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Indian Logistics Market Poised to Reach US$ 159.54 Billion by FY28

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Indian Logistics Market Poised to Reach US$ 159.54 Billion by FY28

by Geraldine S.
10/10/2024
in Logistics & Transportation

The Indian logistics market, currently valued at Rs 9 trillion (US$ 107 billion) in FY23, is projected to expand to Rs 13.4 trillion (US$ 159.54 billion) by FY28, reflecting a compound annual growth rate (CAGR) of 8-9%, according to a report by Motilal Oswal.

This growth is attributed to structural changes, advancements in technology, and government initiatives focused on reducing logistics costs and strengthening infrastructure. The National Logistics Policy, introduced in September 2022, aims to optimize India’s logistics framework by enhancing road and rail networks and expanding inland waterways.

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As of April 2024, Dedicated Freight Corridors (DFCs) are 96% complete, a development expected to significantly increase the capacity and efficiency of rail freight. The government’s efforts to privatize ports have also contributed to improved infrastructure and operational efficiency at key ports, benefitting major operators in the sector.

India’s logistics costs currently account for 14% of the nation’s GDP, compared to 8-9% in developed economies. The higher costs are largely due to an over-reliance on road transport, which comprises 71% of freight movement, while railways and waterways contribute relatively less. To address this, the government has implemented reforms such as the Goods and Services Tax (GST) and invested heavily in road and rail infrastructure to bring logistics costs closer to global benchmarks.

The logistics market is diverse, covering road, rail, air cargo, multimodal logistics, and industrial warehousing. The domestic express logistics segment is expected to grow at a faster pace, with a projected CAGR of 14% from FY23 to FY28, primarily driven by the expanding e-commerce sector.

Organized players, who currently control around 80% of the market, are likely to consolidate their position further by leveraging policies like the GST and the e-way bill. Additionally, the less-than-truckload (LTL) segment in road transportation is expected to grow at a CAGR of 10%, fueled by rising demand for smaller, more frequent shipments that bypass warehousing and reach retailers directly.

Explore supply chain logistics news updates at The Supply Chain Report. Learn more about international trade at ADAMftd.com.

#LogisticsGrowth #IndiaEconomy #SupplyChainUpdate #InfrastructureDevelopment #EcommerceExpansion

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