NEW DELHI: The Commerce Ministry is working on several measures, including formulating an integrated plan and setting up of a digital platform, to promote growth of the logistics sector, a top Government official said recently.
Commerce Secretary Rita Teaotia said that the sector holds enormous opportunities to boost economic growth of the Country and these measures would also help cut transaction costs and time of traders.
All economic activities including exports and manufacturing are linked with logistics and its efficiencies would help improve economic development, she said here at the Global Logistics Summit.
"We are working on a short and medium term integrated plan on logistics under the overall umbrella of a policy framework. We are also working on an integrated digital platform that would be a single window system where all stakeholders are able to access," Teaotia said.
The Secretary added that these initiatives are important as the cost of logistics for India is about 14 per cent of its GDP and it is far higher as compared to other countries. She called for setting a goal to reduce this to 10 per cent of the GDP.
"A 4 per cent increase has enormous capacity to move the economy," she added. The newly created Logistics Department, headed by Special Secretary Binoy Kumar, under the Commerce Ministry is working on these initiatives.