Sanjay Tiwari of 21CC Education writes about why it is important for the Indian logistics industry to invest in its human resources.
It was the vertebral column bringing in APIs and healthcare items to keep the wheels turning for the medical community while transporting the essentials to locked-down consumers. Going forward, logistics is set to play an even more critical role in India’s growth story.
With India gearing to become a global manufacturing hub, the need to construct an efficient and cost-effective logistics sector simultaneously has become apparent. India’s Logistics Market, 2020 research report by Research and Markets encouragingly reveals that the logistics market in India is projected to grow at a CAGR of 10.5 percent between 2019 and 2025.
Additionally, India’s e-tail market, which received a shot in the arm during the pandemic, is projected to see an annual growth rate of over 35 percent to reach $200 billion by 2025.
Against this dynamic backdrop, the Indian government’s proposed logistics policy is also a welcome move. It holds the promise to improve export competitiveness and drive efficiencies by removing bottlenecks in the logistics value chain.
The upward potential for warehouses and fulfilment centres, and thereby for jobs — is tremendous. Currently, the sector provides employment to more than 22 million people. The National Skill Development Corporation (NSDC) states that as India reeled under the Covid challenge, the logistics sector emerged as the top employment-generating sector.
In a nutshell, this is a great time to be a part of the logistics industry. However, the industry is confronting change as well as several challenges