The process of acquiring goods, storing them, and transporting them to their final destination is referred to as logistics. The logistics industry is now regarded as one of India’s most important contributors to the economy. Logistics services are critical to the growth of India’s economy and the creation of numerous job opportunities.
Inbound transportation, outbound transportation, fleet management, warehousing, materials handling, order fulfilment, inventory management, and demand planning are all part of logistics management.
Factors: Logistics Industry Aids the Indian Economy
After simplifying logistics and transportation, online marketplaces have received much-needed attention and large investments in India. The logistics industry and its services have significantly aided the Indian economy. The development of the logistics industry provided the transportation sector with a global competitive advantage. The expansion of the logistics sector and the transportation marketplace is directly related to the growth of the Indian economy. Logistics connects all aspects of production with manufacturers and consumers, resulting in economies of scale and scope. As a result, the Indian economy grows.
This industry is heavily reliant on two of India’s most organized sector, transportation and logistics. Digitalization has been implemented in logistics services, resulting in a significant improvement in port management and transportation efficiency, which is directly boosting the economy by speeding up the delivery of goods and improving international relations.
The logistics services industry contributes significantly to the national economy by generating employment, national income, and foreign investment. Nowadays, integrated logistics is a new trend. Previously, logistics was thought to be a low-skilled industry. However, with the integration of digital technologies and MSMEs, this sector has emerged as an appealing career option. E-bills are replacing older modes of documentation such as pen and paper. It is heavily supported by digital marketing and meets various demands through operation planning, systematic sales, and other methods. It is gradually being digitised, which has resulted in the creation of new jobs and the transformation of existing ones. On the job market, new positions such as booking assistants, warehouse packers, courier delivery executives, inventory clerks, and so on are emerging.
Growing demand, foreign infrastructure investments, e-commerce growth, and digitization are just a few of the factors driving the growth of transportation and logistics services. Growing foreign trade and the expansion of private online transportation service providers are also factors. As a result, it is boosting our Indian economy by serving as many people as possible.
The growth of logistics companies and the transportation marketplace in different cities all contribute to the growth of the logistics sector. This increases the competitiveness of other countries.
Paving the way for Future growth
The ever-evolving world has not only changed the way we live, however, also how we conduct our business to boost the economy and carry out operations. The success of a modern-day business enterprise now depends on its ability to adapt to the new trends that are ruling the industries, further shaping their future. According to the Market Watch report, the India Logistics market is poised to grow at a CAGR of 10.7% during the forecast period 2020–2024. Akin to other sectors, Indian logistics has also transformed drastically and will continue to.
The dynamic of the logistics market has undergone a fast transformation with a keen eye on enhancing experience. If businesses want to triumph over economy, they should adopt the latest innovative approach by catching up with the drift of the market. The transportation and logistics sector now implements advanced technology, making it much more efficient than before. Hence, Logistics business play an important role in boosting India’s economy and creating numerous opportunities.
About the author:
Mr. Gurdeep Singh is Chairman at Jujhar Logistics.