Wednesday, November 14 2018

August 23, 2018

Dept of Commerce to create portal, a single window online market place for trade

Department of Commerce Developing National Logistics Portal

New Delhi-A National Logistics Portal is being developed by the Ministry of Commerce and Industry to ensure ease of trading in the international and domestic markets. The portal will link all the stakeholders of EXIM, domestic trade and movement and all trade activities on a single platform.

In this years budget speech, Finance Minister had announced that the Department of Commerce will create a portal which will be a single window online market place for trade and will connect business, create opportunities and bring together various ministries, departments and the private sector.Stakeholders like traders, manufacturers, logistics service providers, infrastructure providers, financial services, Government departments and groups and associations will all be on one platform.

Indias logistics sector is highly defragmented andthe aim is to reduce the logistics cost from the present 14% of GDP to less than 10% by 2022. Indias logistics sector is very complex with more than 20 government agencies, 40 partnering government agencies (PGAs), 37 export promotion councils, 500 certifications, 10000 commodities, 160 billion market size. It also involves 12 million employment base, 200 shipping agencies, 36 logistic services, 129 ICDs, 168 CFSs, 50 IT ecosystems and banks & insurance agencies. Further, 81 authorities and 500 certificates are required for EXIM.