New Delhi, Dec 13 (KNN) The Federation of Indian Export Organisations (FIEO) has launched the “2nd LOGIX INDIA 2019”- International Buyer Seller Meet here with the active support from Ministry of Commerce and Industry, focused B2B meetings with logistics stakeholders from India and overseas.

2nd LOGIX INDIA was inaugurated by Minister of State for Commerce & Industry, Som Parkash in the presence of senior government officials, diplomats, leaders of the trade, industry and logistics, FIEO office bearers and various other stakeholders on Thursday.

Inaugurating the three-day mega event, Som Parkash said that Logistics is the backbone of any trade and industry.

''Currently the logistics cost in India is 30-40 per cent higher than the global benchmarked logistics cost. And therefore it is a big challenge for the government, however the government aims at reducing it to 10 per cent of the GDP. The government is also planning to invest around 100 lakhs crore in logistics infrastructure in the next 5 years,'' said  Parkash.

''We are also in the process of coming out with a new National Logistics Policy and creating data bank by getting feedback from different stakeholders,'' he added.

More than 120 International delegates from 26 Countries are expected to attend 2nd Edition of LOGIX INDIA 2019 to develop superior logistics linkages with Indian counterpart.

Aimed at developing an effective international trade, the 2nd Edition of LOGIX INDIA will help provide efficient and cost-effective flow of goods on which other commercial sectors depend upon. Besides, the event also focusses on Investment opportunities in Infrastructure development, Warehouse consolidation, Technology integration and IT Enablement, Skilling of Manpower etc.

''Without efficient logistics, it is impossible to be successful in marketing, production and international trade. In advanced industrial societies, logistics competence is of great importance and customers expect products they bought will be delivered as promised, said while addressing the August gathering, Mahesh Chandra Keyal, Vice-President, FIEO.  

"India is making significant progress in improvement of Quality of Transport and Logistics Infrastructure, Efficiency of Regulatory Processes, Safety/Security of Cargo Movement, Ease of Arranging Logistics at Competitive Prices, Ease of Track and Trace, Timeliness of Cargo Delivery, Quality of Services offered by Logistics Service Providers, Favourability of Operating Environment and Acceptability of  best global practices in entire logistics chain,'' said Dr Ajay Sahai, Director General & CEO, FIEO.

India needs to almost double its annual spending on infrastructure at USD 200 billion and in order to achieve the target of USD 10 trillion economy by 2032, a robust and resilient logistics infrastructure system is required, supported by adequate private investments. The increasing maturity of logistics sector, as it embeds itself in India's economic growth story, lends to the emergence of complex value chains across various sub-sectors, such as Transportation, Supply Chain Management, Warehousing & Distribution," added Dr Sahai.

---------------------