Addressing the annual convention and 95th AGM of FICCI, Union Minister Nitin Gadkari promised that logistics costs, which is 16 percent of GDP, will fall to single digits, up to 9 percent of GDP by the end of 2024. “It is going to help us get more exports,”, the Minister said, adding that now is the time to increase our business and presence in the international market. 

The minister further stated that by the end of 2024, India’s road infrastructure would be equal to the American standard. 

Minister Gadkari added that India is on the path to building an inclusive Bharat by following the vision of the Hon’ble Prime Minister 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 ₹. 15 lakh crore. “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, and demolition waste.”

Minister Gadkari invited FICCI to prepare a comprehensive growth plan for the next fifty years for all sectors.

On occasion, Sanjiv Mehta, President, FICCI, 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.” 

“By 2030, infrastructure construction alone has the potential to contribute 25percent of incremental growth in nonfarm jobs,” he adds.

He also called attention to India’s century: achieving sustainable, inclusive growth, a unique FICCI initiative supported by McKinsey & Co. to establish a roadmap for India for the next 25 years.   

Subhrakant Panda, FICCI President-elect, highlighted several policies that will catalyse the national economy by driving growth in allied sectors such as housing, steel, and cement. These include PM GatiShakti’s integrated infrastructure development worth ₹7.5 lakh crore in FY23, the construction of 65000 kilometres of national highways, and the National Infrastructure Pipeline.

Alluding to the government’s focus on sustainable infrastructure, Mr Panda highlighted FICCI initiatives, first “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.