Regulatory Technology (Regtech) solutions company Teamlease Regtech on Tuesday released its report titled ‘Simplifying Compliance Management for The Logistics & Supply Chain Industry’. The report examines sectoral concerns and gives an overview of the regulatory environment for the logistics and supply chain industry, reports the Economic Times.
It suggests specific action items that can help enterprises manage their compliance requirements more effectively.
Role of logistics industry in the economy
The report highlights the crucial role of the logistics industry in the economy. It employs 22 million people and is on track to reach a valuation of $215 billion in the next two years. The National Logistics Policy (NLP) was recently introduced to address the infrastructure and policy gaps in industry.
The objective of this policy is to reduce the cost of logistics from the current 14% of GDP to 8% of GDP by 2030. In addition, there has been a renewed focus on implementing technological solutions to push paperless trade operations and place India within the top 25 on the Logistics Performance Index (LPI).
While there has been steady progress, Teamlease Regtech’s report demonstrates how the lack of an accurate and updated list of applicable compliances impedes the industry’s growth.
The report also reveals that three major regulations of the industry, such as the Multimodal Transportation of Goods Act of 1993, the Carriage of Goods by Road Act of 2007, the Carriage of Goods by Sea Act of 1925, the Merchant Shipping Act of 1958, and the Carriage by Air Act of 1972 all required updation.
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Source: The Economic Times
