India’s trade statistics have amplified exponentially in the recent years, with financial year 2021-22 (FY 2022) recording the highest ever value of merchandise exports. The government is buoyant about hitting the US$500 billion export target in FY 2023 through rupee-denominated trade and various recent bilateral free trade agreements (FTAs), such as those signed with the United Arab Emirates (UAE) and Australia.
To make Indian exports globally more competitive, India also recently released National Logistics Policy, which provides for seamless integration of multiple modes of transportation by leveraging technology, processes, and skilled manpower. The policy, which is in line with PM GatiShakti National Master Plan, will give a massive boost to India’s US$200 billion logistics sector, thereby enabling smooth movement of goods both domestically and internationally.