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Business News

Nov 27, 2018

Logistics is a key component and backbone of international and domestic trade says Suresh Prabhu

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Commerce and Industry Minister Suresh Prabhu today said logistics is a key component and backbone of international and domestic trade. He said this while giving the keynote speech at the curtain raiser on Logix India 2019. 
The event, to be held from 31st January to 2nd February, will focus on challenging markets with India's trade potential. Mr Prabhu stressed on the need to diversify the country's exports basket and diversify in terms of products and geography. He said India has the potential to export more to Central Asia, SAARC, West Asia and ASEAN. 
Our correspondent reports the logistics sector in India remains unorganised to a large extent. The industry is facing challenges such as the high cost of logistics impacting competitiveness in the domestic and global market. High logistics cost reduces the competitiveness of Indian goods both in domestic as well as export market. In November 2017, the government granted infrastructure status to the logistics sector.

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