Updated April 26th, 2024 at 12:31 IST

Logistic leap: RBETA 2024 set to celebrate India’s growing supply chain dominance

Projections indicate a surge in the market size to $317.26 billion by 2024, with a projected Compound Annual Growth Rate (CAGR) of 8.83%.

Reported by: Business Desk
RBETA 2024 Logistics | Image:Republic Business

Tech-enabled supply chain: The Indian freight and logistics market is expected to experience significant growth, reaching a projected value of $484.43 billion by 2029, according to a report released at the LogiMAT India logistics fair. The substantial increase, with an estimated annual growth rate of 8.8 per cent, is attributed to technological advancements driving transformative changes in the sector.

Projections indicate a surge in the market size to $317.26 billion by 2024, with a projected Compound Annual Growth Rate (CAGR) of 8.83 per cent. The growth not only reflects robust economic expansion but also promises significant job opportunities and improved business scalability. 


To celebrate the remarkable progress, innovation, and technological advancements in India's logistics sector, Republic Business is delighted to announce the inaugural Republic Business Emerging Technology Awards 2024. 

RBETA 2024 will shine a spotlight on the major advancements achieved by the logistics industry by leveraging technology to change traditional methodologies. Through the adoption of cutting-edge solutions, the sector aims to enhance efficiency, transparency, and accessibility across every aspect of the logistics ecosystem.


Tech-enabled growth

India's logistics sector is experiencing a transformative shift, fueled by technological advancements and strategic reforms. The convergence of factors such as stakeholder collaboration, infrastructure investment, and operational improvements is propelling India towards its aspiration of becoming a formidable economic and logistical powerhouse.


A significant driver of this trend is the emergence of Logistics 4.0, characterised by the integration of technology into logistics operations. Structural reforms have played a crucial role in enhancing efficiency, with Indian warehouses now equipped with IoT devices and automated systems, reducing turnaround times significantly. 

Initiatives like mandatory FASTag usage and the adoption of RFID tags and GPS trackers for commercial vehicles further underscore India's commitment to technological innovation in logistics.


Domestic production and emerging market

India’s superior export prospects are also boosting its position in the global market. With industries and brands establishing production facilities in India, both domestic consumption and foreign exports are on the rise. 


The ongoing trade tensions between China and the US have presented India with an opportunity to fill the international supply chain gap, while government policies like 'Zero Defect, Zero Effect' aim to elevate manufacturing standards and enhance India's global competitiveness.

India's logistics infrastructure is also undergoing substantial development, with a focus on strengthening logistics centres and warehouses around key ports. This infrastructure improvement is complemented by strategic marketing efforts aimed at boosting bilateral trade and attracting foreign investment. Events like 'Howdy Modi' and global business forums have showcased India's appeal as an investment destination, resulting in significant foreign direct investment inflows.


Holistic development 

Furthermore, the adoption of new-age technologies such as deep learning, machine learning, IoT, and data analytics is changing the logistics world. Initiatives like 'Make in India' and 'Digital India' are driving enterprises to embrace these technologies to stay competitive on a global scale.


In tandem with technological advancements, improved trade policies, including schemes like MEIS and SEIS, are facilitating bilateral trade and stimulating export growth. Efforts by the Indian government to reduce tariff rates and taxes are further enhancing the business environment and promoting international trade. These concerted efforts are positioning India as a key player in the global logistics arena, driving growth, innovation, and economic prosperity. These advancements are set to redefine the world of logistics, introducing greater efficiency and innovation to the industry.


Published April 24th, 2024 at 14:04 IST