PM Gati Shakti National Masterplan to help achieve India’s aim of USD 5 Trillion economy
Shri Som Parkash, Minister of State for Commerce & Industry, today said the PM Gati Shakti National Masterplan will help achieve India’s aim of USD 5 Trillion economy.
Addressing the Industry Stakeholders at the INDIA INTERNATIONAL LOGISTICS & SUPPLY CHAIN Conference, organised by PHDCCI, Shri Som Parkash, said India is one of the most attractive destinations for investment in the world and government has prepared some important frameworks to help thrive businesses in the country. One of them is PM Gati Shakti masterplan and its implementation, which will help us to achieve our aim in logistic efficiency.
An infrastructure master plan will make a difference through integrated approach by breaking the entrenched silos over six years, which has received Rs 20,000 crore allocation in this year’s Budget. Propelled by seven engines – roads, railways, airports, ports, mass transport, waterways and logistics – PM Gati Shakti is an idea whose time has come, added the Minister.
The Minister appreciated PHDCCI for being the forerunner in having a specalised forum for Gati Shakti, the contribution for which will go long way in alligning the objectives with the PM’s Vision of being a globally leading economy.
To help make this plan success, the Minister urged all industry stakeholders to work in this direction collectively to achieve its significant results.
Shri Amrit Lal Meena, Special Secretary – Logistics, Dept of Commerce & Industry, Govt of India, said that a lot of work is being done in this direction, mainly on component cost of transportation & fuel and inventory cost to bring in logistic efficiency. Time and cost overruns are major factors of concern in the implementation of the plan. Steps are being taken to bring them down to zero level. In PM GatiShakti master plan, 600 layers of all different ministries of state governments are integrated on digital platform for better coordination and early resolution. Gaps are identified and taken up on priority basis regarding transportation to eliminate unnecessary congestion, said Shri Amrit Lal Meena.
Shri Pradeep Multani, President, PHDCCI, mentioned that the Indian logistics sector is on a big growth tide. According to the domestic rating agency ICRA, India’s logistics sector is expected to grow at a rate 8-10 per cent over the medium term. This is an improvement over the compound annual growth rate (CAGR) of 7.8 per cent at which the industry grew during the last five years. Going forward, the government’s focus is to bring down the cost of logistics from the present 14.4 per cent. The development of the logistics sector is also extremely important for the Indian economy, as it will boost exports, create jobs, and give the country a prominent position in the global supply chain, said Shri Multani.