According to Finance Minister Nirmala Sitharaman, the soon-to-be-released policy will clarify the roles of the Central and state governments and key regulators.
"It will create a single window e-logistics market and focus on generation of employment, skills and making MSMEs competitive," she said in her Budget speech.
At present, India's logistics sector is highly fragmented and the policy aims to reduce the logistics cost from 14 per cent of GDP to less than 10 per cent by 2022.
"India's logistics sector is very complex with more than 20 government agencies, 40 PGAs, 37 export promotion councils, 500 certifications, 10,000 commodities, 160 billion market size. It also involves 12 million employment base, 200 shipping agencies, 36 logistics services, 129 ICDs, 168 CFSs, 50 IT ecosystems and banks & insurance agencies," the Ministry of Commerce and Industry said in a statement.
"Further, 81 authorities and 500 certificates are required for EXIM."
The sector provides livelihood to more than 22 million people and improving the sector will facilitate 10 per cent decrease in indirect logistics costs, leading to the growth of 5 to 8 per cent in exports.
"Further, it is estimated that the worth of Indian logistics market will be around$215 billion in the next two years compared to about $160 billion at present."
The policy which has been formulated by the Commerce and Industry Ministry will improve India's trade competitiveness, create more jobs, improve India's performance in global rankings and pave the way for India to become a logistics hub.
( With inputs from IANS )