Prime Minister Narendra Modi will release the national logistics policy on Sept. 17, which is aimed at promoting seamless movement of goods across the country, Commerce and Industry Minister Piyush Goyal said on Tuesday.
The policy is expected to focus on several areas such as process re-engineering, digitisation, and multi-modal transport.
In 2020, the government, in the budget, had announced that it will soon release the national logistics policy.
The move assumes significance as high logistics cost impact competitiveness of domestic goods in the international market.
"On September 17, the prime minister is going to release the country's logistics policy," Goyal said here while addressing the members of the Board of Trade.
The government has emphasised on the need to reduce logistics cost in the country from the current levels of 13-14% of GDP.
According to the commerce ministry, the sector is complex with more than 20 government agencies, 40 partner government agencies, 37 export promotion councils, 500 certifications, over 10,000 commodities, and $160 billion market size.
It also involves 200 shipping agencies, 36 logistics services, 129 inland container depots, 168 container freight stations, 50 IT ecosystems, banks and insurance agencies.
The sector provides livelihood to more than 22 million people and improving the sector will facilitate 10% decrease in indirect logistics cost leading to the growth of 5-8% in exports, the ministry had stated.
As per estimates, the worth of Indian logistics market is over $200 billion.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
