India’s logistics cost will reduce to single-digit in 5 years: Gadkari

India’s logistics price will cut back to single-digit in 5 years, Union Highway Transport and Highways Minister Nitin Gadkari mentioned on Thursday.

Addressing the ‘Deloitte Authorities Summit’ in Delhi, Gadkari mentioned the ministry is establishing a number of highways and expressways that can assist cut back India’s logistics price. “I’m assured inside 5 years our logistics price will likely be in single-digit,” he mentioned.

However estimates of financial suppose tank Nationwide Council of Utilized Financial Analysis (NCAER), present India’s logistics price ranged between 7.8% and eight.9% of GDP in 2021-22.

Mr. Gadkari added that he aimed to make the Indian vehicle business primary on the earth. Final yr, India overtook Japan to grow to be the third-largest vehicle market on the earth, solely behind the US and China, he mentioned. In accordance with him, the scale of India’s vehicle business rose from ₹7.5 lakh crore in 2014 to ₹22 lakh crore in 2024.