The Ministry of Commerce and Industry said in an official statement that this policy-based loan is aimed at expanding India’s manufacturing industry and improving supply chain resilience.
The signatory to the loan agreement was the Department of Economic Affairs (DEA) of the Ministry of Finance. Department of Promotion of Intra-Industry Trade (DPIIT), Ministry of Commerce and Industry. And ADB.
The SMILE program is a programmatic policy loan (PBL) that supports the government in undertaking wide-ranging reforms in India’s logistics sector.
This programmatic approach consists of two sub-programmes and aims to scale up Indian manufacturing and improve supply chain resilience.
The program establishes and operationalizes a comprehensive policy framework to increase logistics efficiency by strengthening the institutional foundations for multi-logistics infrastructure development at national, state and city levels. The ministry will also standardize warehouses and other logistics assets to strengthen supply chains and encourage private sector investment expansion, improve the efficiency of foreign trade logistics, and introduce smart systems for efficient and low-emission logistics. He also pointed out that it is helpful. Development of India’s logistics sector is essential to increase the competitiveness of the manufacturing sector.
Through strategic policy reforms, infrastructure development and digital integration, ongoing reforms are poised to transform the logistics landscape. This transformation is expected to reduce costs, increase efficiency, create substantial employment opportunities, promote gender inclusion, and foster sustainable economic growth.
The collaboration between the Government of India and ADB reflects a shared commitment to foster growth and innovation in the logistics sector and support India’s broader economic development goals. (Ani)
