Economy's sustained annual growth of 8-9% will throw immense opportunities to courier industry: Jayant Sinha
Updated: Jun 09, 2015 03:29:21pm
New Delhi, June 9 (KNN) The proposed Goods and Services Tax (GST) Bill will be a game changer for India's express and courier industry, Minister of State for Finance Jayant Sinha has said adding that long lines on inter-state borders will go away.
"GST will change the supply chain...long lines on inter-state borders are going to go away," Sinha said at a conference in the national capital on e-commerce organised by the Express Industry Council of India on Monday. The conference also discussed the proposed reform of India's indirect tax regime.
India’s courier industry should redesign its business model so as to ensure that every person is able to make use of services at an “affordable price”, he said.
Sinha urged the courier industry to think differently, innovate and think big and said that the economy’s sustained annual growth of 8-9 percent for the next decade is going to throw up immense opportunities to the ‘express’ (courier) industry.
Stating that e-commerce will grow big in the coming years, he urged the courier industry to transform its supply chains to adapt to this growth.
Sinha said that he expects the shipments to grow 15-20 per cent every year and pointed out that the addressable market for the courier industry is going to “go up exponentially” in the coming years.
In a reply to a question on the timeline for roll-out of the GST, he said: "The government is working with the April 2016 timeline."
The courier market in India is highly fragmented with numerous small unorganized players. India has over a lakh of pin codes, but only approximately 10,000 are connected by courier service. (KNN Bureau)
"GST will change the supply chain...long lines on inter-state borders are going to go away," Sinha said at a conference in the national capital on e-commerce organised by the Express Industry Council of India on Monday. The conference also discussed the proposed reform of India's indirect tax regime.
India’s courier industry should redesign its business model so as to ensure that every person is able to make use of services at an “affordable price”, he said.
Sinha urged the courier industry to think differently, innovate and think big and said that the economy’s sustained annual growth of 8-9 percent for the next decade is going to throw up immense opportunities to the ‘express’ (courier) industry.
Stating that e-commerce will grow big in the coming years, he urged the courier industry to transform its supply chains to adapt to this growth.
Sinha said that he expects the shipments to grow 15-20 per cent every year and pointed out that the addressable market for the courier industry is going to “go up exponentially” in the coming years.
In a reply to a question on the timeline for roll-out of the GST, he said: "The government is working with the April 2016 timeline."
The courier market in India is highly fragmented with numerous small unorganized players. India has over a lakh of pin codes, but only approximately 10,000 are connected by courier service. (KNN Bureau)
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