An increase in efficiency and reduction in logistics expenses with the newly-launched National Logistics Policy will benefit customers by making products available at a lower cost, e-commerce company Flipkart said on Monday.

Prime Minister Narendra Modi on Saturday unveiled the National Logistics Policy that seeks to address challenges facing the transport sector and bring down the logistics cost of businesses from 13-14 per cent to a single digit.

At a grand launch event, he had said the policy aims to expedite the last-mile delivery, helping businesses save time and money.

"The National Logistics Policy is a welcome move and this along with PM Gati Shakti plan will help build a more resilient logistics ecosystem in the country. Along with improving efficiency across the value chain, it will also result in a considerable reduction in logistics costs from their present level, thereby benefiting the end customer with lower costs," Flipkart Group Chief Corporate Affairs Officer Rajneesh Kumar said in a statement.

He said that the policy will also strengthen the demand for modern warehousing in the country, fast-tracking India's journey to become a global logistics hub with enhanced economic activity post-pandemic and achieve global benchmarks by 2030 by removing hurdles within the logistics sector and organizing it.

"E-commerce companies have passionately gone about using technology to strengthen the logistics sector and also launching warehouses and sortation centres through the length and breadth of the country, getting a fair price to landowners while boosting demand for ancillary services like packaging, security and canteen as well as truckers," Kumar said.

Kushal Nahata, CEO and co-founder of e-commerce-focussed Software-as-a-Service (SaaS) provider FarEye said that to make India as competitive as China, the US, and Europe, the government must bring down the logistics costs, which currently hovers around 13-14 per cent to nearly 8 per cent in the next 5 years.

"The Unified Logistics Interface Platform (ULIP) not only promises to bring all the stakeholders on one platform but will also harness the power of data analytics to facilitate the seamless movement of cargo within the country. ULIP will bring in more visibility and transparency to the logistics sector and help companies become more cost-efficient," Nahata said.

Om Logistics Chairman and Managing Director Ajay Singhal said that the mindset of youth will change towards logistics sector which was considered as an unorganised sector.

"The coming together of seven trade ministries will directly benefit key sectors like manufacturing, transportation, warehousing, shipping and exports. With LEADS (Logistics Ease Across Different States) and Ease of Logistics (E-Logs), the movement of goods will be faster and all industries will get commercial benefits. Now, all logistics associations having E-Logs will now share their business issues with concerned ministries directly," Singhal said.