Logistics is known as the backbone of India’s economy. According to official statistics, logistics in India is expected to become a $300 Billion industry by 2020. With the boom in technology and infrastructure development, logistics in India, in 2014-17, has grown at the rate of 10-15 percent. Reduction in freight inconsistencies has also led to people’s active participation in e-commerce (whether customers or vendors). Earlier, the logistics sector in India was untouched by any technological realm because of lack of proper research and development. However, post-GST implementation and mindboggling improvements in A.I. & I.T., has reduced a ton of difficulties in the freight sector. Companies now can know better routes for shipping, book trucks online, and able to anticipate orders for particular regions in advance. E-commerce giants are opening warehouses in tier-2 cities, which not only help in shipping management but also provide employment to people of those areas.
Many businesses today don’t waste their time in dealing with each carrier in the market and prefer to book the freight services online only on FR8War mobile app. They need to enter shipping details and budget, and various freight providers will bid to it. It acts as a bridge between consignors and carriers. The process is entirely straightforward, POST. BID. RELAX.
Let’s see four primary factors which are responsible for growth of Indian logistics: –
Ø GOVERNMENT SCHEMES AND PROJECTS FAVOURING LOGISTICS DOMAIN
Government of India has paved the way for the Logistics sector in many ways. The implementation of GST has put off the load of extended filing and documentation from carrier providers. E-Bill has introduced that helps in quick sharing of cargo information and reducing transportation costs.
There are some significant projects which the government is working to revolutionize freight sector in India altogether. The BharatMala project aims at connecting backward areas of India to tier-1 cities. Another is the Freight Corridor project which aims at making road-network less traffic dense from Northern India to Eastern and Western coasts.
Ø BOOM IN I.T. FOR FREIGHT DATA ANALYSIS
Consignment companies have been sitting on tons of valuable data for years until the introduction of machine learning and advanced analysis techniques. Now the data is used by data engineers for optimum route planning and anticipating orders in advance.
Various mobile apps act as an online transport booking system for users to book trucks or lorries. Users need to enter shipment details along with their budget, and various transporting providers will contact them.
Ø WAREHOUSING FACILITIES IN TIER-2 CITIES
Warehouses in tier 2 or backward cities are important for proper supply chain and inventory management. More warehouses mean problems like road congestion and goods overflow will be a thing of the past. Moreover, this will also generate ample of job opportunities for people living in local areas.
Ø INFRASTRUCTURE DEVELOPMENT
Infrastructure development is the most critical aspect of all. Without well-built roads, bridges, and warehouses, there’s no way India can achieve better supply chain efficiency and connectivity. Therefore, to make India productive in logistics, infrastructure development is an essential part of the puzzle.
These were the four main pillars upon which India’s logistics sector solely depends. There is no doubt in the statement that with proper utilization of technology and intelligent talent management, we can scale new development heights in logistics.
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