Logistics assignment

1. Role of Logistics in country Economy
Logistics
Logistics refers to the overall process of managing how resources are acquired, stored,
and transported to their final destination. Logistics management involves identifying
prospective distributors and suppliers and determining their effectiveness and
accessibility.
Logistics management is the part of supply chain management and supply chain
engineering that plans, implements, and controls the efficient, effective forward, and
reverse flow and storage of goods, services, and related information between the point
of origin and point of consumption to meet customer's requirements.
Logistics in country economy
Logistics has become an enormously important component of the gross domestic
product (GDP) of industrialized nations and thus affects the rate of inflation, interest
rates, productivity, energy costs and its availability and other aspects of the economy as
well. Ever changing business environment due to globalization, lead time reductions,
customer orientation, and outsourcing has contributed to the interest in logistics. The
increase in global production sharing, the shortening of product life cycles, and the
increase of global competition all underline logistics as a strategic source of competitive
advantage. Moreover, in order to remain in competitive marketplace and earn
reasonable profits, organizations interest in logistics has been increased. Logistics
operations have become more efficient due to technological advancements which make
it possible to deliver goods on time while reducing the cost involved.

2. Global market access has been improved over the time with the advancement in
technology and trade liberalization resulting in the economic growth and development of
the countries. Patterns in the market competition situation are continuously dictating the
supply chain flows (i.e. product, price and information flows) in a predictable, timely and
cost-effective way.
Logistics industry is the artery and the basic industry of the national economic
development in the world. Its development level is one of the important marks to
evaluate the level of state modernization and comprehensive national strength.
Logistics is the accelerator of the economic development and growth.
Impactof COVID-19 on the Indian Logistics Sector
India is facing several challenges amid its own country-wide lockdown: labor shortages,
cargo capacity challenges, a manufacturing slowdown, order delays and stuck
shipments, and demand and supply stocks. India's real gross domestic product (GDP) is
at its lowest because of the COVID-19 standstill adversely affecting consumption and
investment in the Indian economy.
The manufacturing halt has reduced demand for logistics services, which likely will
result in downward pressure on prices across warehousing, freight, and logistics. With
countries around the world imposing lockdowns, minimal export-import movements
have amplified the crisis in the logistics space.
The Covid-19 pandemic has made business tougher for
domestic ports and logistics companies, which were already grappling with falling
earnings amid the global economic slowdown.
Currently, different sections of the business, like warehousing, trucking and last-mile
delivery among others, are facing several challenges, with labour shortage being the
biggest challenge across all the segments.

3. Impactof COVID-19 on Logistics Industry worldwide
The transportation and logistics industry performs one of the most vital services of the
modern globalized and interconnected world. Since the beginning of 2020, more and
more countries across the globe shut down their borders and limited transportation and
travel to contain the coronavirus (COVID-19) outbreak, thus, creating impediments for
international trade and transportation. Since the beginning of 2020, the pandemic
affects almost every dimension of economic activity and individuals globally. As a
consequence of the coronavirus outbreak, important supply chains in the logistic and
transportation industry are hampered, though differently across air, freight and sea
sectors. The coronavirus outbreak brought a meta-uncertainty. Therefore, there are
various interpretations of its potential consequences on the logistics and transportation
industry.
Covid-19 recovery plan for logistics
Heavily invest in technology – Logistics firms are increasingly adopting technology to
combat supply chain disruptions caused by the pandemic. Successful technology-based
logistic firms, have proven recently how to bring innovative approaches to the industry.
Seamless,best in class supply chain services internationally – Logistics service
provider, with their local knowledge and access, can differentiate themselves by how
efficiently they can navigate these processes and, consequently, how much they can
reduce transit times. A key aspect of offering superlative service is building deep
relationships with administrations in the ports of entry, to become the most trusted and
renowned cross-border specialist actively requested by the shipping client.

4. Delivery drones- Their deployment has been fast tracked to reduce the risk of exposure
for drivers and bolster capacity to meet soaring demand for home deliveries.
Strategize and identify opportunities – As in the period of covid this is the time to identify
attractive acquisition targets to build up skills and capabilities, enter attractive target
markets and trade lanes, increase volumes and scale, and create value.
Work with governments to improve supply chain - Governments proactively and offer
their expertise in making supply chains significantly more resilient. The goal is to
support governments in reshaping processes and infrastructure to ensure that
policymakers can fulfill societal missions such as ensuring a safe supply of food,
medicine, and other important goods.
ANKIT SHA