NEW DELHI: India is losing 14 per cent of its gross domestic product (GDP) due to inefficient logistics, which impacts the competitiveness of the country's products, Minister of State for Commerce & Industry C R Chaudhry said today.
The minister made the remark at the Global Logistics Summit jointly organised by Ficci, Ministry of Commerce, the Centre and World Bank Group.
"Logistics is an important sector and it is clear that the government is giving importance to the development of better connectivity with projects like Bharatmala Pariyojana, Sagar Mala project and UDAN scheme which will boost the logistics system in the country," he said, according to a statement issued by Ficci.
Ramesh Abhishek, Secretary, Department of Industrial Policy & Promotion said much needed capital investments are being made, infrastructure development is taking place and thrust is on timely completion of projects.
GST is playing an important role in the logistics sector and ease of doing business scenario is also improving.