India jumps 6 places to Rank 38 in World Bank’s Logistics Performance Index 2023
New Delhi/IBNS: India has jumped 6 places to rank 38 out of 139 countries in the 7th edition of Logistics Performance Index (LPI 2023) of the World Bank.
On 4 out of 6 LPI indicators India has seen remarkable improvement on the back of various initiatives being implemented over the past few years, the Ministry of Commerce and Industry said in a statement.
“This is a strong indicator of India’s global positioning, with this development being powered by our government’s laser focus on reforms for improving logistics infrastructure,” said the ministry
The jump in the ranking comes after the Centre launched the PM GatiShakti National Master Plan (PMGS-NMP) in October 2021 and the National Logistics Policy (NLP) in September 2022.
The government also invested in trade-related soft and hard infrastructure connecting port gateways on both coasts to the economic zones in hinterland.
Technology has been a critical component of this effort, with implementation under a public-private partnership of a supply chain visibility platform, which has contributed to remarkable reductions of delays.
NICDC’s Logistics Data Bank project applies radio frequency identification (RFID) tags to containers and offers consignees end-to-end tracking of their supply chain.
Its implementation started in 2016 on the Western part of India and was scaled up to Pan India level in 2020. With such initiatives of transparency, visibility, and ease of doing business, there has been significant improvement in cross-border trade facilitation.
Further other initiatives like Sagarmala which aims to improve connectivity to ports and reduce cargo dwell time and Bharatmala which focuses on improving road connectivity of major corridors have played a pivotal role in improving India’s logistics efficiency apart from a host of other initiatives like Logistics Data Bank project and LEADS (Logistics Ease Across Different States) study.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
KL Rahul slams century, India take comfortable lead over West Indies
Sonam Wangchuk's wife moves Supreme Court challenging activist's detention under NSA
India will never allow any humiliation: Putin praises 'balanced and wise leader' Modi slamming US tariffs
Ontario cinema cancels Kantara, They Call Him OG shows after arson, shooting
