Addressing the annual convention and 95th AGM of FICCI, Union Minister Nitin Gadkari promised that logistics cost, which is 16 per cent of GDP presently, will fall to single digits, up to 9 per cent of GDP by the end of 2024. “It is going to help us get more exports”, the Minister said, adding now is the time to increase our business and presence in the international market.
The Minister further stated that before the end of 2024, India’s road infrastructure would be equal to the American standard.
Minister Gadkari added India is on the path to building an inclusive Bharat by following the vision of the Hon’ble Prime Minister Shri Narendra Modi by boosting investment, economic growth, and employment creation to achieve sustainable development. However, “we need to have cooperation, coordination and communication between all stakeholders”, he said.
In addition, Gadkari noted the research in battery chemistry and said, “we should be the leaders in the sector”. He added that the government aims to double the automobile sector to Rs.15lakh crores. “This will create new jobs and make India one of the biggest automobile manufacturers in the world”, he said. Moreover, underscoring the importance of sustainability in the construction sector, he noted, “we are trying to minimise the use of cement and steel in construction work by adopting substitutes like fly ash, oil slag, waste plastics, demolition waste.
Minister Gadkari invited FICCI to prepare a comprehensive growth plan for the next fifty years for all sectors.
On occasion, Sanjiv Mehta, FICCI President, noted that the “all-inclusive, all-pervasive, and all-round development initiatives” of the government are transforming India, with each step bringing the nation closer to Aatmanirbhar Bharat. He added that the National Logistics Policy would be instrumental in creating an integrated pathway towards economic development. Moreover, he said, “the increased spending on infrastructure development is leading to a multiplier effect in rejuvenating the aggregate demand in the economy.”
“Infrastructure construction alone has the potential to contribute 25 per cent of incremental growth non-farm jobs by 2030”, he added.
He also drew attention to India’s Century – achieving sustainable, inclusive growth, a unique FICCI initiative supported by the McKinsey & Co. to establish a roadmap for India for the next 25 years.
Subhrakant Panda, President-elect, FICCI, underlined several policies that will catalyse the national economy by driving growth in allied sectors, like housing, steel, and cement. These include PM GatiShakti for integrated infrastructure development worth Rs 7.5 lakh crore in FY23, construction of 65000 kilometres of national highways, and National Infrastructure pipeline.
Alluding to the government’s focus on sustainable infrastructure, Mr Panda highlighted FICCI initiatives, first on ‘Decarbonising Construction: Building a Low Carbon Future’ and the second, ‘Future of Mobility: India’s Journey Towards Net Zero’, which will launch in January next year.