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India’s Rank Improves in WB’s Logistics Performance Index Report 2023

Utkarsh Classes 08-02-2024
India’s Rank Improves in WB’s Logistics Performance Index Report 2023 Report 5 min read

According to the World Bank's 'Logistics Performance Index Report (2023), India ranks 38 out of 139 countries. 

The rank of India has improved by six places from 44 in 2018 and sixteen places from 54 in 2014. 

  • The information was shared by the Union Minister of State for Commerce and Industry, Shri Som Parkash in a written reply in the Lok Sabha.

About Logistics Performance Index 

  • The LPI is an interactive benchmarking tool which helps countries to identify the challenges and opportunities faced in their performance on trade logistics. The LPI 2023 was released for comparisons among 139 countries. 
  • For the first time the 2023 LPI measured the speed of trade with indicators derived from big datasets tracking shipments.

Components of LPI

  1. First component is a worldwide survey of international logistics operators.
    1. It provides feedback on the logistics “friendliness” of the countries with which they trade. 
  2. The second component is based on granular high frequency information
    1. It is based on maritime shipping and container tracking, postal and air freight activities. 

India’s Performance

  • India has improved Logistics performance across all six LPI parameters i.e. Customs, Infrastructure,Quality of logistics services,  Ease of arranging shipments, Tracking and Tracing, and Timeliness. 
  • The National Committee for Trade Facilitation (NCTF) has been constituted.
  • The PM GatiShakti National Master Plan for multimodal connectivity launched of on 13 October 2021 and National Logistics Policy 2022, for improving logistics efficiency and reducing logistics costs. 
  • Digital reforms such as Unified Logistics Interface Platform (ULIP) initiated for ease of doing business and Logistics Data Bank. It has digitized track and trace of 100% containerized EXIM cargo.

Ministries are taking various measures:

  • Expansion of electrification of railway tracks by Railway Ministry 
  • Land Ports Authority of India (LPAI) has reduced the average export and import
  • NLP Marine is a single window interface platform for port-related logistics operations, and has been launched by MoPSW. 

Reports by World Bank

  • Commodity Markets Outlook
  • Doing Business
  • Global Economic Prospects
  • Global Financial Development Report
  • International Debt Statistics
  • Policy Research Reports (PRRs) 
  • Poverty and Shared Prosperity
  • World Development Indicators

World Bank Group

  • Initially, the World Bank was known as the International Bank for Reconstruction and Development (IBRD). 
  • Later, its name was changed to the World Bank when more institutions were set up by the World Bank.
  • Purpose of the World Bank: To provide loans to the member countries for economic development. 
  • Later on, the World Bank created new institutions according to the emerging different needs of the member countries. 

Five institutions of WB

  • International Bank for Reconstruction and Development (IBRD) 
  • International Financial Corporation(IFC)
  • International Development Assistance (IDA)
  • Multilateral Investment Guarantee Agency (MIGA) and  
  • International Center for Settlement of International Dispute (ICSID).

Owner of the World Bank 

  • There are 189 member countries of the World Bank which are the shareholders of the World Bank and, hence, the owner of the Bank. 
  • Largest shareholder is the United States of America holding a 17.25% share whereas India is the 7th largest shareholder of the World Bank with a 2.91% share.
  • Headquarters: Washington D.C., United States of America.
  • President: Ajay Banga (American citizen)

FAQ

Answer: World bank

Answer: 38

Answer: Ajay Banga

Answer: Washington D.C., United States of America
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