By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Magadh Today - Beyond HeadlinesMagadh Today - Beyond HeadlinesMagadh Today - Beyond Headlines
  • Home
  • India
  • Editorial
  • Opinion
  • Global
  • Technology
  • Science
  • Asia
  • Business
  • Finance
Reading: Lowering logistics costs to 5-6% of GDP doable: Piyush Goyal
Share
Notification Show More
Aa
Magadh Today - Beyond HeadlinesMagadh Today - Beyond Headlines
Aa
  • India
  • Economy
  • Politics
  • Business
  • Technology
  • Finance
  • Editorial
  • Opinion
  • Science
  • Home
  • Technology
  • Business
  • Economy
  • Politics
  • Science
  • Sitemap
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Magadh Today - Beyond Headlines > Latest News > Economy > Lowering logistics costs to 5-6% of GDP doable: Piyush Goyal
Economy

Lowering logistics costs to 5-6% of GDP doable: Piyush Goyal

Gulshan Kumar
Last updated: 2023/12/17 at 12:14 PM
By Gulshan Kumar 2 years ago
Share
SHARE

Commerce and Industry Minister Piyush Goyal expressed optimism on Saturday, asserting that reducing India’s logistics costs to 5-6% is achievable. This statement accompanied the release of the Logistics Ease Across Different States (LEADS) 2023 report, where Andhra Pradesh, Karnataka, Tamil Nadu, Chandigarh, and Gujarat were identified as “achievers” in the logistics index.

The LEADS 2023 ranks states based on their logistics ecosystem, shedding light on key challenges. It serves as a crucial indicator for evaluating the efficiency of logistical services, crucial for fostering exports and economic growth.

This year’s report, encompassing 13 states and Union Territories, witnessed Himachal Pradesh and Uttarakhand transitioning into the categories of “aspirers” and “fast movers,” respectively, while Sikkim and Tripura elevated to the “achievers” category from being “fast movers” in 2022.

The states and UTs joining the “achievers” category include Delhi, Assam, Haryana, Punjab, Telangana, and Uttar Pradesh.

Minister Goyal emphasized the pivotal role of the logistics sector in propelling India’s economy to approximately $35 trillion by 2047. Quoting a report from the National Council of Applied Economic Research (NCAER), he highlighted that the country’s logistics cost currently stands at 7.8-8.9% of the gross domestic product (GDP).

Looking ahead, Goyal suggested industry focus on skilled manpower, increased state participation, adoption of new technologies like AI, blockchain, and data analytics, along with measures to reduce the carbon footprint. He anticipates that these efforts will further catalyze the growth of India’s logistics sector.

States such as Goa, Odisha, West Bengal, Bihar, Chhattisgarh, Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Mizoram, Daman and Diu, Dadra and Nagar Haveli, Jammu and Kashmir, and Ladakh fall into the “aspirers” category. Kerala, Maharashtra, Madhya Pradesh, Rajasthan, Uttarakhand, Arunachal Pradesh, Nagaland, Andaman and Nicobar, Lakshadweep, and Puducherry are categorized as “fast movers.”

 

You Might Also Like

Is India Ready for a Trade War with the USA? Not Yet, But It May Have To Be!

Explained:How Excessive Summer Heat Is Driving Inflation in India

India may consider new poverty line: Bibek Debroy

Modi Government Raises Paddy MSP to ₹2,300 per Quintal, Provides Major Relief to Farmers

Budget terminology explained

Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Reddit Telegram Copy Link Print
Previous Article Congress’ Navjot Sidhu alleges trade of drug tablets inside Punjab jails, slams CM Bhagwant Mann
Next Article Israel-Gaza War Day 72: ‘Israel is as committed as ever to war,’ says Benjamin Netanyahu
about us

Your daily dose of news and updates on politics, culture, and events around the globe. Stay informed, stay connected!

Quick Links

  • Home
  • Sitemap
  • Contact
  • About
  • Privacy Policy
  • Terms and Conditions
Magadh Today - Beyond HeadlinesMagadh Today - Beyond Headlines
© Magadh Today Network. All Rights Reserved.
Go to mobile version
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?