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Focus On Scale, Efficiency And Technology To Cut Logistics Costs, Says Piyush Goyal The minister said that logistics has become the centerpiece of India's policy making in its journey towards becoming a developed nation and a leader in international trade

By Teena Jose

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Commerce and industry minister Piyush Goyal said that there was a need to focus on scale, efficiency and technology to cut logistics costs and added that the government is aiming to trim India's elevated logistics costs through some initiatives and investments, according to a TOI report.

"The government is making a conscious effort to change the mindset of looking at things from the old perspective and living in the hesitations of history. It is the result of these efforts that the overall exports from India in 2022-23 are expected to be about $765 billion," said Goyal in a statement.

According to the report, the comments came at an event organised by think tank Icrier, where Rakesh Mohan, a member of the economic advisory committee to the PM, questioned the calculations around the 14% logistics cost in India, which was even mentioned in the Economic Survey.

Icrier, which released a report on the high potential for the express delivery services business, where India has a 2% share of the global market, has suggested a host of measures to strengthen the segment. Apart from a single rate of GST - something that the government is unlikely to agree to in near future - ICRIER report has made a case for the customs to implement voluntary disclosure norms, the media report added.

Piyush Goyal said that logistics has become the centerpiece of India's policy making in its journey towards becoming a developed nation and a leader in international trade. He also said that express delivery of services has transformed through innovative ideas under the leadership of Prime Minister Narendra Modi.

Logistics refers to the overall process of managing how resources are acquired, stored, and transported to their final destination. It includes all activities of the supply chain such as transportation, warehousing, packaging, inventory management, the flow of information, order processing and customer service.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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