Indian Logistics Sector has been consistently on upward trajectory registering a CAGR of 9-10% in the last few years. Government’s infrastructure push to accelerate economic growth and better operational efficiency due to a larger use of digital technology especially by online logistics companies in India have been the two major drivers of growth for logistics sector. Recognizing the promising potential of the sector, the government has recently given infrastructure status to it. Further, the implementation of Goods and Service Tax is also going to have a favorable effect on logistics sector due to the removal of the multiplicity of taxes levied by states and the central government making interstate commercial transport smoother. However, at 14% GDP, the logistics sector in India still suffers from one of the highest logistics cost in the world. The sector is expecting from the government to bring down this cost in order to enhance global competitiveness while keeping up the infrastructure push. Further, in terms of policy, the logistics startups are making a demand for the government to formulate an integrated transportation policy to ensure efficient and smooth transportation of the goods.
On July 20, 2018, the All India Motor Transport Congress (AIMTC), which calls itself the apex body of transport companies in India, announced an indefinite nationwide transport strike, putting a stop to transport services all over the country. A large part of the 14 lakh vehicles transporting goods and essential commodities across Maharashtra went off the roads, slowly affecting commodity prices and the daily routine of its citizens.
APIs are going to be a key driver in the digital economy. Corporates with an integrated systems strategy will be able to leverage real-time data in the most consumable way and gain a significant competitive advantage.
API based E-Way Bill compliance solution allows speed in exchange of data, live data reporting, real-time data integration, and data security, thus improving the overall customer experience.
The E-way Bill is Being Seen as a Solution to prevent GST Evasion. Logistics Junction explains How?
Electronic Way Bill (E-Way Bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal.
The backbone of the vast Indian Transport System is its road network. With its routes spreading from the smallest villages to the largest cities, it has connected the people of India in a vast web. These roads bring all the supplies required. The organizations delivering these supplies are called Goods Transportation Agencies.