Union Minister of Consumer Affairs, Food and Public Distribution Pralhad Joshi today said that the government aims to reduce India’s logistics cost to below 10% by 2030 for the development of the country. Addressing the 70th foundation day of Central Warehouse Corporation (CWC) in New Delhi, Mr Joshi said that the warehousing and logistics industry plays a vital role in the nation’s development. He noted that the Indian warehousing market is expected to grow at an annual rate of 15%, reaching nearly 35 billion US dollars by the year 2027.
The Minister added that this growth will be driven by the rapid expansion of e-commerce, the rise of organised retail and strengthened by improvements in railway infrastructure, transportation networks and dedicated freight corridors.
Congratulating CWC for its work in the logistics sector, Mr Joshi said that the corporation has 953 warehouses with a storage capacity of 161 lakh metric tonnes. He urged the corporation to accelerate projects under the Public-Private Partnership model to increase its market share.
