#logisticsperformance

This remarkable progress showcases the government's achievements across various industrial sectors, including infrastructure development, renewable energy, digital transformation, skill development, and the Make in India campaign, which have all significantly contributed to India's growth story from 2014 to 2023. Over the past two years, the Indian economy has demonstrated steady recovery, thanks to the administration's proactive measures such as stimulus packages, policy reforms, and infrastructure investments.

With optimistic projections for 2047, India is poised to emerge as a global economic powerhouse in the coming decades. In this blog, we take a deep dive into these awe-inspiring developments and their implications for India's future, offering a comprehensive understanding of the strategic efforts that have propelled the nation toward a brighter economic horizon.

As we examine the key milestones in India's journey, we gain valuable insights into the driving forces behind the country's progress, the role of the Modi government in fostering growth, and India's potential to achieve unprecedented success in the years to come.

Dive into the incredible ascent of India in the World Bank Logistics Performance Index and discover how the Modi government has been able to perform across various industrial sectors to contribute to the growth story of India and future economic prospects.

#PMModi #IndiaShines #GrowthMindset #SuccessStory #LeadershipMatters #India2023 #G20SummitIndia

Let's read on PM Modi Applauds India's 16-Place Climb in the World Bank's Logistics Performance Index and also recap some of the Highlights that the Government has Achievements under his able Leadership.

India Soars in Logistics Performance- A Reflection of the Remarkable Achievements of The Modi Government

India's Remarkable Leap in the Logistics Performance Index

Prime Minister Narendra Modi has expressed happiness over India's significant rise of 16 places in the World Bank's Logistics Performance Index (LPI). The LPI, which measures the efficiency of the logistics sector in a country, is a strong indicator of a nation's economic competitiveness and growth. In response to a tweet by Union Minister of Textiles, Commerce & Industry, Consumer Affairs, and Food & Public Distribution, Mr. Piyush Goyal, Prime Minister Mr. Narendra Modi tweeted, "An encouraging trend, powered by our reforms and focus on improving logistics infrastructure.

Find out about the best ways to optimize your logistics, reduce costs and maintain quality product services.

Mentioned below are the best ways a business can improve its logistics and become more competitive:

1. Involving technology in supply chain management: A company can utilize tools that ensure transparency in the supply chain so that every member of the chain has a clearer understanding of the process. Given below are a few tools that could be used:

ERP (Enterprise resource planning, for management of business processes and resources), RFID (Radio-frequency identification, allows tracking of the entire supply chain), and TMS ( (Transport management system, for collaborations with vendors, carriers, and customers).

These tools could be utilized to accelerate the logistics process, efficiently maintain inventory, and ensure that the products reach the customers on time in a hassle-free manner.

2. Management of Inventory: One has to have all the materials and products available to meet the customer demands. The key is to define an efficient process to manage these products. For that, one could

• Use different codes to identify different products and materials. This will help efficiently maintain inventory.

• Classify different products into different categories.

• Adopt a just-in-time approach to ensure optimum occupancy in the storage while reducing the cost.

• Allow suppliers to manage their inventory (VMI, Vendor management inventory) which improves the manufacturer's service.

• Use APS (advanced planning systems) to solve the issue of the supply chain.

3. Management of Warehouse: The average cost of a warehouse across the US is $20 per square foot. Hence companies have to manage their inventory in a way to reduce warehousing costs. To do this, one could

• Use automatic collection systems that reduce manpower and increase efficiency.

• Strategize the supply chain and find economic ways for transportation of the products from and to suppliers and customers respectively, while ensuring the quality of the products.

• Use a shared warehouse to reduce the cost. This trick is useful for SMEs which provides them flexibility in maintaining the inventory.

• Set up buffer stores that allow timely distribution and quick deliveries.

4. Management of Transport: Transportation consumes a large amount of the expenditure of a company, hence optimizing it is essential. The following methods are some of the best practices and strategies:

• Maintain traceability and security in the supply chain: One could track the trajectory of the product to coordinate among the distributors for on-time delivery.

• Utilize cross-docking: This will allow companies to reduce warehouse costs while conducting the deliveries smoothly. This also cuts additional costs of transportation.

• Use multimodal transportation: It is done under one contract, hence it is easier to track and secure. It requires less time, costs less, and the deliveries need fewer efforts.

• Shared loads in rail and road: Several companies could move their products via rail and road in a shared manner, which reduces the cost and reduces risk.

• Outsourcing the transport process: Outsourcing your transport process will ensure better productivity, lesser manpower, and efficiency. The specialists employ technology to strategize a plan that works best for a particular company and cost them less.

• Implementation of reverse logistics: This could be implemented to recover value from the assets and increase profits. This strategy could boost the efficiency of supply chain management while ensuring quality services.

5. Metrics and Feedbacks: Logistics needs feedback and measurements to ensure that Inventory, Transport, and Warehouse are aligned in an optimum manner. To ensure this, one could:

• Employ SCOR (Supply chain operations reference) model which helps in communicating within the supply chain and addressing the issues.

• Set definite goals and objectives to ensure efficiency.

• Take customer feedback, and their opinions to improve the delivery process.