Union Minister of State for Commerce and Industry Anupriya Patel praised the Uttar Pradesh government’s warehousing and logistics policy and said that UP has done a good job in achieving the national target of reducing logistics cost.
The Union Minister was addressing a session on ‘Uttar Pradesh- the emerging warehousing and logistic hub of India' on the last day of UPGIS on Sunday. Talking about UP’s policies, Patel, who is also an MP from Mirzapur constituency of UP, said, “the UP government's new warehousing and logistics policy will encourage the private sector. The private sector should take full advantage of this opportunity.”
Patel further said that at present the logistics cost in the country is 14% of the GDP, which has to be reduced to around 8% by the year 2030. She stated that as the world's 5th largest economy, India aspires to be among the top ten in the Logistics Performance Index by 2030. “We will achieve our goal if the government of UP, the country's largest state, continues to improve its warehousing and logistics infrastructure,” said Parel
Som Parkash, Union Minister of State for Commerce and Industry, also presented his views in the special session. Talking about the challenges of the logistics sector, he said, "Reducing the logistics cost is very important for the industry. Policy efforts are being made for this. The logistics cost to GDP ratio is much lower in the US, South Korea, Singapore, and some European countries.”
Appreciating the new logistics policy of the UP government, he said that "this policy will help in making this sector an integrated, cost-efficient, flexible, and sustainable logistics ecosystem in the country by optimizing regulations and separating supply-side bottlenecks."
On the other hand, Jaswant Singh, Minister of State for Industrial Development, said that the interest of investors is safe in Uttar Pradesh.
Lokanathan Nadar, head of corporate affairs, Welspun One Logistics Parks, said that the logistics sector has a major role to play in meeting UP's target of a $1 trillion economy. The UP government has also given birth to new possibilities through the inland waterway. The government is also providing incentives for warehousing.