Home » Infrastructure » Investment in Logistics to Touch USD 500 Billion By 2025: Suresh Prabhu 

Investment in Logistics to Touch USD 500 Billion By 2025: Suresh Prabhu 

Expenditure on investment in logistics, including infrastructure, will touch USD 500 billion, annually, by 2025, said Union Minister of Commerce and Industry in New Delhi today. He further said that this will create millions of jobs and also do away with the hurdles hampering India’s internal and global trade.

India is now being looked upon as one of the most appropriate destinations for manufacturing and service locations by many of the foreign companies. Further, initiatives like digital India, make in India, skill India have added a boost to the sub-continent’s vast pool of resources, cost-efficient environment and skilled workforce.

During recent years, Indian government has taken many measures to improve the trade performance through efficient and effective logistics. The measures include smoothening of the border and cross border documentation and activities, dedicated freight corridors, investments in port and other infrastructures, alignment of all business processes thus attempting to improve logistics performance of the country.  Recognizing that efficient and effective management of logistics will have a positive impact on overall trade in manufacturing and services.

The Minister said that Logistics Wing has been created in the Department of Commerce for the integrated development of this sector. Due to these efforts, infrastructure status has been granted to warehousing, cold chains and multimodal logistics parks. The Ministry is working on a National Logistics Policy and also bringing out a policy on the development of Multi-modal Logistics Parks to be announced soon.

Further, the Minister said that the cost and speed of logistics at present is hindering the market share that Indian products deserve and in order to solve these issues in an integrated and holistic way the Centre for Trade Facilitation and Logistics (CTFL) has been given a mandate by Department of Commerce (Logistics Division) to prepare a plan and act for following objectives:

  • To bring together industry, academia, governments & organizations of national and international level, to work on the key supply chain and logistics, management challenges facing firms in the globalized environment.
  • To train and build the required Human resource skills through appropriate training and academic programs and create a cadre of Trade Facilitation & Logistics management experts/professionals.
  • To impart training to Government officials who are working in the Logistics & Trade facilitation sectors.

The Ministry has agreed to provide a block one-time funding support of 80.00 lakhs towards initial infrastructure and a phase wise support of 339.90 lakhs for four years. This centre will attempt to document and monitor the trade and logistics activities and suggest suitable measures for its improvement.

The Minister also released the logo of Logistics division. It is a graphic symbol representing a pair of swans who are known for their ability to travel long distances and are comfortable in the sky, water and on earth and represents team work, synergy and coordination between various partners involved in logistics.

About Indianindustry Media

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Union Minister Dr Jitendra says, four units of 1000 MW each of Kudankulam Nuclear Power Plant will be completed by 2027

Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth ...

Union Minister Dr Jitendra says, Government proposes to widen the participation of private players in space domain, by allowing them to undertake end-to-end space activities

Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth ...

Seven AAI airports chosen for Voice of Customer Recognition 2021 by Airports Council International

Seven AAI airports namely Chennai, Kolkata, Goa, Pune, Patna, Bhubaneswar & Chandigarh that participated in ...

Contribution of logistics sector in overall GDP

Contribution of logistics sector in overall GDP is not compiled at present.  However, sector-wise Gross ...

Expert Group unveils report on base revision of Wage Rate Index (WRI) to 2016=100 from base 1963-65=100.

Prof. S.P.Mukherjee, Chairman of Expert Group on Minimum Wages & National Floor Wages, Dr G.C.Manna, ...

Government launches National Logistics Excellence Awards

With a view to turn the spotlight on the logistics sector, the Government today announced ...

All-India Consumer Price Index Numbers for Agricultural and Rural Labourers – December, 2020

The All-India Consumer Price Index Numbers for Agricultural  Labourers and Rural  Labourers (Base: 1986-87=100) for ...

RERA a Game Changer for Real Estate Sector

Shri Hardeep S Puri, MoS, I/C, Housing and Urban Affairs has stated that the history ...

Shri Piyush Goyal addresses1st National Conference of States on Logistics; Says Logistics is all about getting the Right product in the Right condition at the Right place at the Right time to the Right customer;

Union Minister of Railways; Commerce & Industry; Consumer Affairs and Food & Public Distribution Shri Piyush ...

NHAI awarded Highest Length of Projects during FY 20-21 till date as compared to last three years during the same period

Despite challenges due to the outbreak of the novel coronavirus pandemic, the National Highways Authority ...

WP2Social Auto Publish Powered By : XYZScripts.com