Budget must allocate funds for multimodal logistics parks to maintain rapid growth of logistics sector: Expert

Budget must allocate funds for multimodal logistics parks to maintain rapid growth of logistics sector: Expert

The logistics industry has grown rapidly at a CAGR of 15% and will continue to grow at a faster rate in the years ahead, he underscored.

PM Modi’s vision for India is to become a $5 trillion economy with the integration of technology, digitization, and infrastructural development in the logistics industry.

Multimodal connectivity would help to reduce its operational cost as low as to single digits and reduce delivery time, he said, adding that the government is also looking forward to more sustainable practices in transportation to cut down its carbon footprint to net zero by the year 2070.

Alternative fuel technologies such as LNG, Electric Vehicles, hydrogen-IC engines, and fuel cell trucks will play a significant role in future of the logistics, the Indian government must provide the right ecosystem and economic support to achieve its green emission targets.

“To ensure that logistics infrastructure and multimodal connectivity continue to develop, the government should allocate funds to multimodal logistics parks to improve the country's logistics efficiency in a time-bound manner,” he said.

This would help India to become a leading logistics provider delivering efficient, safe, and economical logistics solutions across all the modes, Road, Rail, Coastal and Air, he added.