India being one of the fastest-growing economies in the world has a great potential for growth in every sector. The logistics sector is the backbone of development and a strong and growing logistic sector indicates healthy trend of growing economy. The impetus provided by the Government of India is expected to boost the economic growth and special focus on infrastructure will further help Logistics Industry to grow. As per the Economic Survey 2020-21, the Indian logistics sector provides livelihood to 22 million plus people and improving the sector would facilitate a 10% decrease in indirect logistics cost, leading to a growth of 5-8% in exports.
Further, the Survey estimates that the worth of Indian logistics market is expected to reach US$ 215 billion by 2023 growing a CAGR of 10.5 percent Today, the Indian logistics sector is a sunshine industry and is going through a phase of transformation. With large multinational players entering Indian market with introduction of new technologies, the face of logistics sector is changing fast. India today is looking at developments in Logistics Services, Warehousing, Cold Storage, Shipping and Ports where huge investment are expected.
