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    Monetary Policy Statement, 2026-27 Resolution of the Monetary Policy Committee August 3 to 5, 2026
    Stock markets edged higher in early trade amid lower crude oil prices, buying in Reliance Industries
    Monthly review of accounts of Government of India upto June 2026 (FY 2026-27)
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    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
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    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
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    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
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    August 6, 2026
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    Neutral monetary policy stance continues as resilient growth and food-fuel inflation risks require close macroeconomic monitoring.
    The Monetary Policy Committee retained the policy repo rate and continued the neutral monetary policy stance, citing the need to assess evolving growth-inflation conditions. Domestic activity was assessed as resilient, supported by consumption, investment, credit, manufacturing, services and exports, although global uncertainty, energy prices, supply-chain pressures, geopolitical developments and monsoon conditions remain risks. CPI inflation increased mainly because of food and fuel pressures, while underlying inflation remained moderate. The Committee considered that price pressures were not yet generalised and reaffirmed its commitment to align inflation with the target.
    August 6, 2026
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    Closing auction price discovery and a neutral monetary policy stance shaped equity market conditions amid lower crude prices.
    The Closing Auction Session in the equity cash segment introduced an auction-based mechanism for determining closing prices of eligible shares with futures and options contracts, intended to make price discovery more transparent and robust. The Reserve Bank of India retained its neutral stance and left the benchmark policy rate unchanged, pending greater clarity on the inflationary effects of higher energy costs. Future policy decisions were stated to be data dependent.
    August 6, 2026
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    Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
    Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.
    August 6, 2026
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    Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
    Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
    August 6, 2026
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    Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
    Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.

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      Customs, DGFT & SEZ

      India marks one year of launch of National Logistics Policy on 17th September 2023

      September 14, 2023

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      Rapid progress made in improving logistics

      To complement PM GatiShakti National Master Plan (NMP) , the National Logistics Policy (NLP) was launched on 17th September 2022 by the Prime Minister, Shri Narendra Modi. While the PM GatiShakti NMP addresses integrated development of the fixed infrastructure and network planning, the NLP addresses the soft infrastructure and logistics sector development aspect, inter alia, including process reforms, improvement in logistics services, digitization, human resource development and skilling.

      Vision

      The vision of NLP is to drive economic growth and business competitiveness of the country through an integrated, seamless, efficient, reliable, green, sustainable and cost-effective logistics network by leveraging best in class technology, processes and skilled manpower. This will reduce logistics cost and improve performance.

      Targets

      The targets of the NLP are to: (i) Reduce cost of logistics in India; (ii) improve the Logistics Performance Index ranking – endeavor is to be among top 25 countries by 2030, and (iii) create data driven decision support mechanism for an efficient logistics ecosystem.

      Comprehensive Logistics Action Plan (CLAP)

      To achieve these targets, a Comprehensive Logistics Action Plan (CLAP) as part of the NLP was launched covering eight action areas including (i) Integrated Digital Logistics Systems; (ii) Standardization of Physical Assets and Benchmarking of Service Quality Standards; (iii) Logistics Human Resource Development and Capacity Building; (iv) State engagement; (v) EXIM Logistics; (vi) Services Improvement Framework; (vii) Sectoral Plans for Efficient Logistics (SPEL); and (viii) Facilitation of Development of Logistics Parks.

      Outreach Events/meetings:

      Since the launch of the NLP, significant progress has been made with respect to the implementation of the Policy. By means of regional conferences, one-on-one interactions, and inter-Ministerial meetings, DPIIT has facilitated the implementation of NLP. An overview of these outreach activities is given below.

      1. Inter-Ministerial meeting on 28th July 2023

      • On completion of ten months of the launch of the National Logistics Policy (NLP), an inter-Ministerial meeting to review the progress of its implementation was held by DPIIT, on 28th July 2023. During the meeting measures taken by different Ministries to improve logistics efficiency in the country were showcased.
      • The meeting saw participation from eleven infrastructure and user Ministries including M/o Road Transport & Highways (MoRTH), M/o Port Shipping and Waterways (MoPSW), M/o Coal, D/o Food & Public Distribution, M/o Civil Aviation (MOCA), M/o Steel, D/o Commerce, D/o Fertilizer, D/o Revenue, M/o Skill Development and Entrepreneurship (MSDE) and M/o Power and, National Industrial Corridor Development Corporation Limited (NICDC).
      • The meeting was Chaired by Special Secretary (Logistics). Secretary DPIIT had joined during the closing session. The meeting was divided into two sessionsSession, I focussed on review of measures undertaken by DPIIT and Session II covered progress in implementation of the NLP by participating Ministries.

      2. Regional Workshops (between 20th March and 12th April 2023)

      • DPIIT organised five regional workshops between 20th March and 12th April 2023. All workshops had a dedicated session on NLP, wherein key features and progress of NLP was showcased and participating States/UTs presented the status and key highlights of respective State Logistics Policy and other interventions.
      • Over 500 participants covering Officials from all 36 States/UTs and concerned line Ministries/Department, and representatives from knowledge partners and multilateral organisations, attended these workshops.

      3. Other one-on-one Interactions / Meetings:

      • Meetings on Logistics Performance Index (LPI): In an endeavor to further improve India’s ranking in the LPI, DPIIT has undertaken several measures. To apprise the World Bank team about the several initiatives and reforms of the Government of India and draw their attention on need for greater emphasis on objective based methodology for LPI scoring, Secretary, DPIIT met senior officials of World Bank Group at their headquarter in Washington DC.
        • In continuation with that DPIIT held a series of meetings with the World Bank Group [Logistics and Infrastructure India team] and concerned line Ministries.
        • dedicated Unit is being set up within the Logistics Division to develop and implement an action plan for improving India’s LPI ranking.
        • In addition, concerned line Ministries are setting up a dedicated cell for a focused project-based approach to improving India’s performance across the six LPI parameters.
      • Services Improvement Group (SIG) meetings: In line with approved institutional mechanism for the NLP, an Inter-Ministerial SIG was constituted on 14th March 2023Chaired by SS (Logistics), this group comprises of representatives from MoRTH, MoR, MoPSW, MNRE, MoP, DoT, MoPNG, MoCA, NITI Aayog, MoEFCC, MoHUA, DoR and DoC.
      • Objective: The SIG has been constituted to facilitate speedy resolution of logistics services and processes related issues of the industry, in a coordinated manner. Resolution of issues through SIG shall promote inter-operability; eliminate fragmentation in documentation, formats, processes, liability regimes and reduce gaps in regulatory architecture.
      • E-LoGs portal (digital system for registering logistics related issues by logistics sector associations): As on date 29 logistics sector associations are registered on the E-LoGs portal, with total 71 issues, of which 34 issues have been resolved.
      • Regular roundtables with industry players and SIG meetings are held.  Till date, six meetings of SIG, along with industry associations have been held.

      Progress on Implementation of NLP & CLAP

      Since the launch of the NLP, progress made in implementation of the CLAP is summarised below:

      • Unified Logistics Interface Platform (ULIP): For digital integration in logistics sector and to provide single sign to users who are trading goods and using multiple modes of transport – the Unified Logistics Interface Platform (ULIP) was launched along with the NLP.
      • ULIP is an indigenous data-based platform which integrates 34 logistics-related digital systems /portals across Ministries / Departments. It is worth noting that GST data is also being integrated with ULIP.
      • ULIP provides opportunities to private sector to develop use cases on ULIP. By signing Non-Disclosure Agreements (NDAs) and after due diligence, data on ULIP can be accessed through API integration and private players can develop apps/use cases.
        • Over 614 industry players have registered on ULIP.
        • 106 private companies have signed NDAs
        • 142 companies have submitted 382 use cases to be hosted on ULIP.
        • 57 applications have been made live.
      • EXIM Logistics: To promote trade facilitation and streamline EXIM logistics, following measures have been undertaken:
        • Infrastructure gaps are being addressed and digital initiatives undertaken (under National Committee on Trade Facilitation);
        • An EXIM Logistics Group has been constituted;
        • A Comprehensive port connectivity plan developed by M/o port shipping and waterways, to address last and first mile infra gaps and promote seamless movement of goods to ports. 60 projects of MORTH and 47 of Railways have been sanctioned to improve last mile connectivity to ports.
        • To improve port productivity and address issues, several meetings have been held with MOPSW, port authorities, etc.; Port Processes studies have been conducted at 3 Major Ports (Chennai, JNPT and Vishakhapatnam); Visit to ports are being undertaken by DPIIT.
        • The Logistics Data Bank (LDB) is an application that tracks and traces of EXIM cargo. greater predictability, transparency and reliability, logistics cost will come down and wastages in supply chain will reduce.
      • Using LDB data, new analysis of port-wise vessel turnaround time is being prepared. Congestion between port and nearest check post is provided in the form of Port to CFS/ICD (For import cycle); CFS/ICD to Port (For export cycle); Port to nearest toll plaza. Using these analytics, port authorities are taking measure to improve performance.
      • Human Resource Development
      • To promote professionals in the sector, Government is notifying qualification packs for different job roles in the sector.
      • Webinar with Capacity Building Commission, Central Training Institutes (CTIs) and State Administrative Training Institutes (ATIs) was held in July 2023.
      • To further give traction to training and capacity building in Logistics and Infrastructure Development, Syllabus and training modules is being developed.
      • Sectoral Plan for Efficient Logistics (SPEL)
      • To address sector-specific needs in the logistics sector and streamline movement of bulk and break-bulk cargo in the country, Sectoral Plans for Efficient Logistics (SPEL) are being developed by user Ministries. These include sector specific action plans /interventions necessary for seamless movement of goods across different origin-destination pairs.
      • So far, Comprehensive Port Connectivity Plan (CPCP) to bridge last mile gaps to ports, has been developed by M/o Port, Shipping and Waterways. The CPCP consisting of 107 Port connectivity projects (47 of MoR and 60 of MoRTH) has been notified.
      • A Coal Logistics Plan for efficient coal evacuation has been developed by M/o Coal.
      • M/o Steel is also developing its sectoral plan.
      • State Engagement
      • State Logistics Policy: To bring holistic focus on ‘logistics’ in public policy at State level, States/UTs are developing State Logistics Plans (SLPs) aligned with NLP. So far, 22 States have notified their respective State Logistics policies.
      • Logistics Ease Across Different States (LEADS): An indigenous logistics performance index on lines of the World Bank’s LPI, called ‘Logistics Ease Across Different States (LEADS)’ index for logistics performance monitoring across states has been developed. The survey is conducted annually and States are ranked according to their performance. The main objective is to identify areas of improvement and support State Governments to undertake adequate infrastructure, services and regulatory reforms to improve their logistics performance. The LEADS 2023 report will be unveiled soon.
      • Logistics Cost Framework
      • Logistics Division, DPIIT, has initiated an endeavour to estimate Logistics cost, since no official estimates available and they vary from 8-14% of GDP.
      • In the past studies in private sector (Armstrong & Armstrong and NCAER):
        • Armstrong & Armstrong - 13% of GDP;
        • NCAER, 2018 - 8.10% of GDP.
      • Hence a need was felt for developing accurate estimates based on holistic data and relevant statistical models.

      STEPS TAKEN:

      • In March 2023, Government organized a workshop with international experts to brainstorm on best practices.
      • Task Force with members including Senior Officials from concerned line Ministries and experts from academia, industry and think tanks, notified in March 2023.
      • Several meetings of Task Force held.
      • Using secondary data available in public domain baseline estimates for logistics cost achieved (using MOSPI’s Supply Use Tables). A long-term survey-based framework for logistics cost calculation developed.
      • Despite data limitations (data available in public domain is mainly aggregated estimates of transportation cost). This estimate will be used as a baseline for carrying out comprehensive trend analysis in future. This long-term survey-based study will help in arriving at robust logistics cost estimates at a disaggregated level so that targeted interventions across sectors / modes can be undertaken.

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