Annual expenditure on investment in logistics, including infrastructure, will touch $500 billion by 2025, according to Indian minister of commerce and industry Suresh Prabhu. The ministry is working on a national logistics policy and one on the development of multi-modal logistics parks to be announced soon, he said recently said in New Delhi.
These initiatives will create millions of jobs and will do away with the hurdles in India’s internal and global trade, an official press release quoted the minister as saying.
Recognizing that efficient and effective management of logistics will have a positive impact on overall trade in manufacturing and services.
The Centre for Trade Facilitation and Logistics (CTFL) has been given a mandate by department of commerce to prepare a plan and act on several objectives, including human resource development and training government officials, he said.
The ministry has agreed to provide a block one-time funding support of ₹80 lakhs towards initial infrastructure and a phase wise support of ₹339.90 lakhs for four years. This centre will attempt to document and monitor the trade and logistics activities and suggest suitable measures for its improvement. (DS)
Fibre2Fashion News Desk – India