Expenditure on investment in logistics, including infrastructure, will touch USD 500 billion, annually, by 2025, said Union Minister of Commerce and Industry in New Delhi today. He further said that this will create millions of jobs and also do away with the hurdles hampering India’s internal and global trade.
India is now being looked upon as one of the most appropriate destinations for manufacturing and service locations by many of the foreign companies. Further, initiatives like digital India, make in India, skill India have added a boost to the sub-continent’s vast pool of resources, cost-efficient environment and skilled workforce.
During recent years, Indian government has taken many measures to improve the trade performance through efficient and effective logistics. The measures include smoothening of the border and cross border documentation and activities, dedicated freight corridors, investments in port and other infrastructures, alignment of all business processes thus attempting to improve logistics performance of the country. Recognizing that efficient and effective management of logistics will have a positive impact on overall trade in manufacturing and services.
The Ministry has agreed to provide a block one-time funding support of 80.00 lakhs towards initial infrastructure and a phase wise support of 339.90 lakhs for four years. This centre will attempt to document and monitor the trade and logistics activities and suggest suitable measures for its improvement.
The Minister also released the logo of Logistics division. It is a graphic symbol representing a pair of swans who are known for their ability to travel long distances and are comfortable in the sky, water and on earth and represents team work, synergy and coordination between various partners involved in logistics.