Department of Commerce and CII ink MoU for development of Logistics sector

The Department of Commerce has signed MoU with Confederation of Indian Industry (CII) for setting-up institutional mechanism for the development of Logistics sector in the country.

Both will work together for taking logistics sector to global levels both in terms of efficiency and cost. They will follow Commerce Ministry’s roadmap for modernizing logistics sector and bring it at par with the global best.

Road map

The road map aims to foster focused engagement with the industry and collaborate with the concerned agencies including state Government’s and other related agencies. It will also undertake mutually agreed focused studies on logistics and promote Government’s policies on logistics

Background

The Union Government has decided to reduce Logistics cost in country from the present 14% of GDP to less than 10% by 2022. For this purpose, a concerted effort in collaboration with Central Ministries as well as State Governments has been initiated for simplifying the regulatory processes in both domestic and EXIM (export-import) logistics. Government also has granted infrastructure status to number of logistics activities, which will enable them to avail cheaper and long term commercial loans.

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Categories: Business & Economy Current Affairs 2018

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