To ensure ease of trading in the international and domestic markets, the Ministry of Commerce and Industry is developing a National Logistics Portal. The portal, to be implemented in phases, will link all the stakeholders of export-import, domestic trade and movement and all trade activities on a single platform. The portal will fulfill the commitment of the Government to enhance trade competitiveness, create jobs, boost India’s performance in global rankings and pave the way for India to become a logistics hub,†the ministry said.
In this year’s budget speech, Finance Minister Arun Jaitley had announced that the Department of Commerce will create a portal, which will be a single-window online market place for trade and will connect business, create opportunities and bring together various ministries, departments and the private sector. Stakeholders like traders, manufacturers, logistics service providers, infrastructure providers, financial services, government departments and groups and associations will all be on one platform.
India’s logistics sector is highly defragmented, and the aim is to reduce the logistics cost from the present 14 per cent of GDP to less than 10 per cent by 2022.
India’s logistics sector is very complex with more than 20 government agencies, 40 partnering government agencies, 37 export promotion councils, 500 certifications, 10,000 commodities, 160 billion market size. It also involves 12 million employment base, 200 shipping agencies, 36 logistic services, 129 ICDs, 168 CFSs, 50 IT ecosystems and banks and insurance agencies. Further, 81 authorities and 500 certificates are required for EXIM.