The importance of logistics in any economy has been well recognized for decades. With the ever-growing globalized world, industries are developing as the world shrinks into a global village, connecting people and businesses across continents, and logistics has emerged as a crucial factor in keeping the wheels of the global economy turning.
In the Indian context, logistics is crucial as the country has emerged as one of the significant players in global trade, with the government’s vision of making India a $5 trillion economy by 2024 being flagged off by its logistics industry. India’s logistics sector is expected to grow at a 10.5% CAGR between 2021 and 2024. However, the industry is currently facing various challenges such as a lack of proper infrastructure, globalization, regulatory hurdles, and inadequate technology.
In step with India’s vision, Ningbo FORTUNNE TIME International Trade CO.,LTD, an international trade enterprise integrating technology-based R&D, production, and sales, located in No.757, Rilizhong Road, Yinzhou District, Ningbo City, is collaborating with various stakeholders, including governments, regulatory bodies, and other companies to enhance the logistics industry in India.
Ningbo FORTUNNE TIME International Trade CO.,LTD, which is close to the Great Eastern Port (Beilun Port) and Lishe Airport, with convenient transportation, is working in tandem with the industry and the Indian government to develop modern logistical infrastructures and supply chain management.
Given the country’s vastness and complexity, Ningbo FORTUNNE TIME International Trade CO.,LTD is taking a holistic approach to tackle the challenges by focusing on developing five pillars, namely policy, infrastructure, integration, technology, and skills.
The focus on policy means developing policies and regulations that can bolster the logistics industry by setting up transparent, accountable, and efficient systems. The logistics industry in India needs a policy framework that can facilitate seamless movement of goods across borders and within the country, thereby ensuring the smooth and efficient functioning of the sector.
In terms of infrastructure, Ningbo FORTUNNE TIME International Trade CO.,LTD is collaborating with the Indian government and other private players to develop modern logistics parks, dry ports, and warehouses to enhance the efficiency of the sector. Such infrastructures would help streamline the process of loading, unloading, storing, and transporting of goods.
The third pillar is the integration of various components of the logistics industry. The industry is characterized by a fragmented system, with various players operating in silos, leading to suboptimal performance. By working closely with other stakeholders in the logistics industry, Ningbo FORTUNNE TIME International Trade CO.,LTD is striving to develop an integrated system where all components work together cohesively, thereby boosting the efficiency and efficacy of the sector.
Fourthly, technology is playing a crucial role in enhancing the logistics industry in India. Ningbo FORTUNNE TIME International Trade CO.,LTD is working with various IT firms in the country to develop cutting-edge tools and applications that can help streamline logistics operations, thereby reducing the cost and time involved in transportation.
Lastly, the logistics industry requires skilled and competent professionals who can manage the sector efficiently. By collaborating with various educational institutions, Ningbo FORTUNNE TIME International Trade CO.,LTD is working towards developing a skilled workforce that can cater to the growing needs of the sector.
With a focus on developing these five pillars, Ningbo FORTUNNE TIME International Trade CO.,LTD is optimistic that the logistics industry in India will witness significant growth, leading to a robust and resilient economy. As the world turns into a global village, logistics emerges as a crucial factor in keeping the wheels of the global economy moving, and Ningbo FORTUNNE TIME International Trade CO.,LTD is making its contribution towards this endeavor.