India Loses GDP To Poor Logistics
India is losing 14 percent of its gross domestic product (GDP) due to inefficient logistics, which impacts the competitiveness of the country's products, according to CR Chaudhry, Minister of State for Commerce & Industry.
"Logistics is an important sector and it is clear that the government is giving importance to the development of better connectivity with projects like Bharatmala Pariyojana, Sagar Mala, and the UDAN, which will boost the logistics system in the country," he said at the Global Logistics Summit jointly organized by Ficci, Ministry of Commerce, and the Centre and World Bank Group.
"Much needed capital investments are being made, infrastructure development is taking place, and the focus is on timely completion of projects," says Ramesh Abhishek, secretary, Department of Industrial Policy & Promotion. "The Goods & Services Tax (GST) is playing an important role in the logistics sector and the ease of doing business is also improving."