DPIIT to set up task force for formulating logistics cost framework
WAREHOUSING & LOGISTICS

DPIIT to set up task force for formulating logistics cost framework

According to the Commerce and Industry Ministry, a task force will be formed to develop a framework for determining logistics costs in the country. It was decided at a workshop on the subject held on Monday by the Department for Promotion of Industry and Internal Trade (DPIIT).

Representatives from NITI Aayog, the Ministry of Statistics and Programme Implementation (MOSPI), the National Council of Applied Economic Research (NCAER), academic experts, and other stakeholders would serve on the task force.

It "will be established for formulating a logistics cost framework in a time-bound manner," according to the statement.

The logistics cost framework workshop was organized in collaboration with the Asian Development Bank (ADB). Speaking at the workshop, Commerce and Industry Minister Piyush Goyal suggested that when calculating logistics costs, take into account India's geography, terrain, size and complexities, trade volume and value, and so on.

He stated that e-commerce, smarter free trade agreements, adopting international quality standards, good manufacturing practices, capitalizing on a successful startup ecosystem, drone technology, artificial intelligence, and center-state partnerships will all contribute to India's development.

The government is going by certain estimates which suggest that logistics cost in India stands at about 13-14 per cent of the country's GDP. The government has rolled out a national logistics policy and PM Gati Shakti initiative to boost competitiveness of industry and cut logistics cost.

Also Read
Okas introduces second fund to invest in India’s real estate market
Haryana Orbital Rail: RVNL to construct a 5-km tunnel in the Aravallis

According to the Commerce and Industry Ministry, a task force will be formed to develop a framework for determining logistics costs in the country. It was decided at a workshop on the subject held on Monday by the Department for Promotion of Industry and Internal Trade (DPIIT). Representatives from NITI Aayog, the Ministry of Statistics and Programme Implementation (MOSPI), the National Council of Applied Economic Research (NCAER), academic experts, and other stakeholders would serve on the task force. It will be established for formulating a logistics cost framework in a time-bound manner, according to the statement. The logistics cost framework workshop was organized in collaboration with the Asian Development Bank (ADB). Speaking at the workshop, Commerce and Industry Minister Piyush Goyal suggested that when calculating logistics costs, take into account India's geography, terrain, size and complexities, trade volume and value, and so on. He stated that e-commerce, smarter free trade agreements, adopting international quality standards, good manufacturing practices, capitalizing on a successful startup ecosystem, drone technology, artificial intelligence, and center-state partnerships will all contribute to India's development. The government is going by certain estimates which suggest that logistics cost in India stands at about 13-14 per cent of the country's GDP. The government has rolled out a national logistics policy and PM Gati Shakti initiative to boost competitiveness of industry and cut logistics cost. Also Read Okas introduces second fund to invest in India’s real estate market Haryana Orbital Rail: RVNL to construct a 5-km tunnel in the Aravallis

Next Story
Real Estate

Indian REITs Offer 6-7.5 per cent Yield, Surpassing Many Global Markets

Indian Real Estate Investment Trusts (REITs) are delivering average yields of 6–7.5 per cent for unitholders, outperforming many mature markets, including the US, according to a report by Credai and Anarock.Credai, the apex body of Indian real estate developers, and property consultant Anarock released the report Indian REITs – A Gateway to Institutional Real Estate at an event in India.Currently, India has five listed REITs – Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Nexus Select Trust, and Knowledge Realty Trust. Nexus Select Trust pr..

Next Story
Infrastructure Energy

Insolation Energy Wins 226 MW Solar Projects Under PM-KUSUM

Insolation Energy on Monday announced securing multiple solar projects totalling 226.45 MW, with an investment of Rs 7.5 billion, under the PM-KUSUM scheme. The orders were awarded to its wholly-owned subsidiary, Insolation Green Energy Pvt Ltd, by Jaipur Vidyut Vitran Nigam Limited for 20 sites and Ajmer Vidyut Vitran Nigam Limited for 115 sites, the company informed the exchanges.“The combined SPV solar power plants will total 226.45 MW under PM-KUSUM Component A, with the final levelised tariff at Rs 3.04 per unit for 16 sites, Rs 2.82 per unit for 5 sites, Rs 2.75 per unit for 53 sites, ..

Next Story
Infrastructure Energy

Numaligarh Refinery Awards EPC Contract for Rooftop Solar Projects

State-owned Numaligarh Refinery Ltd. (NRL) has awarded a Letter of Award to Solarium Green Energy Ltd. for the rate contract covering the Engineering, Procurement, and Construction (EPC) of grid-connected rooftop solar PV projects at various locations. The projects fall within the categories of 51–200 kW and 201–1000 kW. Notable projects include a 140 kW rooftop solar plant at NRL Assam, a 760 kW plant at NRL Assam, and a 280 kW plant at NRL West Bengal.The supply order covers ex-manufacturing works and the dispatch price for plant and equipment for the 140 kW, 760 kW, and 280 kW rooftop s..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?