Posted Date: 09-09-2019
The Logistics sector is the backbone of any economy. As far as Indian economy is concerned, the Logistics sector is an indispensable part of our country. The ultimate aim of the logistics sector is to ensure efficient, smooth, and cost-effective flow of goods and services. Keeping this objective in mind, one can observe the presence of lots of Logistics Companies in India. Every year the logistics sector generates rich income and boosts the overall GDP growth rate of the Indian economy. Finance Minister Nirmala SithaRaman also expressed its opinion that with the rapid growth of logistics sector Indian economy will achieve its dream of becoming 5 trillion economies soon. In her maiden budget of 2019-20 Nirmala SithaRaman announce a slew of measures that has brought a ray of hope for the entire logistics sector. A few projects which have been allocated to the Logistics sector are Bharat Mala, Sagar Mala, and Uddan. Let’s have a glance at the announcements related to the budget for different sectors of the economy.
Announcements that will Fuel the Growth Rate of Transport Sector:
There are lots of measures announced in the budget of 2019-20 that will fuel the growth rate of the Indian economy. Have a glance at some of the announcements:
- As per the Budget of 2019-20, Finance minister has announced that soon in our country ATM like Inter operable One Nation One card will be introduced that will be applicable for universal travel on various modes of transport like Railways, and road, etc.
- Government would introduce Public Private Partnership soon to ensure faster development and delivery of passenger freight services.
These measures will sharpen the growth rate of the transport sectors. It will also influence the business of Leading Transporters in India by fueling overall economic growth.
Major announcements for the warehouse that will fuel the growth of the Economy:
In the budget, a slew of measures have been announced that will boost the overall growth rate of economy. The government aims at improving the overall infrastructure of the warehouse in the industry. With the introduction of Goods and Service Tax Act, the Indian warehousing industry will attract an additional amount of $ 10 Billion in the next 4 to 5 years of the time period. With the increasing global mobility, the demand of warehouse in India will show robust growth and therefore the extent of warehouse companies in India will increase to a considerable level.
Impact on packers and movers in India of major budget announcement:
The budget announcements are quite suited to the industry of packers and movers in India. Various measures have in announced in the budget that will attract more funds to the entrepreneurs of this industry. The introduction of several new technologies in this business like Artificial intelligence, Chatbots, Digital Payment System will boost the growth of packers and movers in India. Digital Payment system will ensure a fair pricing methodology in India. All, in all, the revenue of packers and movers in India will go up and on the other hand, customers will also enjoy a favorable experience as the payment system of this industry will improve drastically. All in all, as far as the packers and movers industry is concerned, they can anticipate a bright future in India.
Major Announcements in Budget for car carriers services in India:
In the financial budget of 2019-20, a slew of measures has been announced for the car carriers services industry. Due to an increase in global mobility the need for car carriers services has rapidly increased. It is a positive sign for people doing the business of car transporters in India. The revenue of the entire car shipping industry will go up and will ensure a bright future of Indian Economy. Some major announcement related to auto-shipping industry in the budget can be summed up as under:
- Till 2030, India will go electric by introducing electric vehicles like Electric Cars, Electric Bikes, and Electric Scooter on the road. Several major auto shipping giants have taken the plunge to introduce its electric vehicles in the Indian market.
- In the annual budget, the GST rate on electric vehicle purchase has been reduced from earlier 12 percent to 5 percent in the present.
- Quick efforts will be made to make electric vehicles affordable to the customers.
- Due to these measures, car carriers in India will have to make special efforts to ensure electric vehicle shipping on Indian road.
Closing Thoughts:
All in all, we can say that the future of Logistics Companies in India is very bright and the government is working towards the betterment of the Logistics sector in India. This will improve the overall health of the Indian economy.
