India's Logistics Costs to Drop to Single Digit within Five Years

Union Road Transport and Highways Minister Nitin Gadkari announced that India's logistics cost is projected to fall to single digits within the next five years. Speaking at the Deloitte Government Summit, Gadkari cited highways and expressways construction as key factors. He also discussed India's growth as a major economy and a leading automobile market.

India's logistics cost is set to fall to single digits within the next five years, according to Union Road Transport and Highways Minister Nitin Gadkari. Speaking at the Deloitte Government Summit, Gadkari highlighted ongoing highway and expressway projects aimed at reducing logistics costs significantly.

According to the National Council of Applied Economic Research (NCAER), India's logistics costs ranged between 7.8% to 8.9% of GDP in 2021-22. Gadkari emphasized the importance of making the Indian automobile industry the world's number one, noting its growth from Rs 7.5 lakh crore in 2014 to Rs 22 lakh crore in 2024.

Gadkari also discussed India's position as the fastest-growing major economy and stressed the need to increase exports and reduce imports. He underscored the importance of performance audits over financial audits in any organization. Additionally, the minister mentioned the concept of economically viable smart villages alongside smart cities.

(With inputs from agencies.)