Auto Industry Size in India should be Rs 15 Lakh crore till 2024 | Nitin Gadkari Statement

According to Union Minister for Road Transport and Highways Nitin Gadkari, India wants to double the size of its vehicle industry to Rs 15 lakh crore by the end of 2024, making it one of the top nations in the world in this industry.

Nitin Gadkari and his ministry are willing to take the project of Rs 5 lakh crore in the upcoming year, of which Rs 2 lakh crore will come from the government and the remaining Rs 4 lakh crore from the capital market.

At a virtual meeting of the Merchants' Chamber of Commerce and Industry, Gadkari stated, "Our automobile industry is currently worth Rs 7.5 lakh crore, and the main reason behind this is to create a huge amount of job opportunities. Making our Auto industry one of the largest will help to achieve that goal. Increasing the budget to Rs. 15 lakh crore by the end of 2024 will be a great success.

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 and creating enormous job opportunities."

By 2030, the bulk of the nation's cars, according to him, will be powered by alternative fuels. Green hydrogen is the fuel of the future, he said the main focus will be on alternative, clean, and green fuels like bio-ethanol, bio-CNG, bio-LNG, and green hydrogen are being developed.

Gadkari discussed the Infrastructure Investment Trust's (InvIT) successful IPO and the ensuing surge in investor interest. A mutual fund-like collective investment plan called InvIT enables institutional and individual investors to make direct investments in infrastructure projects and receive a small return on their investment.

"This project will benefit all the small investors as it can provide up to 8% of interest on their investments which is better than banks. Finances are not an issue for us. We'll do work worth Rs. 5 lakh crore the following year "In response to a query regarding investments made by his ministry, he stated.

The minister also talked about his desire to build structures more cheaply while maintaining or even enhancing quality by utilising more recycled materials, such as plastic and rubber.

Gadkari claimed that by using less cement and steel, these products will be less expensive. According to the minister, India will be crucial to reaching the Sustainable Development Goals (SDGs) 2030 by adopting the inclusive growth concept.