India aims to bring down logistics cost to below 10 per cent of the GDP from about 14 per cent at present to increase the competitiveness of the manufacturing sector, Som Prakash, Minister of State for Commerce and Industry has said.
“Currently, the logistics cost in India is 30-40 per cent higher than the global benchmarked logistics cost. Therefore it is a big challenge for the Government to reduce it. The aim is to reduce it to 10 per cent of the GDP or less,”
the Minister said inaugurating the 3-day Logix India 2019 meet jointly organised by exporters body FIEO and Commerce & Industry Ministry.
The Government is also planning to invest around Rs. 100 lakh crore in logistics infrastructure in the next five years, the Minister added.
“We are also in the process of coming out with a new National Logistics Policy and creating data bank by getting feedback from different stakeholders,” he said.
The event focussed on investment opportunities in infrastructure development, warehouse consolidation, technology integration and IT enablement and skilling of the workforce.
India needs to almost double its annual spending on infrastructure at $200 billion to achieve the target of $10 trillion economy by 2032. A robust and resilient logistics infrastructure system is required, supported by adequate private investments.
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