The Union Budget 2024, presented today by the Finance Minister Nirmala Sitharaman, plays a pivotal role in steering the logistics sector towards resilience and transparency through innovative solutions and streamlined regulations. Homi Katgara, Partner, Jeena & Company welcomes the budget for the logistics industry, He said, “ The government’s focus on youth, infrastructure, innovation, and strategic partnerships resonates strongly with our aspirations.”
“The budget announcement is welcomed by the logistics industry. As industry players, we are brimming with optimism. The government’s focus on youth, infrastructure, innovation, and strategic partnerships resonates strongly with our aspirations,” said Homi Katgara.
According to him, the Rs 1 Lac crore innovation corpus specifically targeted at young minds in technology is an important move. This fosters a culture of problem-solving and tech adoption, crucial for streamlining logistics operations and optimising routes. The infrastructure push, particularly the doubling of airports (149 in 10 years) and the development of dedicated railway corridors, is a game-changer. “These initiatives will significantly improve connectivity, decongest existing routes, and expedite freight movement. The CRISIL prediction of a 12% reduction in logistics costs is music to our ears – it translates to enhanced competitiveness for Indian manufacturers and a boost to the overall economy.” he added.
“Furthermore, the government’s commitment to “First Develop India” through bilateral trade treaties opens doors to new opportunities and strengthens our global footprint. This strategic approach aligns perfectly with our aspirations for growth and expansion. Overall, this budget is a step in the right direction,” Katgara concluded.
