India needs to make industry competitive

Minister of State for Commerce and Industry, C R Chaudhary, says India is losing 14% of GDP due to inefficient logistics which impacts the competitiveness of Indian products.

Chaudhary outlined various initiatives taken by the government to develop the Transport and Logistics sector in the country.

He was delivering the valedictory address on 6 April 2018 at Global Logistics Summit jointly organised by FICCI; Ministry of Commerce, and World Bank Group.

“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 project and UDAN scheme which will boost the logistics system in the country,” he said.

India needs to make the industry competitive, added Ramesh Abhishek, Secretary, Department of Industrial Policy & Promotion.

He further added that cost of various other things also need to be competitive and logistics contributes majorly to the cost of manufacturing and services and is now getting the long due importance.

“Much needed capital investments are being made, infrastructure development is taking place and thrust is on timely completion of projects. GST is playing an important role in the logistics sector and ease of doing business scenario is also improving, said Abhishek. fii-news.com