India’s Union Road Transport and Highways Minister, Nitin Gadkari, announced that India’s automobile industry has become the world’s third-largest by value, surpassing Japan. The industry’s size has grown significantly from Rs 14 lakh crore to Rs 22 lakh crore. Gadkari highlighted the sector’s pivotal role in driving the country’s economy through manufacturing, employment generation, and tax contributions.
Gadkari credited the industry’s growth to advancements in automobile engineering and collaborative efforts between the government and industry in developing new technologies and alternative fuels. He emphasized that the sector annually contributes around Rs 4.5 lakh crore through Central GST and State GST, making it a substantial revenue source for both Union and state governments. Additionally, the industry has created job opportunities for approximately 4.5 crore individuals.
The Minister stressed the importance of transportation in India’s economic progress, noting that robust infrastructure supports various sectors, fosters trade and business activities, and aids in poverty reduction. He outlined four key elements crucial for industrial growth: proven technology, raw material availability, economic feasibility, and effective marketing strategies. Gadkari outlined the government’s vision for the transport sector, emphasizing the adoption of clean mobility practices supported by ethical, economical, and ecological principles.
At the ‘Prawas 5.0’ event, which brought together transport operators, vehicle manufacturers, and industry stakeholders, discussions revolved around advancements in public transport and mobility. State Ministers, industry representatives, and dignitaries from various states attended the inaugural event, highlighting the industry’s commitment to embracing sustainable practices and innovative technologies.
