NOVONOUS, a Bengaluru-based knowledge management company, recently released a report titled 'Freight Transport Industry in India 2009-2014'. The report provides sector-wise insights on the freight industry in the country. Besides focusing on growth drivers, inhibitors and key trends, it profiles key players in each sector.
"With India's GDP growing at over 7 per cent now estimated at $1.22 trillion per year and the manufacturing sector enjoying double digit growth rates, Indian freight industry is expected to grow at a rate of 10 per cent," NOVONOUS said in a release.
"India spends 15 to 20 per cent of its GDP on transport and logistics compared to an average 8 to 10 per cent in other developing countries. The freight transportation industry trends also indicate that freight operations which are port based are predicted to grow at 20 to 25 per cent, with the proposed capacity additions at major and minor ports," the company said.
According to NOVONOUS estimates, rail freight will grow at a rate of 10 per cent. Sea transport through major ports will grow at 9.2 per cent. International air cargo turnover is expected to be high due to the several private airlines are in the market.
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