What does u stand for in the logistics platform ulip announced in the Union Budget 2022 23?

What does u stand for in the logistics platform ulip announced in the Union Budget 2022 23?

Unified Logistics Interface Platform

What is unified logistics interface?

About Unified Logistics Interface Platform (ULIP) ULIP is designed for enhancing efficiency and reducing the cost of logistics in India by creating a transparent, single window platform to provide real-time information to all stakeholders.02-Mar-2022

How logistic costs could be reduced in India by ULIP?

As part of its initiative to reduce country's logistics cost by making systems more efficient and broad based, government proposes to rope in private sector into its Unified Logistic Interface Platform- ULIP. About 24 Digital Systems of 6 Ministries are being integrated through ULIP.28-Feb-2022

How can we reduce logistics cost in India?

8 Practical Ways to Reduce Transportation Logistics Costs

What do you mean by Union budget?

What is Union Budget. Definition: According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year.

What is full form of ulips?

The full form of ULIP is Unit Linked Insurance Plan. A ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term goals, and a life cover` to financially protect your family in case of an unfortunate event. The premium paid towards a ULIP is divided into two parts.

What is multi modal logistics hub?

Multi Modal Transport Hub (MMTH) project located near the already existing Indian Railways station of Boraki will act as a transport hub with provisioning of rail, road, and mass rapid transit system (MRTS) accessibility for the passengers in a seamless manner.

What is meant by green logistics?

Green logistics consists in using more eco-friendly and sustainable processes in order to reduce the environmental impact of logistics. This approach covers the entire life cycle of the product: manufacturing, storage, transport, marketing, use and disposal.21-Oct-2021

What is national logistic portal?

National Logistics Portal (Marine) is a national maritime single window platform encompassing complete end-to-end logistics solutions to help exporters, importers, and service providers exchange documents seamlessly and transact business.

What is unified logistics interface platform ULIP?

Unified Logistics Interface Platform (ULIP) is designed to enhance efficiency and reduce the cost of logistics in India by creating a transparent, one window platform that can provide real-time information to all stakeholders.

What is logistic policy?

The policy will create a single window e-logistics market and focus on generation of employment, skills and make MSMEs competitive. India's logistics sector is highly defragmented and the aim is to reduce the logistics cost from the present 14% of GDP to less than 10% by 2022.

What is logistics management system?

A logistics management system is a combination of software tools that optimize business processes from beginning to end. A logistics management system will help increase efficiency in processing orders, managing inventory, transporting orders to customers, and returning orders if necessary.03-May-2022

Why are logistic costs so high in India?

Several reasons are cited for the high logistics costs in India, including an unfavourable policy regime, lack of a multimodal transport system and consequently the heavy reliance on road transport, a fragmented storage infrastructure, the presence of multiple stakeholders in the entire transport and storage value

How do you cut costs in logistics?

How to Reduce Logistics Costs

How do you control logistics cost?

7 Best Tips to Reduce Logistics Cost in the Year 2020

What are the three main types of budgets?

Depending on these estimates, budgets are classified into three categories-balanced budget, surplus budget and deficit budget.01-Feb-2021

Who prepares Union Budget?

the Ministry of Finance

Why is budget 2022 important?

A new provision is introduced to allow taxpayers to update the past return and include omitted income by additional tax payment. The updated return can be filed within two years from the end of the relevant assessment year. The tax incentive period is extended by one year for startups.11-Jul-2022

Is ULIP plan good?

ULIPs are best suited for individuals with a long term financial plan of wealth creation and insurance. Whether it is for retirement, children's education or for other financial goals, a ULIP continued till maturity works as an advantage. It gives you the dual benefit of savings and protection, all in a single plan.

Is ULIP tax free?

Earlier any gains made on ULIPs were completely tax free, however, after the Budget 2021 proposal the maturity amount remains tax free only if the aggregate annual premium is up to Rs 2.5 lakh a year. If the annual premium goes above Rs 2.5 lakh then one has to pay capital gains tax on any income earned on it.27-Jan-2022

How safe is ULIP?

Since there is a lock-in period of five-years, it makes sense to check your own financial capabilities and goals because the insurance company will also charge if the plan is withdrawn before the completion of the lock-in period. Therefore, ULIPS are a secure option for long-term investments only.

What does u stand for in the logistics platform ulip announced in the Union Budget 2022 23?