The National Logistics Policy sets the roadmap for developing a more interconnected and tech-driven framework for building cost and operational efficiency in the sector, industry experts said.
The policy, unveiled by Prime Minister Narendra Modi on Saturday, reflects the government's positive intent to address all the core challenges of the logistics and supply chain industry, Anshuman Singh, the Chairman and Managing Director of Stellar Value Chain Solutions said.
It will not only inspire all logistics players to come together and collaborate to build logistics competitiveness globally but also increase the confidence of investors who are keen to invest in the logistics sector, Singh added.
According to him, by realigning the operational dynamics and formulating the pathway to reduce the logistics cost to a single-digit, the policy puts the industry on the cusp of the next phase of growth.
Rizwan Soomar, Chief Executive Officer and Managing Director, DP World Subcontinent said that “the multi-pronged approach by the government adopted in the policy to suggest regulatory and procedural reforms across infrastructure, services and human capital provides a comprehensive strategic direction to the sector and will be a key catalyst in attracting investments.
The focal push for digitisation through platforms like ULIP and E-LogS is crucial to support the designed services improvement framework in improving regulatory inter-operability, standardisation of logistic processes and in bringing the entire multimodal network onto a single digital dashboard, enhancing visibility and transparency for all stakeholders.
According to Vineet Agarwal, MD at Transport Corporation of India, the push towards seamless multimodal transportation and modern connectivity will be a game changer as it will shift the transportation stress from just road to other modes as well.
The Unified Logistics Interface Platform (ULIP) tenant of the NLP will enhance visibility for customers and enable logistics companies like TCI to adopt digitisation at a much larger scale, Agarwal stated.
The new logistics policy will help make the sector an integrated, cost-efficient, resilient, and sustainable logistics ecosystem in the country as it covers all bases of the sector along with streamlining rules and addressing supply-side constraints, said Pranav Goel, Co-founder-CEO, Porter.
The Digital Integration System for logistics ecosystems will lead to seamless and faster work-flow, making logistics significantly efficient, he said.
The e-handbook launched for the standardisation of the warehousing sector, will enable the small and large third party logistics and warehousing players in standardising their processes and automating their systems and processes thus reducing cost and leading to higher profitability, said Lancy Barboza, MD, Flomic Global Logistics Ltd.