Cargo Breaking News
The Indian logistics industry is expected to touch $215 billion by 2020, growing at a CAGR of 10.5 per cent, states the Economic Survey. The improving sector, which provides employment to over 22 million people, has grown at a CAGR of 7.8 per cent during the last five years and at present, is worth nearly $160 billion. India jumped to 35th rank in 2016 from 54th in 2014 on the global ranking of the World Bank’s Logistics Performance Index 2016. This streak is expected to continue in future as well.
“We at NECC foresee an overall growth in the Indian market, especially in the automobile, textile, pharma and steel sector. There is a big market potential for logistics sector, waiting to be tapped. We understand that logistics and supply chain play a key role in the development and growth of manufacturing and retail,” said Sushil Kumar Jain, CMD, NECC Group.
With digitisation, the industry will witness new technologies and heightened customer expectations in the future. New technologies such as automation, IoT, data analytics, blockchain, etc., will give way to faster shipments with more transparency and reduced prices. Some companies have already started working in this direction.
