The warehouse industry in India is still in its nascent phase. Factors such as technological advancements in the form of increasing adoption of Internet of things (IoT), cloud computing, big data analytics, robotics and automation, advanced imagers, and mobile thermal printers, increase in private foreign investment, rising international trade and domestic consumption, rise of an organized retail in the country, and removal of several governmental regulations have acted as key driver behind the growth of the warehousing market in the country.
According to research by a leading market research company, the warehousing market in India is supported immensely by governmental initiatives such as the implementation of the of the goods and services tax (GST), the Make in India initiative and setting up of industrial corridors. These initiatives have encouraged international organizations to invest in the warehousing industry in India. Removal of several regulations such as interstate checkpoints, multiple central and state level taxes, and reduction in cargo movement time are encouraging warehouse consolidation.
Despite its immense importance in influencing the economic growth of the country, the Warehousing Market in India faces several challenges.
1. Poor Infrastructure: in order to ensure proper warehousing storage, the infrastructure must be of world-class quality. A majority of the warehousing industry is largely unorganized, fragmented, dominated by small players and not linked with interstate roads or highway networks.
2. Power Shortages: Power cuts in cold storages and warehouses leads to huge wastages of agricultural products and an increase in the cost of power leads to the rising cost of agricultural products.
3. Technological Deficiencies: Inadequate IT penetration and manual warehouse management, record keeping and billing have raised serious doubts on the credibility, reliability, and sustainability of the warehousing sector in India.
Increasing international trade and a sharp increase in automobile sales is boosting the warehousing market in India. As India has become the manufacturing hub for a number of industries, the need for structurally and technologically efficient warehousing facilities is non-negotiable.
According to research by a leading market research company, the warehousing market in India is supported immensely by governmental initiatives such as the implementation of the of the goods and services tax (GST), the Make in India initiative and setting up of industrial corridors. These initiatives have encouraged international organizations to invest in the warehousing industry in India. Removal of several regulations such as interstate checkpoints, multiple central and state level taxes, and reduction in cargo movement time are encouraging warehouse consolidation.
Despite its immense importance in influencing the economic growth of the country, the Warehousing Market in India faces several challenges.
1. Poor Infrastructure: in order to ensure proper warehousing storage, the infrastructure must be of world-class quality. A majority of the warehousing industry is largely unorganized, fragmented, dominated by small players and not linked with interstate roads or highway networks.
2. Power Shortages: Power cuts in cold storages and warehouses leads to huge wastages of agricultural products and an increase in the cost of power leads to the rising cost of agricultural products.
3. Technological Deficiencies: Inadequate IT penetration and manual warehouse management, record keeping and billing have raised serious doubts on the credibility, reliability, and sustainability of the warehousing sector in India.
Increasing international trade and a sharp increase in automobile sales is boosting the warehousing market in India. As India has become the manufacturing hub for a number of industries, the need for structurally and technologically efficient warehousing facilities is non-negotiable.
For more information, download Warehousing Market in India: https://www.researchonglobalmarkets.com/warehousing-market-in-india-2018-2023.html
No comments:
Post a Comment