Union Minister Nitin Gadkari has stated that India wants to cut its logistics expenses to a single digit percentage in the next five years. He cited continuing building on highways and expressways as important projects. Gadkari also stressed the importance of boosting farmers’ purchasing power to promote economic growth and his goal of making India the world’s largest automobile industry.
Within the next five years, India plans to reduce its logistics expenses to a single digit percentage, according to an announcement made by Union Minister of Road Transport and Highways Nitin Gadkari. During the ‘Deloitte Government Summit,’ Gadkari emphasized that building highways and expressways is a crucial step in cutting these expenses.
On the other hand, projections from the National Council of Applied Economic Research (NCAER) showed that in the fiscal year 2021–2022, India’s logistics costs varied from 7.8% to 8.9% of GDP. One of the most important steps toward improving India’s economic efficiency and competitiveness internationally is the lowering of logistical expenses.
In addition, Gadkari outlined his goals for the Indian auto industry, which include making it the biggest in the world. India is now the third-largest vehicle market in the world, behind China and the United States, having just overtaken Japan. From ₹7.5 lakh crore in 2014 to ₹22 lakh crore in 2024, the industry’s worth has increased dramatically.
Speaking about the overall state of the economy, Gadkari characterized India as the world’s fastest-growing major economy. He underlined how crucial it is to boost farmers’ purchasing power in order to spur economic expansion.
In order to strengthen India’s economic position, he also emphasized the necessity for the nation to increase exports while reducing imports. Alongside the idea of smart cities, he also promoted the creation of “smart villages” as economically viable entities.
Emphasizing the importance of efficiency, Gadkari suggested that in firms, performance audits had to come before financial audits. He believes that this strategy can improve overall productivity and lead to greater results.
The government is making a deliberate effort to establish India as a top global economy in the years to come, as seen by its focus on cutting the cost of logistics, growing the auto sector, and strengthening the macroeconomic climate.
