‘India will need precision planning and implementation to fuel soon to be $10 Trillion economy’- opined Suresh Prabhu Central Minister for Civil Aviation and Commerce & Industries, Government of India at the Economic Times & DHL Supply Chain Management & Logistics Summit 2018, a landmark summit that outlined the challenges and imperatives for the next stage of the India growth story.
The 5th Annual Economic Times Supply Chain Management & Logistics Summit 2018, held at the Taj Diplomatic Enclave, was a coming together of likeminded industry stalwarts and Government officials to understand, evaluate and recognize the challenges and opportunities arising out of the $ 2.2 Billion Indian Supply Chain and Logistics industry. The Summit was aimed at eliminating bottlenecks to progress and certainly about upping the ante and building a strong internal network with thorough transparency and creating an environment for the ease of doing business. As a catalyst of change, the Economic Times has always endeavored to address issues that are pivotal to national and global business and economic growth. The summit witnessed the coming together of some of the most progressive minds and disruptors within the industry. It was attended by manufacturing and supply chain executives from distinguished FMCG, Retail, E-commerce, Pharma and Logistics firms. The power-packed day proved to be a distinctive experience featuring insightful content and networking opportunities. The panelists were optimistic about the opportunities coming their way in a post GST and E-Bill era. This move has gone a long way in organizing the otherwise largely unorganized logistics sector. Digital integration of the modus operandi and compounding the several elements that uphold the supply chain, making it robust and resilient was championed at the summit.
Shri Suresh Prabhu, Central Minister for Civil Aviation and Commerce & Industries, Government of India said,” We need a good supply chain in place to ensure the accessibility of our products and commodities, in an efficient and uninterrupted manner. India, which is poised to be a $5 trillion economy, would require resources twice of what we need today. The success of this $5 trillion economy would depend on how efficiently we manage the supply chain. In that $5 trillion business, we need to develop at least $1 trillion dollar of services and manufacturing export. The key impediment in our $5 trillion economy, and soon to be a $10 trillion economy, will be how soon we can build this efficient supply chain.’ He added, “The Japanese concept of ‘Just in Time’ will go a great way in upholding the sector and integrating the vendors and all parties aligned to reduce cost of logistics. However, this will need precision planning and fine implementation in India. Thanks to our prime minister, we now have a dedicated logistics division for the first time in India, combining the year round effort collectively put together by the railways, airways and roadways. This step recognizes logistics to be the backbone of a healthy economy and ensure our steady growth. Additionally, the government is working on a concrete plan to build logistic hubs in India to build a network of better access and digitalize the entire logistics chain. The idea is to prepare integrated logistic plan and make it happen by elimination the road blocks. For this we are hoping to collaborate and jointly work with the entire ecosystem”.
Cementing the sentiments with profound solidarity and support Mr. Keshav Chandra, IAS, Joint Secretary, Ministry of Commerce & Industry, Government of India said,” The government looks forward to eliminate the obstacles in smooth functioning of the sector. It has created a separate division for logistics last year and has also identified three sectors specially the Warehouse, Cold chain and Multi Modal Logistic park and given these three sectors infrastructure status. Apart from that the creation of this division has simplified the process and eliminated the logistical fragmentation for both EXIM trade and domestic trade.” He added” That the summit was welcome move and got the ecosystem together for betterment of the economy and the finally our nation”.
Acharya Balkrishna, MD & CEO, Patanjali Ayurved, is of the opinion that “ Supply Chain is an indispensible part of any economy and robust logistics framework only ensures uninterrupted supply to the consumers. India as a growing economy needs to strengthen its logistics wing considerably and it is good to see that we all stand steadfast to the consolidation of this goal.”
Commenting on the summit, Mr. Deepak Lamba, President, Times Strategic Solutions, said, “The Economic Times Supply Chain Management & Logistics Summit aims to ideate solutions to modern-day challenges, helping to create a robust and reliable economy that is well integrated across the value chain. The deliberations enabled industry leaders with the insights needed to move beyond traditional boundaries, drive innovation, and discover new sources of value, thus helping businesses achieve future success.”
The summit offered fresh thinking on the opportunities and challenges facing the sector, as well as providing the ideal environment to discuss best practices and trends in global markets, quality, supply chains, talent issues and more. It focused on skilling the modern workforce, the evolution of the warehousing sector in India and highlighting 5 technologies that will self-orchestrate the supply chain. The panelists also threw light on maximizing supply chain revenue, enhancing the customer experience & increasing profits through strategic management of suppliers, logistics & costs
