In next 5 years India to be world's largest automobile market: Gadkari

06 Jun 2023 CW Team

Nitin Gadkari, the Union Minister for Road Transport and Highways, expressed strong confidence that India will claim the top spot as the world's largest automobile market within the next five years under the leadership of Prime Minister Narendra Modi. Speaking at an event in Vapi, Gujarat, where he inaugurated the 'Rajju Shroff ROFEL University' campus, Gadkari highlighted the current state of the Indian automobile industry. He stated that the industry's size presently stands at Rs 7.5 trillion and has already generated 450 million jobs, making significant contributions to the Central and state governments through Goods and Services Tax (GST) payments.

India has made notable progress in the global automobile market rankings, surpassing Japan to become the third-largest market the US, and China. Gadkari expressed his belief that, with Prime Minister Modi's leadership, India will secure the first position within five years, elevating the industry's size to Rs 15 trillion.

Furthermore, Gadkari emphasised India's potential to become the world's leading economy due to its abundance of qualified manpower and available raw materials. He envisioned India as a super economic power, aided by futuristic technology and leveraging its large engineering workforce and resources. He also highlighted the aim of transforming India into an energy-exporting country by embracing green hydrogen and ammonia as future fuels, thereby reducing the country's heavy reliance on fossil fuel imports, which currently amount to Rs 16 trillion annually.

The Indian automobile industry's projected growth, coupled with the government's focus on infrastructure development and sustainable energy, reinforces India's position as an emerging global player in various sectors. With ambitious goals and strategic initiatives, India is poised to shape its future as a leading economic powerhouse.

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