New Delhi: A task force will be set up for formulating a framework to determine logistics costs in the country, the commerce and industry ministry has said. It was decided in a workshop organised by the Department for Promotion of Industry and Internal Trade (DPIIT) on the subject on Monday.
The task force members would include representatives from NITI Aayog, the Ministry of Statistics and Programme Implementation (MOSPI), National Council of Applied Economic Research (NCAER), academic experts, and other stakeholders. "It will be established for formulating a logistics cost framework in a time-bound fashion," it said.
The workshop on logistics cost framework was organised in partnership with Asian Development Bank (ADB). Speaking at the workshop, Commerce and Industry Minister Piyush Goyal suggested taking note of India's geography, terrain, size and complexities, trade volume and value etc while calculating the logistics cost.
Goyal said that e-commerce, smarter free trade agreements, adopting international quality standards, good manufacturing practices, and leveraging on successful startups ecosystem, drone technology, artificial intelligence, and center-state partnerships will work towards catalysing India's development.
The government is going by certain estimates which suggest that logistics cost in India stands at about 13-14 percent of the country's GDP. The government has rolled out a national logistics policy and PM Gati Shakti's initiative to boost the competitiveness of the industry and cut logistics costs.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)