BUDGET 2024 : FOCUSThe budget has laid the roadmapfor a robust, inclusive, andwidespread development toturn the goal of Viksit Bharator developed India into a reality.The budget has green-lightedan era of resource efficient andsustainable economic growth tobecome globally competitive.The viability gap funding to build 1 gigawatt(GW) of offshore wind energy will pave the wayfor diversification of renewable energy portfolio,making India renewable energy-resilient. Forthe logistics industry, the budget proposal todevelop an enabling EV ecosystem by strengthening manufacturing capabilities and charginginfrastructure is extremely encouraging. Thecontinued CAPEX boost will further acceleratethe progress towards a fully developed andefficient multimodal logistics system critical tomake India a global manufacturing hub. Focus ondeveloping port connectivity, railway corridorsand decongesting high-traffic corridors will usherin a new era of logistics efficiency.SHASHI KIRAN SHETTYFounder and Chairman, Allcargo GroupThe interim budget lookspromising and, in the direction to achieve the set goals.Various announcements madedemonstrate the government’scommitment to bolstering thelogistics sector, particularlyfor Micro, Small, and MediumEnterprises (MSMEs). The focuson providing timely finances,cutting-edge technologies,and relevant training reflectsa strategic effort to enhancecompetitiveness on a globalscale. The MSMEs are one of the keys to India’sgrowth, and such support offered to them willboost domestic manufacturing. Additionally, theintroduction of major economic railway corridorprogrammes under PM Gati Shakti is a pivotal step.These initiatives, aimed at enabling multimodalconnectivity, are poised to elevate logisticsefficiency, reduce costs, and decongest hightraffic corridors. The resulting improvement inoperational efficiency in overall logistics holdsthe potential to boost GDP growth and significantlycut down on logistic costsJB SINGH, Director, MOVIN ExpressCARGOCONNECT MARCH 2024 | 19
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