India ranks 38th in World Bank's Logistics Performance Index (LPI)
India secured 38th rank in the Logistics Performance Index (LPI) released in 2023 by the World Bank.
An Overview of the News
India's improvement in ranking can be attributed to its significant investments in both hard and soft infrastructure, as well as technology.
India's current ranking shows a significant improvement from its 44th rank in 2018 and its 54th rank in 2014.
The Logistics Performance Index ranks 139 countries based on factors such as the efficiency of customs clearance processes, the quality of transportation infrastructure and the ease of arranging shipments.
Singapore and Finland have been identified as the most efficient and highest ranked countries in terms of logistics performance as per LPI 2023.
About the World Bank
It was established in 1944 and is headquartered in Washington, DC.
Itsprimary goal is to reduce poverty in developing countries by providing financial assistance, technical expertise, and other resources to support development projects.
The World Bank operates through two main institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
The IBRD provides loans to middle-income and creditworthy low-income countries, while the IDA provides grants and loans to the poorest countries.
The World Bank also works closely with other international organisations such as the United Nations, the International Monetary Fund, and regional development banks to coordinate development efforts and promote economic growth.
Founders -John Maynard Keynes, Harry Dexter White
President - David Malpass
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