India Poised To Become World’s Largest Automobile Market in Five Years: Nitin Gadkari

New Delhi, Nov 28 (KNN) India’s automobile industry, currently ranked third globally behind China and the United States, is poised for an ambitious leap to the top spot within the next five years, according to Union Transport Minister Nitin Gadkari.

Speaking at the Times Green Drive Conclave and Awards 2024, Gadkari outlined the government’s vision to transform the Rs 22 lakh crore sector into the world’s largest, aligning it with the broader objective of Atmanirbhar Bharat (self-reliant India).

China leads the global market with an automobile industry worth Rs47 lakh crore, followed by the United States at Rs 78 lakh crore. Despite this gap, India’s rapid economic growth positions it well for expansion.

“Our mission is to make India the global leader in automobiles. This sector is not only our top exporter but also the highest contributor to GST revenue and a source of 4.5 crore jobs,” Gadkari noted.

The minister highlighted the importance of adopting sustainable technologies and fuels, such as ethanol, methanol, biodiesel, bio-LNG, electric vehicles, and hydrogen, to reduce reliance on imported fossil fuels.

“We import Rs 22 lakh crore worth of fossil fuels annually, which exacerbates air pollution. Transitioning to alternative energy sources is critical to combatting this issue,” he said.

Emphasizing the environmental benefits, Gadkari called for the production of biofuels using surplus food grains. These fuels, he explained, are not only cost-effective and eco-friendly but also boost rural and tribal economies by generating agricultural income.

The minister’s personal adoption of a hydrogen-powered car underscores his commitment to sustainable mobility solutions.

India’s automobile sector plays a pivotal role in the economy, and the government’s vision to lead the global market aligns with its focus on innovation and green technology.

With robust policies and investments in renewable energy and alternative fuels, the industry is set to drive economic growth while addressing pressing environmental concerns.

(KNN Bureau)