HomeBusinessPM Modi unveils National Logistics Policy, aims to cut transportation costs

PM Modi unveils National Logistics Policy, aims to cut transportation costs

Shri Modi said that global experts are saying that India is emerging as a democratic superpower and they are impressed by the extraordinary talent ecosystem of the country.

Shri Modi said that global experts are saying that India is emerging as a democratic superpower and they are impressed by the extraordinary talent ecosystem of the country.

Prime Minister Narendra Modi Unveiled on Saturday the National Logistics Policy that seeks to address the challenges faced by the transport sector and reduce logistics costs for businesses by a single point from 13-14%.

At a launch event, he said the policy is aimed at expediting last mile deliveries, helping businesses save time and money.

While the new policy addresses the challenges of the logistics sector, it goes along with the infrastructure enhancement plan PM speed powerWill address the gap, he said.

For Indian products to capture the world markets, the country has to strengthen its support system. “The National Logistics Policy helps modernize the support system.”

Shri Modi said that global experts are saying that India is emerging as a democratic superpower and they are impressed by the extraordinary talent ecosystem of the country. “Experts are appreciating India’s determination and progress.” He said that the government is using technology to strengthen the logistics sector. Faceless assessment in customs and e-way bills has started and FASTag is bringing efficiency for the logistics sector.

Talking about the drone policy, he said that drones will improve the logistics sector. He said that the government is using technology to strengthen the logistics sector. Faceless assessment in customs and e-way bills has started and FASTag is bringing efficiency in the logistics sector.

He said that the capacity of the ports has been increased and the turnaround time of the container vessel has been reduced from 44 hours to 26 hours.

He said that the Sagarmala project to link the ports and dedicated freight corridors has begun to improve logistics connectivity and systematic infrastructure development works.

Prime Minister said that India is now world’s fifth largest economy and emerging as a manufacturing hub.

He said that the world has accepted the Production Linked Incentive (PLI) scheme announced by the government to boost domestic manufacturing.

Seeking to support rapid growth after two pandemic-ridden years, the policy will streamline regulations and remove supply-side bottlenecks as well as provide a roadmap to reduce fuel costs and lower logistics costs .

The central government has been working on the National Logistics Policy for three years.

The commerce ministry released a draft logistics policy for consultation in 2019, but it was delayed due to the COVID-19 pandemic. Finance Minister Nirmala Sitharaman once again announced the National Logistics Policy in the budget for 2022-23.

The draft policy seeks to reduce costs for the logistics sector by 10 per cent over five years, making the government a reference point for all logistics and trade facilitation matters. The logistics sector is estimated to account for 13-14 per cent of the GDP.

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