Centre aims to cut logistics cost to 9% of GDP in 3 years: Union Minister Nitin Gadkari
New Delhi, May 25 (KNN) Union Minister of Road Transport and Highways, Nitin Gadkari said on Wednesday that the government is working to reduce the logistics cost to 9 per cent of GDP in the next 3 years.
Currently the logistics costs is in double digit at 14-16 per cent.
Speaking at an event organised by industry chamber CII, he stated India's exports will increase when its logistics cost will come down to single digit.
The government is going by certain estimates which suggest that logistics cost in India is in double digits.
“The government has rolled out a national logistics policy and PM Gati Shakti initiative to boost competitiveness of industry and cut logistics costs,” he added.
The Minister further said his ministry has proposals for 260 ropeways and funicular railway projects worth Rs 1.3 lakh crore.
He also said the road ministry has identified land for 500 bus depots and sought investments from top industrialists for developing those bus depots.
The Union Minister said that India needs 2 lakh electric buses and added that by leveraging economic viability, futuristic technology and public-private partnerships in infrastructure development, India will soon become a super economic power. (KNN Bureau)