India Wants To Double Auto Industry Size To Rs. 15 Lakh Crore By The End Of 2024: Nitin Gadkari
- India wants to double the size of its auto industry by the end of 2024.
- The current size of India's auto industry is Rs. 7.5 lakh crore.
- The aim is the make India's auto sector one of the largest in the world.
The Union Minister for Road Transport and Highways, Nitin Gadkari recently said that the Government of India wants to double the size of the country’s auto industry to Rs. 15 lakh crore by the end of 2024 calendar year. Speaking during a virtual session of Merchants' Chamber of Commerce and Industry, Gadkari said, “Currently our automobile industry is Rs 7.5 lakh crore and we want to take it to Rs 15 lakh crore by the end of 2024, making it one of the largest automakers in the world, creating huge job opportunities.”
In his speech, Nitin Gadkari said that his ministry will be carrying out projects worth Rs. 5 lakh crore in 2023. While Rs. 2 lakh crore will come from the Government of India, the rest of the amount will be raised from the capital market.
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Nitin Gadkari says that the aim is to make India's auto industry one of the largest in the world.
Gadkari spoke about the success of the listing of Infrastructure Investment Trust (InvIT) which drew huge interest from investors. It’s a collective investment scheme similar to a mutual fund, which enables direct investment from individual and institutional investors in infrastructure projects to earn a small portion of the income as a return. "Small investors are getting 8 per cent return, better than banks. We do not have a problem with funding. Next year we will work worth Rs 5 lakh crore," he said, responding to a question on investment by his ministry,” he said talking about investment by his ministry.
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He also added that by 2030 a majority of automobiles in the country will run on alternative fuels. Calling green hydrogen, the fuel of the future, Nitin Gadkari said, “We are also working on developing alternative, clean and green fuels like bio-ethanol, bio-CNG, bio-LNG and green hydrogen."
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Gadkari says that by 2030 a majority of automobiles in the country will run on alternative fuels.
The minister also spoke about his focus on reducing the cost of construction with improved quality with greater use of recycled materials like plastics, rubber and others. Gadkari said these products will offer a reduction in cost with less use of cement and steel. With the philosophy of inclusive growth, India will play a key role in achieving the Sustainable Development Goals (SDGs) 2030, the minister said.
With inputs from PTI