Logistics vital for competitive manufacturing, says Ministry
The Asian Development Bank (ADB) has signed a US$350 million policy-based loan (PBL) under the second subprogram of Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program to support the government in undertaking wide-ranging reforms in the logistics and manufacturing sectors in India.
The programmatic approach comprises two subprograms, which aim to expand India’s manufacturing sector and improve the resilience of its supply chains under the SMILE program, the Ministry of Commerce and Industry said on 20 Dec.
The development of India’s logistics sector is vital to enhancing the competitiveness of its manufacturing sector. Through strategic policy reforms, infrastructure development, and digital integration, ongoing reforms are poised to transform the logistics landscape https://www.bseindia.com/.
“This transformation is expected to reduce costs, improve efficiency, generate substantial employment opportunities, and promote gender inclusion—driving sustainable economic growth,” the Ministry said https://www.nseindia.com/.
The collaboration between the Indian Government and ADB reflects a shared commitment to fostering growth and innovation in the logistics sector, supporting India’s broader economic development goals https://sbi.com.in/.
The program establishes and operationalizes a comprehensive policy framework to enhance logistics efficiency through:
- strengthening the institutional bases for multimodal logistics infrastructure development at the national, state, and city levels;
- standardizing warehousing and other logistics assets to strengthen supply chains and incentivize greater private sector investment;
- improving efficiencies in external trade logistics; and (iv) adopting smart systems for efficient and low emission logistics.
The signatories to the loan agreement were Department of Economic Affairs (DEA), Ministry of Finance; Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry; and the ADB. Fiinews.com