‘Cut in customs duties, incentives for MMLPs will boost innovation’

Sharing his expectations from the upcoming Union Budget, Madhusudan G, CMD, Sumadhura Group said, “The Indian warehousing & logistics industry is experiencing rapid expansion, as the demand for warehousing space is projected to reach 1.2 billion sq. ft by 2027. This growth will not only focus on quantity but also on the quality of warehouses, with Grade A facilities expected to increase from 290 million sq. ft in 2023 to 400 million sq. ft by 2027. The surge in demand is primarily driven by the rise of e-commerce and entrepreneurial ventures, with automation playing a crucial role in enhancing operational efficiency. The government’s emphasis on infrastructure development, as reflected in the allocation of ₹11.11 lakh crore for economic growth and ₹26,000 crore for road connectivity in the previous year’s budget, will provide significant support for this transformation. Furthermore, the government’s commitment to promoting manufacturing, skill development, and improving the supply chain between cities will further benefit the warehousing sector, leading to increased competitiveness and employment opportunities. In addition to these initiatives, the reduction in customs duties and incentives for logistics parks will pave the way for innovative and cost-effective solutions, attracting more investments in warehousing infrastructure. As we look forward to the upcoming Union Budget, we hope that the government will continue to prioritize and support the development of the warehousing sector,” he added.