Union Road Transport and Highways Minister Nitin Gadkari on Thursday said India's logistics costs will come down to single digits in the next two years.
Speaking at an event organized by NITI Aayog, Gadkari said the ministry is building several highways and expressways, which will help reduce India's logistics costs. “Within two years, we are going to reduce our logistics costs by nine percent,” he said.
According to estimates by the economic research institute 'National Council of Applied Economic Research' (NCAER), logistics costs in India for the financial year 2021-22 stood between 7.8 percent and 8.9 percent of the gross domestic product (GDP).
Gadkari said that there is immense potential for export of alternative fuels and biofuels for India. He said that low quality coal can be used to make methanol. The Minister said that India is making significant progress in the biofuels sector, especially in the field of methanol.
Gadkari also said that his aim is to bring the Indian automotive industry to first place in the world. He said India had overtaken Japan last year to become the world's third largest automotive market, behind only the US and China.
Gadkari said the size of India's automotive industry will grow from Rs 7.5 lakh crore in 2014 to Rs 18 lakh crore in 2024. This industry is generating maximum number of employment.
The Minister stressed that materials like recycled tire powder and plastic are being used in road construction, which helps in reducing the import of bitumen. He also emphasized how the initiative to utilize crop waste is helping in increasing the income of farmers across the country.
Gadkari also talked about the problem of stubble burning in Punjab and Haryana. He said that currently we can process only one-fifth of the stubble, but with better planning, we can reduce the air pollution caused by using the stubble as raw material for alternative fuel.
The Minister said India needs to move forward with a policy that is cost-effective, indigenous, import substitute and employment generating to address the key issues of rising pollution and fossil fuel imports.
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