India Aiming To Double Automobile Industry Size By 2024: Gadkari

Union Road Transport and Highways Minister Nitin Gadkari said that India is targeting to double the size of the Indian automobile industry by the end of 2024, on Wednesday. The aim is to increase the size of the industry to Rs 15 lakh crore and to make the country top in the world in this sector.

Minister stated that his ministry is going to work on projects worth Rs five lakh crore in 2023. In these projects, Rs two lakh crore will come from the Indian government and the rest amount will be raised from the capital market.

While addressing a virtual session of the 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, creating huge job opportunities and making it one of the largest automobile industry.”

By 2030, automobiles will run on alternate fuel options in the country. Gadkari further commented on green hydrogen as the fuel of the future, he said “ We are also working on developing alternative, clean and green fuels like bio-CNG, bio-LNG, bio-ethanol and green hydrogen.”

While speaking about the successful Infrastructure Investment Trust (InvIT) which is a mutual fund-like collective investment plan, that enables institutional and individual investors to make direct investments in infrastructure projects and receive a small return on their investment an investment scheme has helped to draw the interest of investors.

In a response to the question asked by his ministry on investment, he further mentioned “Small investors are getting eight per cent return, better than banks. We don’t have a problem with funding. Next year we will work worth Rs five lakh crore.

Gadkari also shared his aim of reducing the construction cost by using recycled materials like rubber, plastic and other materials with improving the quality of work. With the use of recycled materials, the use of steel and cement will be decreased and it will eventually help India to achieve the Sustainable Development Goals (SDGs) 2030.