Union Minister for Road Transport and Highways, Nitin Gadkari, on Thursday said the government is planning to bring down logistics costs in India by more than 5 percentage points, taking the cost to less than 10% of the GDP.
It is intended to make India more competitive as a match to economic giants like China and the USA. Gadkari made this declaration while inaugurating the Convergence India & 10th Smart Cities India Expo at Bharat Mandapam.
The Minister pointed out infrastructure development as the prime force behind India's fast-growing economy. He underlined the aim of the government to lower the costs of logistics, which are now at 14-16% of GDP, to single digits. Through this, India hopes to improve its competitive position in the world.
The expo, organized under the theme "Imagining an AI-Driven Future Today: Innovating for a Better Tomorrow," is being organized by the Exhibitions India Group (EIG) and India Trade Promotion Organisation (ITPO). The expo is likely to see more than 50,000 visitors in the next three days. Visitors will be able to experience innovations and technologies from more than 1,000 exhibitors from 28 nations. One of the prominent characteristics of this year's event was the inclusion of 200 startups, demonstrating their increasing strength in innovative technologies.
Among the numerous technologies showcased are 5G and 6G, Artificial Intelligence (AI), Big Data, Internet of Things (IoT), Cybersecurity, Augmented Reality/Virtual Reality (AR/VR), Fintech, Urban Mobility, and Smart City solutions. Moreover, attendees can interact with innovations in Digital Gaming, Mobile Devices, E-commerce, Drones, OTT, and others. The inaugural edition of the AI Bharat Expo will also focus on the intersection of artificial intelligence in industrial and retail ecosystems.
One of the expo's main draws is the Startup Hub, which will showcase more than 250 startups offering solutions in new technologies, ICT, and Smart City solutions. The hub will provide mentoring opportunities, a Startup Pitch competition, and meetings with investors. Furthermore, the Smart City & Fintech Innovation Awards will be awarded, further stimulating innovation in these ecosystems.
The event will also feature around 40 conference sessions, which will serve as a platform for dialogue between government officials, industry captains, innovators, think tanks, and scholars. The sessions will address the current trends in India's digital revolution and urbanization.
In the course of the session, Sanket Bhondve, Joint Secretary, Ministry of Electronics & IT, stated that India has one of the largest energy data sets in the world, which tracks 300,000 circuit kilometers of transmission lines and 400,000 MW of generation capacity. This enormous dataset provides rich insights to enhance grid efficiency and facilitates data-driven decision-making.
Overall, the expo is a significant platform for promoting India's technological progress and facilitating opportunities for cooperation in all sectors, but especially in AI, smart cities, and the startup ecosystem.
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