India’s Minister of State for Industry Ashwani Kumar has said that investment in ports, shipping and logistics sector must be quadrupled to bring the sectors up to international standards, reports PTI.
"Our shipping and logistics infrastructure is far below international standards. We need to improve on speed and cost of handling of cargo. Investment in shipping needs to be quadrupled," the minister said at a summit on ports, shipping and logistics here.
Pointing out that India's share in the global trade stood at only 1.4%, which is around $448bn, he said, "75% of this trade is through ports. If we make our port infrastructure world-class, it can lead to an increase of two per cent in the country's GDP year after year. Denying reports that direct foreign investment was petering out in the sector, Kumar added that ports also provide an immense employment opportunity for blue-collared workers.
"Our shipping and logistics infrastructure is far below international standards. We need to improve on speed and cost of handling of cargo. Investment in shipping needs to be quadrupled," the minister said at a summit on ports, shipping and logistics here.
Pointing out that India's share in the global trade stood at only 1.4%, which is around $448bn, he said, "75% of this trade is through ports. If we make our port infrastructure world-class, it can lead to an increase of two per cent in the country's GDP year after year. Denying reports that direct foreign investment was petering out in the sector, Kumar added that ports also provide an immense employment opportunity for blue-collared workers.