Piyush Goyal stresses the importance of reduction in logistics cost

Commerce and Industry Minister Piyush Goyal on Wednesday 3rd March, said India’s immediate need is to decrease logistics cost in the country. India would not be able to compete if this cost remains high.

He added the investments in the Sagarmala project will uplift the country’s maritime infrastructure, increase freight corridors, make freight more cost-effective and bring down the current logistics cost, which is approximated to be about 13-14%.

The investments would help in minimizing this cost to a more satisfactory benchmark of 8%, and that is “the need of the hour today and India cannot be competitive as long as our logistics cost remain so high”, he said at the Maritime India Summit.

The purpose of the Sagarmala project is expanding infrastructure in coastal areas of the country.