Summary:
Union Road Transport and Highways Minister Nitin Gadkari claimed that India's logistics expenses will be reduced to a single-digit figure over the next two years. At an NITI Aayog event, he mentioned the ongoing development of highways and expressways, which is anticipated to reduce logistics costs to 9%. The National Council of Applied Economic Research (NCAER) estimates that logistics expenses in India will range between 7.8% and 8.9% of GDP in 2022-23.
He announced his ambition to make India's automobile sector the largest in the world, having already surpassed Japan to become the third-largest market behind the United States and China. The industry grew from $89.25 billion in 2014 to $214.21 billion in 2024, significantly contributing to job creation. He advocated for using recycled materials in road construction, such as tire powder and plastic, as well as utilizing agricultural waste to increase farmers' incomes and alleviate stubbleburning concerns.
Source: IBEF
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