India is aiming to double the size of its automobile industry to Rs 15 lakh crore by the end of 2024, making it one of the world’s top countries in this sector, said Union Road Transport and Highways Minister Nitin Gadkari on Wednesday. Currently, India’s automobile industry is Rs 7.5 lakh crore.
Speaking at a virtual session of Merchants’ Chamber of Commerce and Industry, Nitin Gadkari said that his ministry will carry out project works worth Rs 5 lakh crore in 2023, of which Rs 2 lakh crore will come from the government and the rest will be raised from the capital market. The union minister said the majority of automobiles in the country will run on alternative fuels by 2030, and the government is working on developing alternative, clean and green fuels such as bio-ethanol, bio-CNG, bio-LNG and green hydrogen.
In his address, Nitin Gadkari highlighted the success of the listing of Infrastructure Investment Trust (InvIT), which drew huge interest from investors. He also underlined his focus on reducing the cost of construction with improved quality with greater use of recycled materials such as plastics, rubber, and others.