Minister of commerce & industry and civil aviation Suresh Prabhu, struck a bullish note at The Supply Chain Management & Logistics Summit 2018 held recently, as he outlined the challenges and imperatives for the next level of the India growth story. Recognising the importance of the logistics sector in India’s growth story, Prabhu said the government is working on an economic plan to create logistics hubs and see how it can manage logistics more efficiently. “Our economy is poised to grow up to $5 trillion in the next 7-8 years, and up to $10 trillion in the next 15 years. Logistics will play a key role in driving this growth, it has always been the backbone of the economy,” Prabhu said. “It determines how fast an economy grows. We are identifying hindrances and removing them. At the same time, we are trying to digitise the entire supply chain. The idea is to prepare a proper integrated logistics plan.” India’s logistics sector is expected to reach a valuation of over $2 billion by 2019. Given the huge potential of the sector, during the fifth edition of The Economic Times Supply Chain Management & Logistics Summit held in the Capital, industry experts from several fields, including e-commerce, FMCG, pharma and supply chain management discussed challenges faced by the sector and the hurdles on the path to progress.
