The Former RBI Governor D Subbarao said that India may become a USD five trillion economy by 2028-29 only if the GDP grows at nine per cent per annum consistently for the next five years. As per the data released by the National Statistical Office (NSO), the Indian economy grew by 20.1% in April-June 2021-22.
The Prime Minister noted that in India, which has become the 5th largest economy in the world, things are changing rapidly. Referring to this morning's release of Cheetah, the Prime Minister said we all want that luggage should move quickly like a cheetah. To achieve the target set by PM is never easy as many global issues defies the rule and prevailing geo-political issues are the biggest road blocks. Among many assets that will make India the global economic leader, logistics is going to play a very pivotal role in the growth journey.
It is imperative for India to capture the world markets by strengthening the support system. The government has created a single point of reference for all logistics and trade facilitation matters that will eliminate difficulties related to logistics in the next 5 years by 10%.
In 2019, a draft logistic policy was released, but its implementation was delayed due to the Covid-19 pandemic. Now, the PM launched the National Logistics Policy (NLP) which is projected to bring down the high freight shipping cost in India by 13-14 percent. This new 'National Logistics Policy' will help in making the support system modern. The policy aims to create world-class logistics networks and make them economically sustainable. He further called it a "solution" for many problems including farmer distress and food security.
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