Alerts Sign-up
FedEx Corp. has released its annual economic impact report, which examines the company's global network and its role in fostering prosperity in local communities during the fiscal year 2024. The study, conducted with Dun & Bradstreet, highlights what is termed the 'FedEx Effect,' emphasizing FedEx's influence on accelerating economic growth worldwide, including significant contributions in India.
Raj Subramaniam, president and CEO of FedEx Corporation, stated: “At FedEx, we have a vision to make supply chains smarter for everyone by leveraging advanced data and technology to better serve our customers and their customers, thereby extending our reach and impact.” He added that the 'FedEx Effect' reflects the company's dedication to excellence and community engagement.
The report outlines FedEx's contributions to India's logistics infrastructure and global trade facilitation. In FY 2024, FedEx directly contributed 0.1% to net economic output in India's Transportation, Storage, and Communications sector. Indirectly, it added an estimated USD 280 million to the region's economy. Investments included upgrading facilities at New Delhi Cargo Complex to boost export capabilities and introducing the FedEx Import Tool (FiT) for streamlined import processes. Additionally, FedEx invested USD 10 million in Centers of Excellence at IIT Bombay and IIT Madras.
