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World Bank to assist India in Logistics, Investment and Trade

India and World Bank discussed to explore the possibility to strengthen the bank’s support towards the country’s development with collaboration in specific areas of Trade,Logistics and investment. The World Bank team from Washington met Commerce Minister Suresh Prabhu in this regard at the national capital on July 12th.

The team was led by Ms Caroline Freund, Director of Trade, Regional Integration and Investment climate and Mr Junaid Ahmed, Country Director for the World Bank in India.

The Minister highlighted the work being done by the Ministry for developing a National Integrated Logistic Policy (NILP).The Policy will focus on increasing the capacity of storage and warehousing and other value added services.

Multimodal logistics parks, integrating various transportation modes, are also being developed right up to the district level. The Minister also highlighted the work being done by the Ministry towards identifying specific products and markets to increase India's exports by USD 100 bn. He underlined the need for understanding product specific supply chains for India to integrate effectively into global supply chains. The (NILP) will reduced the cost of goods and make Indian product more competitive.

In the meeting it was agreed that a workshop will be conducted with World Bank and concerned Ministries in order to identify specific interventions required to streamline logistics in the country with an aim to integrate Indian products into Global value chains.

 




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