Maharashtra Cabinet Approves Logistics Policy 2024

August 9, 2024

The Maharashtra Cabinet, led by Chief Minister Eknath Shinde, has approved the Maharashtra Logistics Policy 2024. This policy is designed to boost the state’s economy by generating about ₹30,573 crore in revenue and creating around 500,000 jobs over the next five years. These plans are based on recommendations from the State Economic Advisory Council.

Objectives of the Logistics Policy

The policy has several key objectives:

Reducing Costs: The goal is to lower logistics costs by 4-5%, bringing them down from the current 14-15%.
Saving Time: The policy aims to make logistics processes faster.
Going Green: It plans to reduce carbon emissions by implementing environmentally friendly practices.
Using Technology: The policy will incorporate advanced technologies like blockchain, artificial intelligence, and smart logistics management systems.

Development of Logistics Hubs

To strengthen logistics infrastructure, the policy outlines the following developments:

International Mega Logistics Hub: A large logistics hub will be developed over 2,000 acres in the Navi Mumbai-Pune area, near the new international airport. This project will have an investment of ₹1,500 crore.
National Mega Logistics Hub in Nagpur-Wardha: Another major hub will be built on 1,500 acres, connected to key transportation routes, with an investment of ₹1,500 crore.
State Logistics Hubs: Five logistics hubs will be developed across various locations, each covering 500 acres, with a total budget of ₹2,500 crore.
Regional Hubs: Five smaller hubs will be established on 300 acres each in strategic areas, with a combined investment of ₹1,500 crore.

Logistics Parks and Support for MSMEs

To address challenges in urban areas, the policy plans to create multi-purpose logistics parks that will require a minimum built-up area of 20,000 square feet and an investment of at least ₹5 crore. These parks will support Micro, Small, and Medium Enterprises (MSMEs) by offering both financial and non-financial incentives, such as:

Interest subsidies to reduce loan costs.
Stamp duty concessions to lower the cost of property transactions.
Assistance for upgrading technology.
Access to electricity at industrial rates.

Vision for the Future

The overall aim of the Maharashtra Logistics Policy 2024 is to transform Maharashtra into a leading logistics hub, which will help drive economic growth and development across the state. The policy is designed to attract both domestic and foreign investment through strategic investments and a comprehensive framework.

About Maharashtra Logistics Policy 2024

This policy also focuses on enhancing the state’s logistics sector through improved infrastructure and the use of technology. It aims to develop skills, promote multimodal transport (using different modes of transportation like rail, road, and sea), and establish logistics parks. The policy aims to reduce logistics costs from 13-14% to 8-9% of the state’s GDP. It emphasizes sustainability by encouraging green logistics practices. Additionally, the government plans to use digital technologies for real-time tracking and data analysis. The policy also prioritizes forming key partnerships with industry stakeholders to improve efficiency and drive innovation in the logistics sector.

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