Union Road Transport and Highways Minister Nitin Gadkari claimed on Thursday that India's logistics costs will be reduced to single digits over the next five years.

Addressing the 'Deloitte Government Summit' here, Gadkari stated that the government is building multiple highways and expressways to assist cut India's logistical costs.

"I am confident that within five years our logistics cost will be in single-digit," he told me.

However, fast projections from the National Council of Applied Economic Research (NCAER) show that logistics costs in India would vary from 7.8 percent to 8.9 percent of GDP in 2021-22.

The road transport and roads minister also stated that he wants to make the Indian vehicle sector number one in the world.

Last year, India surpassed Japan to become the world's third-largest vehicle market, after only the United States and China, he added.

According to him, India's vehicle sector has grown from Rs 7.5 lakh crore in 2014 to Rs 22 lakh crore in 2024.

When asked about India's macroeconomics, Gadkari stated that it is the world's fastest-growing major economy.

"If we can increase the purchasing power of farmers, then it will have a big positive impact on our economy," he added.

Gadkari also underlined the need for India to grow exports while decreasing imports. According to him, smart cities, smart village is also economically viable. The minister stated that in every organization, performance audits are more essential than financial audits.