Prabhu says investment in logistics sector to touch USD 500 bn by 2025
Prabhu said the government is taking legislative as well as administrative measures for an integrated strategy to reduce logistics related hurdles for boosting domestic and global trade.
This will create millions of jobs and remove hurdles hampering India’s domestic and global trade, he said.
The ministry has agreed to provide a one-time funding support of Rs 80 lakh towards initial infrastructure and a phase-wise support of Rs 339.90 lakh for four years.
"We have to increase our share in global trade and logistics plays a very important role in that," Prabhu said while launching a logo for India Logistics. The logo was designed by the National Institute of Design.
Prabhu said the ministry is developing a national logistics portal as a single window marketplace to link all stakeholders and preparing an integrated strategy to reduce the cost of exports, imports, and domestic trade.
Prabhu said billions of dollars of investments are required to improve logistics sector.
The Department of Logistics, under the ministry, also inked a memorandum of understanding with the Indian Institute of Foreign Trade (IIFT) to set up a center for logistics here.
The MoU was signed by Joint Secretaries in the commerce ministry Anant Swarup and Keshav Chandra.
The newly created logistics department, headed by Special Secretary Binoy Kumar is working on these initiatives.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)