Why the Need of WDRA Registration
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WDRA Registration Steps
The establishment of the Warehousing Development and Regulatory Authority (WDRA) in India serves several important purposes for the warehousing sector.
Here we are going to share with you the need of WDRA and some key reasons for the existence of WDRA in India.
1. Regulation and standardization:
WDRA plays a crucial role in regulating and standardizing the warehousing industry in India. It sets guidelines and regulations to ensure that warehouses operate efficiently, maintain proper storage conditions, and adhere to safety and quality standards. This helps in enhancing the overall credibility and reliability of the warehousing sector.
2. Organizing Tender Invitation:
Since most of State Warehousing Corporation and Central Procurement Agency such as FCI, CWC etc are inviting the tender for Hiring of Godown for Storage of Food Grain. Now with the initiation of WDRA, these agencies will invite only those warehouse owner who have taken the WDRA Registration. Through this, these agencies can save the loss of Food Grain due to inefficient storage facilities.
3. Investor confidence:
WDRA’s presence injects confidence among investors and stakeholders in the warehousing sector. By enforcing regulations and overseeing the industry, WDRA ensures transparency, accountability, and fair practices. This, in turn, attracts investments and promotes growth in the sector.
4. Market integration and efficiency:
WDRA aims to promote a seamless integration of warehousing services across different states and regions in India. It facilitates the development of a robust warehousing infrastructure, which enables efficient storage, movement, and distribution of goods. By creating a unified market for warehousing services, WDRA helps reduce supply chain inefficiencies and logistics costs.
5. Verification and Inspection:
WDRA has introduced the concept of negotiable warehouse receipts (NWRs) in India. NWRs are documents issued by WDRA-registered warehouses that represent ownership of stored goods. These receipts can be used as collateral for obtaining financing from banks and financial institutions. By enabling warehouse receipt financing, WDRA enhances access to credit for farmers, traders, and other stakeholders in the agriculture and commodity sectors.
6.NABARD’s Syncing:
NABARD is central Nodal Agency which are providing Subsidy for Agriculture Storage Godown. Now NABARD has notified that it will be mandatory to obtain WDRA Registration for those Godown who have storage capacity more then 1000 MT. Indirectly it will sync with Subsidy of NABARD. Means to say, if you want to take the subsidy benefits from NABARD then you have to ensure the WDRA registration for your Godown.
7. Dispute resolution:
WDRA provides a platform for resolving disputes related to warehousing services. It offers a mechanism for stakeholders to seek redressal in case of any grievances or conflicts arising from warehousing activities. This helps maintain a fair and transparent environment for all participants in the sector.
Overall, WDRA’s presence in the warehousing sector in India is essential to promote standardization, investor confidence, market efficiency, and dispute resolution. It plays a vital role in fostering growth, facilitating trade, and ensuring the smooth functioning of the warehousing industry.
To know about step include WDRA click here
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