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Kerala PSC Indian Economy Book Study Materials Page 293
Book's First Pagend str and n rastr t re 9.41 The Surya Mitra: This scheme was the sector has remained ‘unexplored’ in India. As launched in May 2015 for creating per the latest Economic Survey 2017-18, major 50,000 trained personnel within a period statistics which highlight the importance of India’s of five years (2015-16 to 2019-20). logistics sector are as given below: In addition to the above, major policy India’s logistics industry is around US$ initiatives taken by the government up to March 160 billion worth and has a compound 2016 include: annual growth rate (CAGR) of 7.8 per (i) National Offshore Wind Energy Policy cent during last five years. 2015 to exploit the vast 7600 km coastline With the implementation of GST, the for development of offshore wind energy Indian logistics market is expected to in the Indian Exclusive Economic Zone reach about US$ 215 billion in 2020, (EEZ), growing at a CAGR of 10.5 per cent. (ii) Inclusion of renewable energy in the It provides employment to more than 22 priority sector and bank loans up to Rs. million people. 15 crore limit to borrowers categories With a 10 per cent cut in the cost of for purposes like solar-based power logistics exports are estimated to grow by generators, biomass- based power 5-8 per cent. generators, windmills, micro-hydel plants and for nonconventional energy-based Though, in terms of overall performance India public utilities like street lighting systems, jumped to 35th rank (from 54th in 2014) in the and remote village electrification. For latest Logistics Performance Index-2016 (World individual households this is up to Rs. 10 Bank), the sector faces numerous challenges which lakh per borrower. need immediate attention form the Government: (iii) Investments in renewable energy are High cost impacting domestic and global on automatic route, i.e. automatic competitiveness, approval for up to 74 per cent foreign Under-developed material handling equity participation in a JV and 100 infrastructure, per cent foreign investment as equity Fragmented warehousing, multiple is permissible with the approval of the regulatory and policy making bodies, Foreign Investment Promotion Board Lack of seamless movement across modes, (FIPB). Lack of integrated IT infrastructure and (iv) Approval to the amendments in the modern technology. National Tariff Policy 2005, for Government has identified the action promotion of renewable power. points to develop this sector in an integrated way. These action points are—adopting new logIstIcs sector technology, improved investment, skilling, Logistics is the backbone of supply chain removing bottlenecks, improving intermodal (management of flows of goods from the point transportation, automation, single window system of origin to the point of consumption). It for giving clearances, and simplifying processes. To includes transportation, inventory management, strengthen the sector the Government has created warehousing, materials handling, packaging, and a new Logistics Division (in the Department integration of information. Largely ‘unorganised’, of Commerce). The sector has been put in the