Budget 2024: Logistics Experts Urge Tech Incentives for AI and IoT Integration

As Finance Minister Nirmala Sitharaman prepares to propose the Union Budget 2024–25 to Parliament next week, the logistics industry is urging technological consolidation and regulatory reforms to enhance Indian jobs.

Industry executives emphasize the necessity of flexible legislation, digital adoption, and incentives for adopting cutting-edge technologies like artificial intelligence (AI), the Internet of Things (IoT), and so on. They think that these practices are essential for ensuring efficiency and transparency.

S. Subramanian, executive vice president and managing director of DHL Express India, emphasizes the potential for improving access to services through regulatory simplification and the use of digital platforms. He pushes for simplifying the GST system, standardizing the reporting mechanism, and clarifying the TDS regulations.

Zaiba Sarang, co-founder of iThink Logistics, emphasizes the need for the government to incentivize the use of AI and IoT in business. Sarang also calls for a more simplified GST structure and support for environmentally friendly activities such as the use of electric cars.

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Nishith Rastogi, founder and CEO of Locus.sh, emphasizes the need for smart resource allocation in dealing with market factors like  shifting gasoline costs and supply chains, which can lead to violence. Rastogi emphasizes the significance of promoting green logistics and digital infrastructure in order to accomplish long-term objectives. He also emphasizes the need for the government’s ongoing support for the expansion of innovation and start-ups in an expanding export industry.

Rizwan Soomer, CEO and Managing Director, DP World North Africa and Indian Subcontinent, expresses optimism that the economic plan will prioritize infrastructure and exports as key growth areas. Soomer expects incentives for green jobs in logistics, in line with government and private sector carbon emissions targets. He also argues that further simplification of regulatory frameworks could encourage greater privatization and innovation. 

Companies are expecting to invest heavily in a wide range of networks, including airport upgrades and infrastructure development to create easy trade routes These expectations reflect the region’s desire to achieve a budget that not only addresses current challenges but also promotes future growth and sustainable growth in the Indian export industry . 

As the budget approaches, exporters are hopeful that proposals for technology consolidation, regulatory reforms and sustainable practices will feature in the government’s budget for the following year.

Source By : https://timesofindia.indiatimes.com/