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Business EconomyPosted at: Dec 13 2019 5:10PM


International Buyer Seller Meet inaugurated

New Delhi, Dec 13 (UNI) Minister of State for Commerce and Industry Som Parkash inaugurated the the '2nd Logix India 2019'- International Buyer Seller Meet, launched by the Federation of Indian Export Organisations (FIEO) with the support of the Ministry.
He said, ''Logistics is the backbone of any trade and industry. Currently the logistics cost in India is 30-40 per cent higher than the global benchmarked logistics cost. And therefore it is a big challenge for the government, however the government aims at reducing it to 10 per cent of the GDP.''
The government is also planning to invest around Rs 100 lakh crore in logistics infrastructure in the next five years, he said on Thursday, adding that ''We are also in the process of coming out with a new National Logistics Policy and creating data bank by getting feedback from different stakeholders.''
More than 120 International delegates from 26 countries are attending the three-day mega event to develop superior logistics linkages with Indian counterpart.
Aimed at developing an effective international trade, the second Edition of Logix India will help provide efficient and cost-effective flow of goods on which other commercial sectors depend upon.
Besides, the event also focusses on Investment opportunities in Infrastructure development, Warehouse consolidation, Technology integration and IT Enablement, Skilling of Manpower.
FIEO Vice-President Mahesh Chandra Keyal stated that without efficient logistics, it is impossible to be successful in marketing, production and international trade. In advanced industrial societies, logistics competence is of great importance and customers expect products they bought will be delivered as promised.
India needs to almost double its annual spending on infrastructure at USD 200 billion and in order to achieve the target of USD 10 trillion economy by 2032, a robust and resilient logistics infrastructure system is required, supported by adequate private investments.
The increasing maturity of logistics sector, as it embeds itself in India's economic growth story, lends to the emergence of complex value chains across various sub-sectors, such as Transportation, Supply Chain Management, Warehousing & Distribution," added Dr Sahai.
The event also focuses on B2B meetings with logistics stakeholders from India and overseas, intensive conference schedule with eminent speakers and exposition on smart logistics solutions.

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