The interaction between industry and government is essential, Sitharaman said while addressing the inaugural session of the Invest North Summit. She said that regulatory quality will improve but not the frequency and intensity.
The two-day Invest North Summit will focus on investment climate in Northern States of India.
The recent Logistics Performance Index (LPI) released by the World Bank ranks India at the 35th position from amongst 160 countries, as against the LPI rank of 54 in 2014, a jump of 19 places. The LPI is an interactive benchmarking tool created to help countries identify the challenges and opportunities they face in trade logistics.
Among the six-components of the LPI report rankings, customs was ranked 38, infrastructure at 36, international shipments at 39, logistics quality and competence at 32, tracking and tracing at 33, and timeliness at 42.
The LPI is based on a worldwide survey of stakeholders on the ground providing feedback on the logistics friendliness of the countries in which they operate and those with which they trade. Feedback from such stakeholders is supplemented with quantitative data on the performance of key components of the logistics chain in the country of work.
Improvement in India's rank in LPI shows steady performance in India's competitiveness in manufacturing and trade, which also acts as one of the growth drivers of the 'Make in India' programme. (RKS)
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