Logistics industry's Budget wishlist: Ease of doing business, incentives for green initiatives

Union Budget 2024-25 aims to boost logistics industry with green incentives, infrastructure development, and streamlined regulations for growth.

Logistics industry is expecting steps that will further improve ease of doing business in the country, incentives and benefits for green initiatives in the sector, among others, in the Union Budget for 2024-25, which is set to be presented by the Finance Minister Nirmala Sitharaman in the Parliament next week.

"There is significant scope to improve the ease of doing business by streamlining regulations and adopting digital processes. Simplifying and ensuring consistency in GST administration, greater clarity and standardisation in interpretation of customs procedures, and TDS regulations are crucial steps in this direction," said R S Subramanian, Senior Vice President & Managing Director, DHL Express India.

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"I am optimistic that the Budget will prioritise infrastructure and logistics as critical levers of growth, consistent with the interim Budget," said Rizwan Soomar, Chief Executive Officer and Managing Director, DP World North Africa and India Subcontinent.

"The Budget could include incentives and benefits for green initiatives in logistics which aligns with the overall decarbonisation goals of the government and the private sector," Mr. Soomar said.

Streamlining the existing regulatory frameworks further will encourage greater private sector participation and innovation in logistics, he added.

"We anticipate seeing significant investments throughout the industry in multi-modal connectivity, including advanced air cargo terminals and infrastructure enhancements to create seamless trade corridors.