The government announced the launch of the National Logistics Excellence Awards, which will highlight best practices including consolidation, process standardisation, technological upgrade, digital transformations and sustainable practices in the logistics sector.
India’s logistics sector
• According to the commerce ministry, while the Indian logistics sector has been growing at a compound annual growth rate (CAGR) of 10.5 per cent, reaching about $215 billion in value during 2020, there are systemic, interconnected problems that must be addressed to enhance its efficiency.
• Comprehensive logistics costs amount to almost 14 per cent of India’s gross domestic product.
• Closing India’s competitiveness gap vis-à-vis the global average of 8 per cent, would make the Indian logistics sector advanced, organised and efficient, on par with global peers with the ambition of being amongst the top-25 countries in the global Logistics Performance Index (LPI).
Highlights of the award:
• Through these awards, the ministry aims to turn the spotlight on logistics service providers who have attained operational excellence, adopted digitisation and technology, improved customer service, and pursued sustainable practices, among other achievements.
• The awards are in two categories. The first group includes logistics infrastructure/service providers and second one is for various user industries.
• For user industries, the awards will showcase efforts towards supply chain transformation, supplier ecosystem development, skill development, automation, and other similar endeavours.
• The winners will be announced on October 31.