By Accommodation Times Bureau
The Commerce and Industry minister on Monday said, expenditure on investment in logistics, including infrastructure, will touch USD 500 billion, annually, by 2025. He further said that this will create millions of jobs and also do away with the hurdles hampering India’s internal and global trade.
The Ministry is working on a National Logistics Policy and also bringing out a policy on the development of Multi-modal Logistics Parks to be announced soon, he said.
During recent years, the 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.
The Minister said that Logistics Wing has been created in the Department of Commerce for the integrated development of this sector. Due to these efforts, infrastructure status has been granted to warehousing, cold chains and multimodal logistics parks.
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 the 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 teamwork, synergy and coordination between various partners involved in logistics.