'India's logistics cost estimated at 7.97% of GDP'

Key Highlights:

• India's logistics cost is estimated at 7.97% of the country's GDP in 2023-24.
• The report was prepared by NCAER for the Department for Promotion of Industry and Internal Trade (DPIIT).

Detailed Insights:

• High logistics costs impact the competitiveness of domestic goods in both local and international markets.
• The government is focused on reducing logistics costs to improve efficiency and boost economic growth.
• Initiatives like the National Logistics Policy aim to streamline processes, improve infrastructure, and promote digitalization in the logistics sector.

Key Concepts Involved:

• GDP: The total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
• Logistics Cost: Expenses incurred in the process of planning, implementing, and controlling the efficient, effective flow and storage of goods, services, and related information.