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Grow business in a dynamic world and manage operations across First, Middle & Last mile
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The Union Budget 2024 makes strides in bolstering India’s logistics industry, aligning with the nation’s broader economic and environmental objectives and The National Logistics Policy. The budget’s focus on infrastructure development, startup growth, and sustainable transport solutions will enable enterprises to quickly reap the benefits of technology-powered logistics management.
Three Key Takeaways
1. Development of New Railway Corridors: The introduction of three new railway corridors – energy, mineral and cement corridor; port connectivity corridors; and high traffic density corridors – is a game-changer. These corridors, integral to the Gati Shakti plan, promise to revolutionize freight movement by reducing transit times and costs, thus enhancing supply chain efficiency across various industries. This also aligns with the National Logistics Policy’s objective of reducing India’s logistics costs from 14-18% of GDP to global best practices of 8%.
2. Boost in Electric Vehicle Manufacturing and Charging Infrastructure: The emphasis on promoting EV (Electric Vehicle) manufacturing and expanding charging infrastructure is a testament to India’s commitment to sustainability. For the logistics sector, this means not only a transition to environmentally friendly transport options but also potential long-term operational cost reductions. The creation of a robust EV infrastructure will facilitate smoother adoption of EVs in logistics, especially in the last-mile ecosystem, ensuring reliable and efficient transport solutions.
3. Tax Benefits for Startups: Startups with a turnover of less than ₹100 crore are eligible for a tax holiday of three years, any time in the first ten years of their incorporation. The deadline for incorporation for applicants was March 2024, in this Budget it was extended by a year, making it easier for companies to apply for tax breaks under Section 80-IAC. This provision for tax benefits to startups will catalyze innovation in the logistics industry and drive faster inclusion of AI powered solutions into everyday supply chain operations.
By addressing key areas such as infrastructure, technological innovation, and sustainability, the Budget lays the groundwork for a more efficient, competitive, and environmentally conscious logistics industry.