India Aims to Cut Logistics Costs to Single Digits

Union Road Transport and Highways Minister Nitin Gadkari announced that India aims to reduce its logistics costs to single digits, specifically 9%, within the next two years, driven by the construction of new highways and expressways. Current estimates suggest logistics costs are between 7.8% and 8.9% of GDP for the fiscal year 2021-22, significantly higher than the global average of around 8%. Gadkari emphasized the potential for India to export alternative fuels and highlighted progress in the biofuel sector, particularly methanol production. He also stated that India has overtaken Japan to become the third-largest automobile market globally, with the industry's value expected to rise from Rs 7.5 lakh crore in 2014 to Rs 18 lakh crore in 2024. The minister mentioned the use of recycled materials in road construction to reduce bitumen imports and discussed addressing stubble burning through innovative solutions. Overall, Gadkari's vision aims to position India as a leader in logistics and the automobile sector.