Internal consumption needs urgent addressing
According to Anshul Singhal, CEO, Embassy Industrial Parks, “India is one of the fastest growing economies in the world today. The inefficient logistics account for about two per cent of the country’s GDP, so high costs could be attributed to inadequate infrastructure. There is a massive need of optimisation. There is no doubt that the current government is highly supportive of developing logistics and infrastructure. We are aware of the fiscal deficit and reducing exports in the country and this is a reason to worry, but, the high cost of logistics in India is coming into sharp focus as one of the key factors affecting the country’s cost competency.” “We hope that new reforms like ‘Make in India’, GST, ‘Digital India’ and some reliefs given to the industry in the upcoming budget would help enhance performance in this segment and help elevate the trade nationally through focusing on improving trade efficiencies within the country, creating millions of new jobs and contributing significantly to the country’s GDP,” he continues.