India’s logistics costs, which at present are 16 percent of the nation’s GDP, will be brought down to 9 percent by the end of 2024 aided by India’s growing infrastructure, Union Minister Nitin Gadkari said on Friday.
Addressing the annual convention and 95th AGM of FICCI, the minister promised that the nation’s logistics cost, which is 16 percent of GDP presently will fall to single digits, up to 9 percent of GDP by the end of 2024.
“It is going to help us get more exports”, Gadkari said, adding now is the time to increase our business and presence in the international market.
Adding further he said that before the end of 2024, India’s road infrastructure would be equal to the American standard.
Gadkari added India is on the path to building an inclusive Bharat by following the vision of Prime Minister Narendra Modi by boosting investment, economic growth, and employment creation to achieve sustainable development. However, “we need to have cooperation, coordination, and communication between all stakeholders”, he said.
In addition, Gadkari noted the research in battery chemistry and said, “we should be the leaders in the sector”. He added that the government aims to double the automobile sector to Rs.15lakh crores. “This will create new jobs and make India one of the biggest automobile manufacturers in the world”, he said.
Moreover, underscoring the importance of sustainability in the construction sector, he noted, “we are trying to minimize the use of cement and steel in construction work by adopting substitutes like fly ash, oil slag, waste plastics, demolition waste.”
The minister also invited FICCI to prepare a comprehensive growth plan for the next fifty years for all sectors.
