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Need to reduce logistics cost to make India competitive: Piyush Goyal at Maritime India Summit 2021

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The Minister of Commerce and Industry Piyush Goyal on Wednesday, while speaking at the Maritime India Summit 2021, emphasised that the need of the hour is to reduce logistics cost in the country as India cannot be competitive if this cost remains high.

The Minister also said that the investments in the Sagarmala project will boost the country’s maritime infrastructure, expand freight corridors, make freight more cost-effective and bring down the current logistics cost, which is estimated to be about 13-14 percent.

The investments would help in reducing this cost to a more acceptable benchmark of 8 percent, and that is “the need of the hour today and India cannot be competitive as long as our logistics cost remain so high”, he said at the Maritime India Summit 2021.

Further, the Minister said that the government is working to turn coastal regions into a role model for ease of living & ease of doing business. He urged the industry captains to build industry at sea coasts.

He said that we on our part will ensure ease of doing business, and will work in partnership with States for enhancing the ease of doing business at the state and local level. The Minister said, “Let us work together with a triple engine: – Engine of Central Govt – Engine of State Govt – Engine of our Robust Maritime Sector. Let the engine of growth & development in India prosper & flourish.”

Piyush Goyal said that the Maritime India Summit 2021 will be the beginning of India’s victory against high freight costs, our victory to be an international player in the maritime sector, and our victory in ensuring jobs for lakhs of brothers and sisters.

He said that the prime minister envisions the maritime sector as a very critical sector for Aatmanirbhar Bharat.

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