PM Modi unveils National Logistics Policy, says addresses challenges of transport sector | The Financial Express

PM Modi unveils National Logistics Policy, says addresses challenges of transport sector

The Prime Minister said India is now the world’s fifth largest economy and is emerging as a manufacturing hub.

PM Modi unveils National Logistics Policy, says addresses challenges of transport sector
Prime Minister Narendra Modi (IE)

Prime Minister Narendra Modi on Saturday unveiled the National Logistics Policy that seeks to address challenges faced by the transport sector and expedite the last-mile delivery while saving time and money for businesses.

He said ports’ capacity has increased and container vessel turnaround time has been cut to 26 hours from 44 hours previously.

Sagarmala project to connect ports and dedicated freight corridors have started to improve logistics connectivity and systematic infrastructure development work, he said.

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The Prime Minister said India is now the world’s fifth largest economy and is emerging as a manufacturing hub.

The world has accepted the production linked incentive (PLI) scheme announced by the government for boosting domestic manufacturing, he said.

The government, he said, is using technology to strengthen logistics sector. Faceless assessment has started in customs and e-way bills and FASTag are bringing efficiency in the logistics sector.

For Indian products to capture world markets, the country has to strengthen its support system.

“National Logistics Policy helps in making the support system modern,” the prime minister said.

Modi said global experts are saying India is emerging as a democratic superpower and they are impressed by the extraordinary talent ecosystem of the country. “Experts are appreciating India’s determination and progress.” The government, he said, is using technology to strengthen the logistics sector. Faceless assessment has started in customs and e-way bills and FASTag are bringing efficiency in the logistics sector.

Talking of the drones policy, he said drones will improve the logistics sector.

Seeking to support faster growth after two pandemic-ridden years, the policy will streamline rules and address supply-side constraints as well as provide a roadmap to reduce fuel costs and lower logistics costs.

The Union government has been working on the National Logistics Policy for three years.

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The commerce ministry released a draft logistics policy for consultation in 2019, but it was delayed by the Covid-19 pandemic. The National Logistics Policy was once again announced by Finance Minister Nirmala Sitharaman in the Budget for 2022-23.

The draft policy provides for the government creating a single point of reference for all logistics and trade facilitation matters, reducing costs for the logistics sector to 10 per cent in five years. The logistics sector is estimated at 13-14 per cent of GDP.

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