NewsVoir
Mumbai, (Maharashtra) [India] November 14: FedEx Corp. (NYSE: FDX) released its annual economic impact report, analyzing the company's worldwide network and role in building prosperity in local communities during its 2024 fiscal year (FY 2024). Produced in consultation with Dun & Bradstreet (NYSE: DNB), a leading provider of business decisioning data and analytics, the study underscores the 'FedEx Effect'--the impact FedEx has on accelerating the flow of goods and ideas that generate economic growth globally, including substantial contributions in India.
"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," said Raj Subramaniam, President and CEO, FedEx Corporation. "The 'FedEx Effect' represents our relentless commitment to excellence, economic growth, and the communities where we live and work."
The report highlights FedEx's role in strengthening India's logistics infrastructure and promoting seamless global trade. FedEx directly contributed 0.1% to net economic output in the Transportation, Storage, and Communications sector in the region. In addition, FedEx indirectly contributed an estimated USD 280 million to the region's overall economy in FY 2024. Key investments included modernizing the gateway facility at the New Delhi Cargo Complex, which enhanced export capabilities and reduced transit times for Indian exporters, helping them reach global markets in just two to three days. FedEx introduced the FedEx Import Tool (FiT), a centralized digital platform that streamlines document management and customs clearance, empowering Indian businesses with more efficient import processes. FedEx further demonstrated its commitment to innovation by investing USD10 million in Centers of Excellence at IIT Bombay and IIT Madras, utilizing India's technological expertise to build smarter, more resilient supply chains.
"At FedEx, we're proud to be part of India's aspiration to lead on the global stage," said Kami Viswanathan, regional president, FedEx MEISA. "Whether it's helping businesses diversify into emerging technologies, supporting India's dynamic youth, or connecting the country's digital innovations to the world. Through sustainable solutions and our enhanced infrastructure, we are committed to contributing to both India's economic and environmental progress."
FedEx is actively supporting the Government of India's sustainability goals through partnerships that foster positive change in communities. Through support of the World Resources Institute (WRI) and its Mobility and Access Program (MAP), FedEx is helping public transportation systems in India become more efficient, safer, and more sustainable--aligning with the country's goal of deploying 50,000 electric buses by 2027.
Additionally, by donating electric vehicles to the Akshaya Patra Foundation, FedEx helps the NGO save on fuel costs, allowing them to provide meals to 550,000 additional children throughout the academic year. FedEx also promotes circularity by upcycling old uniforms into school bags for underserved communities.
Globally, in FY2024, FedEx contributed over USD 85 billion in direct economic impact and its indirect contributions to total worldwide net economic output reached an estimated $39 billion. FedEx contributions accounted for approximately 0.9% of overall net economic output in the Transportation, Storage, and Communications sector, as defined by the United Nations Conference on Trade and Development (UNCTAD). These contributions demonstrate the company's broad-reaching impact across various sectors, creating value and fostering growth around the world.
Read the full FY 2024 FedEx Global Economic Impact Report and explore the FedEx Effect in communities and regions around the world at fedex.com/economicimpact.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce, and business services. With annual revenue of $88 billion, the company offers integrated business solutions utilizing its flexible, efficient, and intelligent global network. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 500,000 employees to remain focused on safety, the highest ethical and professional standards, and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040.
To learn more, please visit fedex.com/about.
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