GG News Bureau
New Delhi, 14th September. Prime Minister Narendra Modi will release the national logistics policy on September 17, which will promote the seamless movement of goods across the country, Commerce and Industry Minister Piyush Goyal said on Wednesday.
The policy is expected to prioritize process re-engineering, digitisation, and multi-modal transportation.
In the 2020 budget, the government stated that the national logistics policy would be released soon.
The move is significant as high logistics costs have an impact on the competitiveness of domestic goods in the international market.
“The prime minister will release the country’s logistics policy on September 17,” Goyal said here, addressing members of the Board of Trade.
The government has emphasized the need to reduce the country’s logistics costs from their current levels of 13-14 percent of GDP.
The sector is complex, according to the commerce ministry, with over 20 government agencies, 40 PGAs (Partner Government Agencies), 37 export promotion councils, 500 certifications, over 10,000 commodities, and a USD 160 billion market size.
There are also 200 shipping companies, 36 logistics services, 129 ICDs (Inland Container Depots), 168 CFSs (Container Freight Stations), 50 IT ecosystems, banks, and insurance companies involved.
The sector employs more than 22 million people, and improving it will result in a 10% reduction in indirect logistics costs, resulting in a 5% to 8% increase in exports, according to the ministry.
According to estimates, the Indian logistics market is worth more than USD 200 billion.
Comments are closed.