM the Indian logistics sector is expected to grow to $307 billion by 2020.
In the event, stalwarts from Government and industry discuss the present and future challenges faced by the supply chain ecosystem by considering the development of opportunities within the sector.
This one-of-a-kind event encouraged stakeholders to collaborate and innovate. The event was centred on the theme “Supply Chain 4.0-Smart, Quick and Unconventional”. The event discussed visionary thoughts along with the action points required to take the sector to the next level.
N. Sivasailam, Special Secretary (Logistics), Ministry of Commerce and Industry, Government of India addressed the summit with his keynote. He said, “The Industry needs self-regulation in order to move forward. As I and my ministers have been emphasizing over the last 1 month the key element is future improvements in ease of doing business, which may have to come from reducing the cost of doing business”.
Speaking ahead of the event, Deepak Lamba, President, Times Strategic Solutions said, “We stand at an interesting point, one brought on by the initiating of game-changing reforms and the fast-evolving landscape of the supply chain industry. The logistics industry forms the backbone of economic growth. And, the summit aims to come-up with solutions for the modern-day challenges with helping to create a reliable economy. The deliberations armed industry leaders with the insights needed to push past traditional boundaries, drive innovation, and uncover new sources of value, thus helping businesses achieve future success.”
The Supply chain and Logistics sector provides efficient and cost-effective flow of goods on which other commercial sectors depend, and thus is the backbone of the economy.
Supply chain 4.0 will play a major role in making India cement its position in the major global economies. The summit helped in achieving the target. It uncovered a world of innovation that will transform the supply chain domain and set it on the path of growth positively impacting the sector and the national economic growth agenda.