India's ranking in World Bank's logistics index improves by 19 places
India has gone past countries like New Zealand, Thailand, Saudi Arabia, Iceland, Latvia and Indonesia who were ahead of it in the index.
India's ranking in the World Bank Group's bi-annual "Logistics Performance Index 2016" has improved by 19 places in 2016, said Ministry of Commerce & Industry in a release.
As per the release, India's ranking jumped from 54th to 35th demonstrating the government's policies and ease of doing business in the country, as pointed out the World Bank Group in a recently launched report.
In the latest ranking, India has gone past countries like New Zealand, Thailand, Saudi Arabia, Iceland, Latvia and Indonesia who were ahead of it in the index.
"The World Bank studies the policy regulation as well as supply chain performance outcomes across six sub-indices of the Logistics Performance Index and ranks countries based on their performance in all the indices", said the release.
Among the six sub-indices, India improved the most on "the efficiency of customs and border management clearance", jumping from 65 in 2014 to 38 in 2016.
According to the release, recent custom reforms, filing of import and export declarations, 24*7 customs clearance facilities to 19 seaports and 17 air cargo complexes, have resulted in improvement in the indicator.
India also improved significantly in the following sub-indices:
- The ability to track and trace consignments, improving from 57 to 33;
- The quality of trade and transport infrastructure, improving from 58 to 36; and
- The competence and quality of logistics services, improving from 52 to 32.
On the remaining two sub-indices - the ease of arranging competitively priced shipments and the frequency with which shipments reach consignees within scheduled or expected delivery times - by 5 and 9 places respectively.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
11:00 PM IST