Within the next two years, India’s logistics expenses will be in the single digits, according to Union Road Transport and Highways Minister Nitin Gadkari.
Gadkari said this will be accomplished since the ministry is building a number of highways and expressways, which will assist lower logistics costs, while speaking at an event hosted by NITI Aayog.
For the fiscal year 2021–2022, logistics expenses in India were estimated by the economic think tank National Council of Applied Economic Research (NCAER) to be between 7.8% and 8.9% of GDP.
According to the Economic Survey 2022–2023, logistics expenses in India account for 14–18% of GDP, which is substantially more than the global average of 8%.
He went on to say that India has enormous potential for exporting biofuels and alternative fuels, and that the nation is making great progress in the biofuel industry, particularly in methanol.
“I want to make the Indian automobile industry the best in the world,” Gadkari stated.
Gadkari also emphasized the use of recycled plastic and tire powder in road construction, which contributes to a decrease in the import of bitumen.
According to Gadkari, the automobile industry in India has grown from a value of Rs 7.5 lakh crore in 2014 to Rs 18 lakh crore in 2024, and it is the sector that is generating the greatest number of jobs.
Gadkari emphasized that bitumen imports are being decreased by using materials like plastic and recycled tire powder in road construction.
