CURRENT AFFAIRS

Detailed explanation-1: -India’s logistics cost as a proportion of the Gross Domestic Product (GDP) is estimated to be around 13-14 per cent.

Detailed explanation-2: -India’s logistics cost is estimated to be around 14 per cent of GDP - a figure that has all of a sudden become cast in stone. High logistics cost, without doubt, impinges on competitiveness. To address this issue, the Centre recently unveiled the National Logistics Policy (NLP).

Detailed explanation-3: -The government is aiming to trim India’s elevated logistics costs by as much as five percentage points by 2030 from the current 13-14 per cent of gross domestic product (GDP) to 8-9 per cent of the GDP, according to Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Anurag Jain.

Detailed explanation-4: -India’s logistics industry is highly fragmented, and by 2022, it is intended to lower the cost of logistics from its current 14% of GDP to less than 10%. By 2030, raise the nation’s Logistics Performance Index (LPI) rating to one of the top 25.

Detailed explanation-5: -The Indian logistics industry accounts for 14.4 per cent of the GDP but costs 14 per cent of the GDP. The sector is growing rapidly with an aim to achieve $380 billion by 2025.