THE WAY TO INCREASE THE EFFICIENCY AND LOWERING LOGISTIC COST IN INDIAN MARKET

The development of the economy depends on the Indian logistics sector. Approximately 6% of the GDP, or more than $160 billion in 2018, is contributed by this industry, which employs over 22 million people directly. It is impossible to overstate the contribution and significance of logistics to India's development and economic expansion. This is due to the sector's egregious underperformance. Given the size of the demand, it is important to lessen the tremendous social, environmental, and economic impact. In the wake of the epidemic, all industries have undergone a rapid digitization. The government and other stakeholders in this industry are also considering adopting a lot of new technology.

The main area where automation is required nowadays is in transportation operations. In the logistics industry, there are a number of startups that have adopted cutting-edge technologies like AI, ML, Blockchain, etc. The highly successful marketplace business model is also quickly gaining popularity. Technology-driven logistics processes are encouraging for India, a nation with many opportunities. Efficiency, optimization of current load carrying capacity, and the ability to convey a variety of cargo kinds, from cold storage products to industrial raw materials like steel, are in high demand. The Indian government is working to make the nation a hub for global manufacturing, and digital markets will play a significant role in the movement of sustainable goods across India.

The inefficiency of operations and under-utilization of resources have a significant impact on transportation expenses in India. Traditional transportation methods take a lot of time and are inefficient since they require lengthy vehicle parking periods. Shipping services are in great demand around-the-clock, but agents and countless middlemen increase prices and cause delays by spending hours haggling and soliciting over the phone and in person. In addition to providing these and other support services, a good marketplace for logistics can also provide marketing, brand development, online order booking, digital documentation, load allocating, and consignment tracking. For both shippers and transporters, all of these facilities may optimize operations easily and with better peace of mind.

The logistics industry has recently gone digital, which has unquestionably improved things. It is time for all parties involved to do their part to make sure that the Indian logistics industry is capable of meeting the demands of the Make in India and Aatmanirbhar Bharat projects!