Logistics in India don’t differ too markedly from logistics anywhere else in the world. It’s the art and science of managing and controlling the flow of goods, products, services, energy, information and people from the origin point to the destination point. It includes the proper combination of several activities such as material handling, warehousing, and information, for the purpose of ensuring supply of the right product, at the right time, at the right place, for a right cost in the right condition.
In the past, India has been the student rather than the expert when it comes to the field of logistics. But with its current expertise, valuable human resources and positive plans, it surely is walking on the path of being a service provider of class. There are several factors that benefit the Indian economy for reaching success in the field of logistics, namely:
1.India is the fourth largest economy in the world. 2. It is believed that about one-quarter of the youth population of the world resides in India. 3. India has human resources that are high in knowledge and abilities. 4. It is the second-largest English speaking workforce. 5. It has the 2nd largest pool of qualified technical workforce.
13 percent of the country’s Gross Domestic Product (GDP) is spent on logistics in India as opposed to the usual practice of 10 percent by other developing nations. The Indian economy is striving for improvements in the field of logistics and supply chain management to gain the competitive edge in today’s worldwide economy. The Indian government has favored the logistics market of India by making some helpful plans and policies to assist in its growth.
There are several events organized for the promotion of logistics in India which are focused in their approach and relevant to the business solutions besides providing a solid platform for allowing people from a wide industry spectrum to meet and provide business within themselves from all over the country. This has been an emphatic source of providing business solutions and their development.
Several global third party logistics providers (3PLs) have already started developing their operations and service networks in India with a purpose to explore the rampant Indian economy.
This has resulted in the creation of the need for a vast range of supply chain management (SCM) and logistics solutions which cover several factors such as supply chain, material handling, storage, Information technology (IT), warehousing, and inventory management. This has benefited the efficiency and productivity of the complete value chain in several dimensions of profits, speed and customer service.
The Confederation of Indian Industry (CII) is the premier business organization with a known commitment towards the development of logistics in India. It has established the CII Institute Of Logistics which is a specialized state-of-the-art institute of excellence with its focus on SCM (supply chain management) and logistics. Its goal is to satisfy the latest industry needs for specialized SCM and logistics.
India is being treated as the destination of the future in the field of logistical service providers all over the globe. Indian logistical market players have started to gear up and position themselves in the global scenario. The true potential of these service providers is yet to be realized. India is keen to offer transportation and logistical service to grow itself as an emerging marketplace. The key sectors include fashion, gems, jewelry, pharmaceuticals, precision tools and engineering goods, all of which need special shipping provisions.