Multimodal logistics parks - #SectorUpdates
Multimodal logistics parks (MMLPs) form a key policy initiative of the Government of India as a part of the Gati Shakti National Master Plan. The objective of MMLPs is to help India to attain competitiveness by lowering logistics cost through improving the freight logistics sector by lowering overall freight costs and time, cutting warehousing costs, reducing vehicular pollution and congestion, and improving the tracking and traceability of consignments through infrastructural, procedural and technological interventions. The Government is planning to set up 35 MMLPs under Bharatmala Phase-I which is expected to attract Rs 50,000 crores worth of investment and create around two lakh jobs. The MMLPs will have a strong bearing on long term economic growth by way of making logistics sector more economical, efficient and sustainable. The logistics sector will play a crucial role in propelling India to become a USD 5 trillion economy.