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India needs to embrace new technology and can save up to Rs 20,000 crore by using AI for cargo handling at ports, said Member of Economic Advisory Council to PM Gourav Vallabh on Tuesday. Speaking at session 'AI-Powered Ports: Reimagining Efficiency and Operations' at the AI Impact Summit here, Vallabh said India is emerging as a global leader in the field of new technology. "There is an approximate saving by uses of AI of Rs 20,000 crore in our handling.. And every year we can save Rs 15,000 crore as far as the logistic cost is concerned," he said. The question is not whether AI will transform India's ports, Vallabh said adding "the question is whether we are going to lead it or not." He noted that India's logistics cost at 7.97 per cent of GDP is competitive, "but for Viksit Bharat 2047 aim, our ports should be intelligent and should have intelligent ecosystem." He said India needs accelerated policy initiatives to reduce the logistics cost. He pointed out that 95 per cent of
E-commerce enablement platform Velocity on Monday said it has earmarked Rs 100 crore to scale its logistics business, Velocity Shipping, over the next two years. The investment will be funded entirely through internal cash reserves and revenues from the company's core businesses. Since its launch in 2025, Velocity Shipping (formerly Shipfast) has onboarded over 900 brands. The platform is currently witnessing 70 per cent month-on-month growth in order volumes, according to a company statement, and now contributes nearly 40 per cent of Velocity's overall revenues. The Rs 100 crore investment will be directed toward strategic hiring, product development, and AI-led innovation across the logistics value chain. The company plans to double its shipping team and has already made senior hires to strengthen its last-mile capabilities. Velocity Shipping works with multiple third-party logistics (3PL) partners, including Delhivery, Ekart, Amazon, Blue Dart, Blitz, Pikndel and XpressBees, an
India, a founding member of the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP), is set to deepen its engagement with the Singapore-based Information Sharing Centre (ISC) of the grouping, its Executive Director Vijay D Chafekar has said. "We expect closer cooperation with the Maritime Rescue Coordination Centre (MRCC), the Indian Focal Point of ReCAAP, for promoting safe and secure seas in Asia," Chafekar told PTI on Saturday. India is one of the founding members of the 21-nation ReCAAP, which was established as a regional, government-to-government institution for enhancing maritime security and ship safety. The grouping is also drawing interest from countries beyond Asia, Chafekar said. Most of the attacks on ships are now for stealing engine and machinery spares for which there is demand in parallel markets. There has not been any incident of kidnapping of crew or hijacking ships in recent years, said the retired Additional ...