Investment in logistics to touch $500 bn by 2025: Prabhu
New Delhi, July 30 : Commerce and Industry Minister Suresh Prabhu on Monday said investments in logistics and infrastructure will touch $500 billion by 2025 as the country becomes an attractive destination for manufacturing and services.
"Expenditure on investment in logistics, including infrastructure, will touch $500 billion, by 2025... this will create millions of jobs and also do away with the hurdles hampering India's internal and global trade," Prabhu said at an event here.
Prabhu said India, with initiatives like "Digital India, Make in India and Skill India", is now being looked upon as one of the most appropriate destinations for manufacturing and service locations by many of the foreign companies.
The minister further said the government has taken many measures to improve the trade performance through efficient and effective logistics including granting of infrastructure status to "warehousing, cold chains and multi-modal logistics parks".
"The measures include smoothening of the border and cross border documentation and activities, dedicated freight corridors, investments in port and other infrastructures, alignment of all business processes thus attempting to improve logistics performance of the country," he was quoted as saying in an official statement.
According to Prabhu, the ministry is working on a "National Logistics Policy" and another policy on the development of "Multi-modal Logistics Parks" to be announced soon.
A logistics wing has been created in the Department of Commerce for integrated development of the sector.
Prabhu was speaking at an event where the commerce department's logistics wing and the Indian Institute of Foreign Trade (IIFT) singned an MoU for setting up a Centre for Trade Facilitation and Logistics Excellence (CTFL).
The Centre has been given a mandate to bring together industry, academia, governments and organizations of national and international level, to work on key supply chain and logistics and management challenges facing firms in the globalised environment.
Prabhu said the cost and speed of logistics at present is hindering the market share that Indian products deserve and CTFL will attempt to solve these issues. It will also train trade facilitation and logistics professionals and government officials concerned.
The minister also released the logo of logistics division. It is a graphic symbol representing a pair of swans known for their ability to travel long distances and are comfortable in the sky, water and on earth and represents team work between various partners in logistics.
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Man arrested with Rs 2.54-crore heroin in Mumbai
Mumbai (PTI): Police have arrested a man and seized over 500 grams of heroin worth Rs 2.54 crore in the illicit market from him in Mumbai, officials said on Friday.
The police's Anti-Narcotics Cell (ANC) made the drug seizure in Santacruz in the western suburbs. The operation was conducted by the Kandivali unit of the ANC on Thursday as part of a special crackdown against drug trafficking in the area, they said.
Acting on specific inputs, an ANC team conducted a raid in Santacruz (East) and intercepted a man. During a search, the team recovered 508 grams of high-grade heroin from his possession, an official said.
The seized contraband, a highly addictive, opioid drug derived from morphine, is estimated to be worth Rs 2.54 crore in the international market, he informed.
Following the seizure, a case was registered against the man under relevant sections of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985, and he was formally placed under arrest in the early hours of Friday.
The police are currently investigating the source of the drug and trying to identify the intended recipients of the consignment, he said.
