Need to capture global markets; India emerging as mfg hub: PM Modi

Launching the National Logistics Policy (NLP) in New Delhi today, Prime Minister Narendra Modi said India needs to capture the global markets as the country is now emerging as a manufacturing hub. PM Modi added the production-linked incentive (PLI) scheme is getting accepted globally and there is a need to lower the country’s logistics cost to a single digit from 13-14% currently.

“As a country aspiring to become a developed economy, we have to compete more with the developed world. The more we gain prowess, we will be competing more with more powerful countries in the world. We need to shed our inhibitions and welcome this. Our products, initiatives and processes should be highly competitive. We need to have lofty goals in all sectors and have to achieve them. We need to think along the lines of capturing the global markets,” Modi says while launching the NLP.

A brief from the PMO yesterday said the NLP is a comprehensive effort to address issues of high cost and inefficiency by laying down an overarching interdisciplinary, cross-sectoral and multi-jurisdictional framework for the development of the entire logistics ecosystem.

“The policy is an endeavour to improve the competitiveness of Indian goods, enhancing economic growth and increasing employment opportunities,” it said, adding that the PM Gati Shakti - a national master plan for muti-modal connectivity - launched by the Prime Minister last year, was a pioneering step in this direction. PM Gati Shakti will get further boost and complementarity with the launch of the National Logistics Policy.

Urging the industry players on the need to bring down the logistics cost in the country, PM Modi said, “The logistics cost in India is 13-14%. We need to bring it down to a single digit. It is low-hanging fruit to become globally competitive.”

Modi said India is emerging as a manufacturing hub and the PLI scheme is getting accepted globally.