PM Modi launched National Logistics Policy, aims to cut transport cost
Image credit: Tribune India
International experts believe that India is becoming a democratic superpower and are awed by the tremendous talent ecosystem in the nation.
On Saturday, Prime Minister Narendra Modi launched the National Logistics Policy, which aims to address issues plaguing the transportation industry and reduce logistics costs for enterprises from 13–14% to under 10%.
At a launch ceremony, he stated that the goal of the policy is to speed up last-mile deliveries, assisting businesses in saving time and money.
While the new policy targets logistics sector difficulties, it would also fill in gaps, he claimed, working in tandem with the PM GatiShakti infrastructure augmentation plan.
The government is employing technology to boost the logistics sector, he said, adding that experts are impressed by India’s will and advancement. E-way bills and FASTag are improving efficiency in the logistics industry, and faceless assessment has begun in customs.
According to him, the Sagarmala project, which will link ports and designated freight corridors, has begun to strengthen logistical connectivity and methodical infrastructure development work.
According to the Prime Minister, India has the fifth-largest economy in the world and is quickly becoming a centre for manufacturing.
He said the government’s production-linked incentive (PLI) strategy for increasing domestic manufacturing has gained support from the international community.
In an effort to encourage quicker growth, the strategy will streamline regulations, address supply-side restrictions, and establish a path for lowering fuel and logistics costs in an effort to encourage quicker growth.
The Union administration has spent the last three years concentrating on the National Logistics Policy.
The COVID-19 epidemic caused the release of the proposed logistics policy from the commerce ministry for consultation in 2019 to be postponed. The finance minister, once more, declared the National Logistics Policy in the budget for 2022–2023
In order to reduce costs for the logistics industry by 10% in five years, the draught strategy calls on the government to establish a single point of contact for all logistics and trade facilitation issues. In terms of GDP, the logistics industry is thought to account for 13–14% of it.
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