India to Cut Logistics Costs to Single Digits by 2026: Gadkari

18 Oct 2024 CW Team

Union Road Transport and Highways Minister Nitin Gadkari announced that India’s logistics costs are expected to drop to single digits within the next two years. Speaking at an event hosted by NITI Aayog, Gadkari emphasized the ongoing construction of highways and expressways as key to reducing logistics costs.

"Within two years, we are going to reduce our logistics cost to 9 per cent," he stated.

Currently, logistics costs in India stand between 14-18 per cent of GDP. This is significantly higher than the global benchmark of around 8 per cent. However, the National Council of Applied Economic Research (NCAER) estimated costs between 7.8 per cent to 8.9 per cent for the fiscal year 2021-22.

Gadkari also highlighted India’s progress in biofuels, particularly methanol, and expressed confidence in the nation’s potential to become a major exporter of alternative fuels. Additionally, he underscored the rapid growth of India’s automobile industry, which has expanded from Rs 7.5 lakh crore in 2014 to Rs 18 lakh crore in 2024, positioning India as the third-largest automobile market globally.

In road construction, Gadkari pointed out the increasing use of sustainable materials like recycled tyre powder and plastic, contributing to a reduction in bitumen imports.

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