National Logistics Policy will bring ease of logistics, says Teamlease Regtech

MUMBAI - The logistics sector is a vital component of any country’s economy. In India, the logistics industry plays a critical role in driving the manufacturing sector. However, dealing with numerous compliances has been a significant issue for the sector, whichhampersitsgrowthpotential.

Recently, the Indian government introduced the National Logistics Policy (NLP) to tackle the challenges faced by the logistics sector. The policy aims to streamline various aspects of logistics, including transportation, warehousing, and inventory management.ThegoaloftheNationalLogisticsPolicyistobring ease of logistics, which will positively impact the sector’s growth andenhancethecountry’seconomicgrowth.

According to Rishi Agrawal, CEO and Co-Founder of Teamlease Regtech, the logistics sector will significantly benefit fromtheNationalLogisticsPolicy.

He noted that the country is already starting to see the policy’s benefits. “The NLP will comprise four major steps including integration of digital systems (IDS), unified logistics interface platform (ULIP) and ease of logistics along with the systems of improvement goods. So some of the work is already gettingdone,thecountryisalreadystartingtoseesomebenefitof it,”hesaid.

Agrawal explained that a single entity has to deal with multiple compliances in India, which makes it challenging to conduct business efficiently. However, with the National LogisticsPolicy’sintroduction,thelogisticssectorcanexpecta more streamlined process, and the compliance burden will reduce.

The logistics industry is the backbone of India’s manufacturingsector.

“This industry is the backbone of the country’s manufacturing,”hesaid.

It enables the seamless movement of goods across the country and helps industries meet their demand and supply requirements.

Many industries, such as automotive, retail, and ecommerce, are heavily dependent on the logistics sector. Therefore, the National Logistics Policy’s positive impact will have a ripple effect on various industries and further strengthenIndia’seconomicgrowth.

Agrawal believes that if the compliance burden on the logistics sector reduces, the contribution of the logistics sector to the country’s gross domestic product (GDP) will positively increase. This increase will be a result of reduced operational costs and better efficiencies, making the logistics sectormorecompetitiveglobally.