Industry leaders deliberate on shaping supply chain sector

Over 300 industry leaders from across the country attended the 6th edition of the Economic Times & DHL Supply Chain Management & Logistics Summit on 26 th June 2019, at Hotel Hyatt Regency, New Delhi.

Considered the backbone of the economy, India’s supply chain ecosystem has great potential for growth in coming years as the Indian economy soars to new heights. The Indian logistics sector is expected to grow to $307 billion by 2020, according to ASSOCHAM, and given its immense potential, there is a need to understand the challenges faced by the sector and remove bottlenecks to progress.

The 6th edition of the Summit witnessed a convergence of stalwarts from both the government and industry to scrutinise present and future challenges inherent to the supply chain ecosystem, in addition to deliberating on emerging opportunities within the sector. This one-of-a-kind event unraveled a world of innovation through a highly engaging and insightful networking platform that encouraged stakeholders to collaborate and innovate. The deliberations captured the thoughts of visionaries and deliberated on the action points required to take this sector to the next level, centered on the theme ‘Supply Chain 4.0 – Smart, Quick & Unconventional’ The highlight of the summit was a keynote address by N. Sivasailam, Special Secretary (Logistics), Ministry of Commerce and Industry, Government of India, who opined, “There has to be a lot of self-regulation in the industry if we need to move forward.

The key element is as I have been emphasising over the last one month, and so has been my minister, is future improvements in ease of doing business, which may have to come from reducing the cost of doing business.”

The Supply Chain and Logistic sector is the backbone of the economy, providing efficient, cost effective flow of goods on which other commercial sectors depend. With India looking to cement its position among the pantheon of major global economies, Supply Chain 4.0 is going to play a major role in achieving the goal. Towards achieving this ambitious target, the summit helped uncover a world of innovation that will transform the supply chain domain and set it on a growth trajectory that will positively impact the sector and the national economic growth agenda.