India's Logistics Cost to Reach Single-Digit in Two Years: Gadkari

New Delhi, Oct 17 (PTI) Union Road Transport and Highways Minister Nitin Gadkari on Thursday said India's logistics cost will come down to single-digit within the next two years.

Addressing an event organised by NITI Aayog, Gadkari said the ministry is constructing several highways and expressways, which will help reduce India's logistics cost.

"Within two years, we are going to reduce our logistics cost to 9 per cent," he added.

According to quick estimates of the economic think tank National Council of Applied Economic Research (NCAER), logistics cost in India ranged between 7.8 per cent to 8.9 per cent of GDP for the fiscal 2021-22.

Gadkari said there is huge potential for India to export alternative fuels and biofuels.

He also pointed out that low-quality coal is useful for making methanol.

The minister further said he aimed to make the Indian automobile industry number one in the world.

Last year, India had overtaken Japan to become the third-largest automobile market in the world, only behind the US and China, he said.

The size of India's automobile industry rose from Rs 7.5 lakh crore in 2014 to Rs 18 lakh crore in 2024 and this industry is creating a maximum number of jobs, Gadkari added.