Union Road Transport and Highways Minister Nitin Gadkari on Thursday said India’s logistics costs will come down to single digits in the next two years. Speaking at an event organized by NITI Aayog, Gadkari said the ministry is building several highways and expressways, which will help reduce India’s logistics costs.
He said, “Within two years we are going to reduce our logistics cost by nine percent.” According to the estimates of the economic research institute ‘National Council of Applied Economic Research’ (NCAER), for the financial year 2021-22 Logistics costs in India ranged between 7.8 percent and 8.9 percent of GDP.
Gadkari said that there is immense potential for export of alternative fuels and biofuels for India. He also underlined that low quality coal is useful for making methanol.
The minister also said that his aim is to bring the Indian automotive industry to first place in the world. He said India had overtaken Japan last year to become the world’s third largest automotive market, behind only the US and China. Gadkari said the size of India’s automotive industry will grow from Rs 7.5 lakh crore in 2014 to Rs 18 lakh crore in 2024. This industry is generating maximum number of employment.
