Union Cabinet has approved the setting up of the Integrated Transport and Logistics Authority. Briefing the media in New Delhi today after the Union Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw said that this will strengthen research, planning, appraisal, monitoring and impact assessment across the transportation and logistics sector. He said it will serve as the apex body for integrated transport and logistics planning in the country.

 

Mr Vaishnaw said, as the country’s GDP is growing at a rate of around 7% to 8%, the demand for logistics is also increasing continuously. The Minister said that several highways, railway lines, waterways, airports and new ports are being developed across the country to meet this growing demand. The Integrated Transport and Logistics Authority will prepare a long-term National Transport Master Plan with a planning horizon of ten years.

 

Union Cabinet has also approved the establishment of ten thousand crore rupees Small and Medium Enterprises Growth Fund for equity investments in Small and Medium Enterprises. Mr Vaishnav said, the fund will provide long term equity capital to high-potential Small and Medium Enterprises with demonstrated business viability and ability to scale. The Minister said that the majority of funds allocation will go towards manufacturing-focused Small and Medium Enterprises. It will also support enterprises across services, technology, innovation-driven sectors and strategic value chain.