India's Logistics Cost to Drop to 9% of GDP by Next Year: Nitin Gadkari

Union Minister Nitin Gadkari announced that India's logistics cost will decrease to 9% of GDP by April next year, potentially boosting exports. Currently at 16%, the reduction aligns with government efforts to prioritize the agriculture sector and create more jobs. India aims to become the world's third-largest economy.

Union Minister Nitin Gadkari announced that India's logistics cost will reduce to 9% of GDP by April next year, down from the current 16%. He revealed this at an event, emphasizing that this reduction can significantly increase the country's exports.

Quick estimates from the National Council of Applied Economic Research (NCAER) show the logistics cost between 7.8% to 8.9% of GDP for 2021-22. Gadkari also highlighted the urgent need for job creation in the Indian economy.

He criticized previous governments for neglecting rural development, underscoring the current administration's focus on agriculture to boost growth and per capita income in rural areas. Gadkari further noted India's ambition to become the third-largest global economy, currently being the fifth.

(With inputs from agencies.)