Union Minister Piyush Goyal. Photo: PTI
He also said the investments in the Sagarmala project will boost the country's maritime infrastructure, expand freight corridors, make freight more cost-effective and bring down the current logistics cost, which is estimated to be about 13-14 per cent.
The investments would help in reducing this cost to a more acceptable benchmark of 8 per cent, and that is "the need of the hour today and India cannot be competitive as long as our logistics cost remain so high", he said at the Maritime India Summit.
The Sagarmala project aims at augmenting infrastructure in coastal areas of the country.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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