Budget 2023: Vision for India’s logistics future decoded
The latest Indian Budget has brought some cheer to the supply chain industry in India. Boosting the capital investment outlay by 33% to Rs. 10 lakh crores in the Union Budget 2023-24, with a focus on infrastructure, will surely fortify India's place in the global supply chain.
This is an excellent move towards India's goal of becoming a $ 5 trillion economy by 2025, since the logistics industry is an essential part of our country's economy, employing 22 million people. The budget had multiple key highlights that point towards government's firm resolve to push logistics industry and support it to become globally competitive.
- A 75% hike in allocation for Dedicated Freight Corridor Corporation of India (DFCC) as compared to last year.
- Prioritization of 100 crucial transport infrastructure projects.
- Simplify taxes, reduce compliance, and create infrastructure Finance Secretariat.
- Investment in digitization and automation to develop smart warehousing.
- Strong emphasis on green and sustainable practices with the aim of achieving net zero carbon emission by 2070.
- Focus on improving first and last mile delivery.