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FedEx reports substantial economic contributions in India during fiscal year 2024

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FedEx reports substantial economic contributions in India during fiscal year 2024
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John Dietrich FedEx Executive Leadership Executive Vice President and CFO | FedEx

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.

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Kami Viswanathan, regional president of FedEx MEISA, remarked: “At FedEx, we’re proud to be part of India’s aspiration to lead on the global stage.”

FedEx is also aligning with India's sustainability goals through partnerships like those with the World Resources Institute (WRI) to enhance public transportation systems. By donating electric vehicles to Akshaya Patra Foundation, FedEx aids in reducing fuel costs for meal distribution programs.

Globally in FY 2024, FedEx's direct economic impact exceeded USD 85 billion with indirect contributions reaching an estimated $39 billion globally. These figures highlight the company's extensive influence across various sectors.

For more details on this report or further insights into how FedEx impacts communities worldwide, visit fedex.com/economicimpact.

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