The new storage and logistics policy in Uttar Pradesh will support the private sector, according to MoS Anupriya Patel
Anupriya Patel, Union Minister of State for Commerce and Industry, complimented Uttar Pradesh's efforts on Sunday for meeting the national goal of lowering logistics costs.
The Union Minister stated on the third day of the Global Investors Summit that the cost of logistics in the nation is currently 14% of GDP and will increase to roughly 8% by the year 2030.
Som Prakash, the Union Minister of State for Commerce and Industry, also shared his opinions during the special session.
In the US, South Korea, Singapore, and several European nations, the ratio of logistics costs to GDP is far lower.
By streamlining rules and removing supply-side bottlenecks, he said, the new logistics strategy of the UP government will "assist in making this sector an integrated, cost-efficient, adaptable, and sustainable logistics ecosystem in the country."
JPS Rathore, the Cooperative Minister for the state government, said during the event that up until a few years ago, nobody in UP discussed warehousing and logistics. In the current context of change, UP has become the top option for investors in this industry from all across the nation.
He continued by saying that "UP has the biggest rail system in the nation. Inland Waterway construction has started, and a network of highways is being built. Our sector will gain from this. Future-focused policy development is now taking place at UP. For the industries of the nation and the world, there are prospects in every field."
Jaswant Singh, Minister of State for Industrial Development, on the other hand, spoke at a session titled "Uttar Pradesh: The Emerging Warehousing and Logistic Hub of India" and asserted that Uttar Pradesh is a secure place for investors to place their interests.
UP will profit the most from the fundamental change in transportation represented by the freight corridor.
He stated that two dedicated freight corridors are being used by the Indian government to build the Eastern Dedicated Freight Corridor and the Western Dedicated Freight Corridor.
"The Eastern Dedicated Freight Corridor and the Western Dedicated Freight Corridor are being connected in Uttar Pradesh between Dadri and Khurja. Uttar Pradesh will be directly impacted by both lines. Excellent investment potential exists here."
Notably, the Uttar Pradesh Global Investors Summit GIS) 2023 was officially opened by Prime Minister Narendra Modi on Friday in Lucknow. President Droupadi Murmu will attend the closing ceremony as the main guest.