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


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

🇺🇸 Pro investors choose America

Tuesday, November 12, 2024

Fund managers profess their love of US stocks, Home Depot posted strong earnings, and a really hard Rubik's cube | Finimize TOGETHER WITH Hi Reader, here's what you need to know for November

You could pay less to protect your car

Tuesday, November 12, 2024

These are the factors driving up car insurance rates 3 Reasons Why Car Insurance Rates Are Going Up Gold Coins and Receipts Gold Coins and Receipts Rising car repair costs Modern vehicles are equipped

Our limited-time tax workshop is back!

Tuesday, November 12, 2024

Get ahead of tax season. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏

How to Transition From Saving to Spending

Tuesday, November 12, 2024

Americans worry about exhausting their retirement funds ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

How to pocket $1,463 every Thursday... in just 7 minutes?

Tuesday, November 12, 2024

It takes only 7 minutes... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

What Markets Think Trump Will Do

Tuesday, November 12, 2024

Donald Trump is returning to office, and that will have big impacts on the economy. View this email online Planet Money Donald Trump is returning to office, and that will have big impacts on the

🪙 Another bitcoin boom

Monday, November 11, 2024

Bitcoin hits a new record, China's trade surplus is bigger than ever, and the wet dog shake | Finimize TOGETHER WITH Hi Reader, here's what you need to know for November 12th in 3:08 minutes.

Three good reasons to join Ellevest

Monday, November 11, 2024

Bonus reason? 50% off financial planning. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌

Don't let pests take over your home

Monday, November 11, 2024

Save $50 on pest control options Make your home pest-free Termites Termites are silent destroyers that can cause extensive, costly damage to a home's structure. Worse still, you may not know they

Rehabilitating Bubbles

Monday, November 11, 2024

Plus! Scaling; Deployment; Usage; The Arbitrage Cycle; Metrics Rehabilitating Bubbles By Byrne Hobart • 11 Nov 2024 View in browser View in browser In this issue: Rehabilitating Bubbles—Bubbles have a