To support India’s logistics industry, the Asian Development Bank (ADB) approved a $350 million policy-based credit. According to an ADB release, the loan will help the government implement extensive reforms to modernize the industry and boost economic competitiveness.
The Multimodal and Integrated Logistics Ecosystem Program’s second subprogram is funded by the loan. The press release states that this program supports government initiatives to create a thorough institutional, planning, and policy framework for the logistics industry at the federal, state, and local levels.
The reforms implemented in the previous subprogram are expanded upon in this program. In order to promote private sector investment and boost operational efficiency, it seeks to institutionalize policies that increase interagency coordination and standardize procedures. “By improving productivity and the transfer of goods and lowering logistics costs, the program is helping India reach its target of $2 trillion in exports of goods and services by 2030,” the announcement stated. It added that by assisting India’s reform initiatives, the program has improved the Logistics Performance Index and lowered logistics expenses.
