National logistics policy aimed at reducing transaction costs: Prabhu

Inaugurating the first edition of Logix India 2019, Suresh Prabhu, Minister of State for Commerce & Industry and Civil Aviation, Government of India, said that the commerce ministry was working on a draft for the national logistics policy aimed at promoting seamless movement of goods across the country, increasing the warehousing capacity, and reducing high transaction costs for traders. The Minister added that workshops will be organised to seek views on the draft.
Prabhu reiterated that high logistics costs impact the competitiveness of domestic goods in international markets. He also said that the Ministry was undertaking several steps, including development of a national logistics portal, to boost both domestic and foreign trade. The main departments involved in the process are railways, shipping, road transport, civil aviation, and customs. He further added that improvement in logistics sector would help boost trade and economic development.