Finshots - The case of the disappearing truckers

Finshots

The case of the disappearing truckers

The case of the disappearing truckers | Finshots Daily Newsletter

In today's Finshots we talk about why truck drivers are abandoning their profession altogether and how it's precipitating a crisis in the UK


Business

The Story

There’s something interesting happening in the UK. Petrol pumps are running out of petrol and it’s not due to a shortage of fuel.

It’s kind of weird, but hear us out. There’s technically no shortage of fuel. Britain has enough of it. However, there is a shortage of truckers — people who move petrol from one point to another. And that’s what’s precipitating the crisis. There's been a decline in the number of heavy-good-drivers— from 300,000 just a couple of years ago to about 70,000 right now, and it doesn’t look like they’re coming back anytime soon.

Why are all the truckers abandoning their professions? you ask.

Well, multiple reasons. Some have left the country due to Brexit (after Britain withdrew from the European Union). Even others left the country during the pandemic as travel and visa restrictions made life rather difficult. New truckers meanwhile had trouble signing up because test centres were closed. And trucking isn’t a glamorous job to be honest. The average age of truckers in Britain is 55 and young people aren’t exactly jumping for joy at the prospect of becoming a trucker either.

Now the country’s policymakers are desperately trying to avert a full-blown crisis. They’re requesting retired truckers to get back on the road. They are issuing new visas to foreign workers. And there’s even a rallying cry now — “Drive for Britain.”

But here’s the thing. The problem of the disappearing trucker isn’t just unique to Britain. It’s happening across the world, including India. The only difference perhaps is that truckers in India are quitting the profession for entirely different reasons. As one survey notes —

 “Truck drivers form the backbone of the logistics sector. They are the most important stakeholder in ensuring smooth transportation of goods over long distances, yet remain vulnerable due to the fragmented and informal nature of the trucking industry. This study reveals that more than half of the respondent truck drivers are dissatisfied with their profession. 84% of the respondents said they will not recommend trucking to their family members or relatives.

Two-third of the drivers feel the profession is unattractive due to the lack of security and safety on the road. 53% of the drivers earn between INR 10,000 to INR 20,000 per month. Their living conditions are abysmal with no standardisation in wages, lack of social security and incentives to complete a trip on time. Most drivers do not own their vehicles. They often suffer from driver fatigue due to long working hours. On average, each driver drives for about 11.9 hours in a day. In terms of average distance covered, a truck driver covers about 417 km daily. 49% of the respondent drivers said they drive vehicles even if they are feeling fatigued or sleepy.”

At this point you’re probably asking — “Who in their right mind would continue to ply their trucks in the face of such adversity?”

And that’s precisely the point. The only truckers staying back are the ones that are desperate. Many others have already taken up work under the MNREGA scheme or switching  jobs— like plying a cab perhaps. In fact, even the data points to this anomaly. At one point in time, we had a large number of truck drivers competing for very limited spots. Today, we have about 20 lakh drivers — But only 750 drivers for every 1000 trucks that are currently registered. Meaning many trucks are just sitting there gathering dust because there’s no one to drive them.

The only way to stem the flow perhaps is to better regulate the industry. Nitin Gadkari only recently pitched for fixed driving hours of commercial truck drivers as well as including onboard sleep detection sensors. And while it may increase costs initially, perhaps it is the only way to keep truckers on the road.

Until then…

Don't forget to share your article on WhatsApp, LinkedIn and Twitter






Have a good day ❤️

Checkout Ditto

You can change your preferences here.

No longer interested? You can unsubscribe here.

You are receiving this email because you have subscribed via our website

Our mailing address: Finception, Ideapad, CIIE, IIM Ahmedabad, Ahmedabad 380015, India


Key phrases

Older messages

Can the woolly mammoth save us from global warming?

Tuesday, September 28, 2021

Finshots Can the woolly mammoth save us from global warming? In today's Finshots we talk about a very interesting topic that's at the intersection of science, business and climate change

Are we running out of power?

Monday, September 27, 2021

Finshots Are we running out of power? In today's Finshots we talk about the power crisis brewing in this country Policy The Story There's a power crisis brewing in this country. Several coal-

Weekly Wrapup: There is no such thing as a Free Lunch

Saturday, September 25, 2021

Finshots Weekly Wrapup: There is no such thing as a Free Lunch In this week's wrapup, we talk about the Modern Monetary Theory, Evergrande Crisis, Urban Planning, the Zee-Sony merger, and lastly

Is the Iron Ore rally over?

Friday, September 24, 2021

Finshots Is the Iron Ore rally over? In today's Finshots we talk about why the iron ore rally may be coming to a close Markets The Story Just a few months ago, iron ore prices had reached such

Understanding the Zee-Sony Marriage

Thursday, September 23, 2021

Finshots Understanding the Zee-Sony Marriage In today's Finshots we talk about the merger between Zee Entertainment and Sony Pictures India and see why investors are excited about the company's

You Might Also Like

Good news for Trump

Thursday, April 25, 2024

Bloomberg Evening Briefing View in browser Bloomberg In a potential victory of sorts for Donald Trump, the US Supreme Court suggested it might drag out his claim of immunity from prosecution, likely

📖 Alphabet and Microsoft opened the books

Thursday, April 25, 2024

Microsoft and Google-owner Alphabet both announced their quarterly results | The mining industry might be witnessing its biggest deal in years | Finimize TOGETHER WITH Hi Reader, here's what you

Don’t like surprise home expenses? Read this.

Thursday, April 25, 2024

Here's one of the best ways to help protect against expensive repairs. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

🎂 Icky icing on the cake

Thursday, April 25, 2024

Plus, should you share your salary with your kids? ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌ 

I haven't been this worried since 2008...

Thursday, April 25, 2024

The following is a third-party sponsored message. It should not be considered a recommendation or endorsement by HS Dent Publishing. I'm officially sounding the alarm. AI has been the hottest

Metal is back

Wednesday, April 24, 2024

Bloomberg Evening Briefing View in browser Bloomberg Metal is back. Some of the world's biggest energy trading companies are returning to the sector years after getting burnt in notoriously

👀 Meta spilled the beans

Wednesday, April 24, 2024

Meta revealed its first-quarter results | Gucci-owner Kering's results weren't front-cover material | Finimize TOGETHER WITH Hi Reader, here's what you need to know for April 25th in 3:16

Lots of things emerge as spring begins — and we’re not talking about flowers

Wednesday, April 24, 2024

Prepare for the ugly side of warmer months. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Issue #235: Is chasing high APYs worth it?

Wednesday, April 24, 2024

plus Roger goes viral + themed cruises ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Harry's Take 4-24-24 Have You Saved Enough?

Wednesday, April 24, 2024

Life Expectancy and Retirement ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌