Under the second subprogram of the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program. The federal government and the Asian Development Bank (ADB) agreed to a policy-based financing of USD 350 million.
In a formal statement, the Ministry of Commerce & Industry said that the goal of this policy-based loan is to increase the size of India’s manufacturing industry. It will strengthen the supply chain’s resilience.
The Ministry of Finance’s Department of Economic Affairs (DEA), the Ministry of Commerce and Industry’s Department for Promotion of Industry and Internal Trade (DPIIT), and the ADB all signed the loan agreement.
The SMILE initiative is a programmatic policy-based loan (PBL) designed to assist the government in implementing extensive reforms in India’s logistics industry.
By fortifying the institutional foundations for the development of multimodal logistics infrastructure at the federal, state, and local levels. The initiative creates and operationalizes a complete policy framework to improve logistics efficiency.
The ministry added that it will enhance supply chains. Also, encourages more private sector investment, and improves the efficiency of logistics and adaptability for external commerce by standardizing warehouses and other logistics assets.
For India’s industrial sector to become more competitive, the country’s logistics industry must grow.
Ongoing reforms have the potential to revolutionize the logistics industry through digital integration, infrastructural expansion, and strategic policy reforms. This change is anticipated to drive sustainable economic growth by lowering expenses. This will also increase efficiency, creating significant job possibilities, and fostering gender inclusiveness.
To assist India’s larger objectives for economic development, the Government of India and ADB have partnered to promote growth and innovation in the logistics industry.
 lends USD 350 million to India to support its logistics industry. The Strengthening Multimodal and......){kind=link}