From godowns to world-class warehouses: Journey of warehousing sector in India
Warehousing is an integral component of the logistic supply chain. It plays an important role in the storage of goods and merchandise during the different stages of transportation. From being dark, dusty and unventilated storage areas to modern, insulated, ventilated, safe storage facilities, the warehousing sector has come a long way. They are now equipped to provide value-added services such as packaging, labelling, barcoding and reverse logistics. With the evolution in trade, infrastructure, technology and human resources, warehousing can soon turn into the backbone of the logistics and modern trade in India.
According to a report, the Indian warehousing industry, estimated to be worth INR 561 Billion (excluding inventory carrying costs, which amount to another ~INR 4,340 billion) in 2017, is estimated to grow at 9.5% CAGR to reach INR 968 Billion by 2024.
Several factors are driving the development of warehousing sector in India:
- With the government’s Make in India initiative, there is increased growth in the manufacturing sector, particularly in areas like Textiles, Pharmaceuticals, Telecommunications, Automobiles, Food and Beverages
- There are other sectors such as organised retail, information technology, telecommunications and healthcare that have witnessed dramatic growth. This is driving a strong demand as well as consumption, eventually driving the growth of warehousing sector
- With internet penetration, technology-enabled growth drivers like automation, real-time tracking, RFID for automated data collection and stock identification are getting imbibed in warehouses. This is driving technological development and modernisation of existing warehouses giving rise to sophistication and increased efficiency
- With the granting of infrastructure status to the logistics segment, there has been a rise in the investments in the free trade warehousing zones (FTWZs) and logistic parks. Moreover, reform in the tax structures and new policies on international trade have led to fast growth of the sector
The country needs a platform to converge, network and gauge latest developments encompassing warehousing, logistics and the supply chain. India Warehousing Show is one such exhibition which caters to the evolving warehousing sector in the country. Industry players can use this platform to launch products, unveil new technologies, meet business prospects as well as grow their business.
Have you booked your booth yet? If not, reserve your space now to benefit from a new location, modern exhibition halls with newer opportunities at PRAGATI MAIDAN from 18 -20 June 2020!