Summary:

Union Minister for Road Transport and Highways Nitin Gadkari declared India's target of reducing logistics costs to a single-digit percentage within five years. Speaking at the 'Deloitte Government Summit,' he emphasized that building highways and expressways will be critical to this endeavor. The National Council of Applied Economic Research projects that logistics expenses will be between 7.8% and 8.9% of GDP for 2021-22, making their reduction essential for economic efficiency and competitiveness.

He discussed his vision for India's automobile sector, which has recently become the world's thirdlargest market, expanding from $89.68 billion (Rs. 7.5 lakh crore) in 2014 to $263.06 billion (Rs. 22 lakh crore) by 2024. He highlighted India's status as the fastest-growing major economy, stressing the need to raise farmers' purchasing power, promote exports, cut imports, and prioritize performance audits to improve productivity, while also advocating for "smart villages.”

Source: IBEF 

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