1. Home
  2. Infrastructure Transport
  3. ROADS & HIGHWAYS
  4. In next 5 years India to be world's largest automobile market: Gadkari
In next 5 years India to be world's largest automobile market: Gadkari
ROADS & HIGHWAYS

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

06 Jun 2023 2 Min Read 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.

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.

Next Story
Infrastructure Urban
19 Nov 2024

PM Modi unveils development projects in Bihar's Jamui

Prime Minister Narendra Modi launched a series of development projects worth Rs 6,640 crore in Bihar's Jamui district, aimed at transforming infrastructure, healthcare, education, and livelihoods, particularly in tribal areas. Modi attended a function commemorating the 150th birth anniversary of Birsa Munda, marking 'Janjatiya Gaurav Divas.' The PM unveiled a special commemorative coin and postal stamp in Munda's honor, before participating virtually in the 'Grih Pravesh' ceremony for 11,000 newly-built homes for tribal families under the PM Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN). The ..

Read More
Next Story
Infrastructure Urban
19 Nov 2024

Jabil partners with Gujarat Government for Rs 1,000 crore investment in Dholera

US-based electronics manufacturer Jabil has signed a Memorandum of Understanding (MoU) with the Gujarat government to set up an electronics manufacturing services (EMS) facility in the Dholera Special Investment Region (DSIR). The MoU, valued at Rs 1,000 crore, was signed on November 14, 2024, in the presence of Gujarat Chief Minister Bhupendra Patel. The state-of-the-art manufacturing unit will focus on sectors including networking, automotive, and capital goods, and is expected to begin operations by 2027, creating around 5,000 jobs. Jabil, with over 100 global locations, will leverage its ..

Read More
Next Story
Infrastructure Energy
19 Nov 2024

India signs MoU with IEA for Enhanced Cooperation on critical minerals

On November 14, 2024, India’s Ministry of Mines signed a Memorandum of Understanding (MoU) with the International Energy Agency (IEA) to strengthen cooperation in the critical minerals sector. The MoU, aimed at boosting data sharing, analysis, and policy recommendations, is designed to improve India's decision-making and resource management in this vital area. The agreement was signed by V. L. Kantha Rao, Secretary of the Ministry of Mines, and Dr. Fatih Birol, Executive Director of the IEA, in the presence of Union Minister G. Kishan Reddy. The collaboration will focus on capacity building..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

PM Modi unveils development projects in Bihar's Jamui
ECONOMY & POLICY
19 Nov 2024

PM Modi unveils development projects in Bihar's Jamui

Jabil partners with Gujarat Government for Rs 1,000 crore investment in Dholera
ECONOMY & POLICY
19 Nov 2024

Jabil partners with Gujarat Government for Rs 1,000 crore investment in Dholera

India signs MoU with IEA for Enhanced Cooperation on critical minerals
COAL & MINING
19 Nov 2024

India signs MoU with IEA for Enhanced Cooperation on critical minerals

Delhi HC upholds order for GAIL to pay $7.2 million to Jindal Saw
ECONOMY & POLICY
19 Nov 2024

Delhi HC upholds order for GAIL to pay $7.2 million to Jindal Saw

GAIL signs long-term LNG deal with ADNOC gas
OIL & GAS
19 Nov 2024

GAIL signs long-term LNG deal with ADNOC gas

JN Port Authority approves dredging and reclamation for Vadhvan Port
PORTS & SHIPPING
19 Nov 2024

JN Port Authority approves dredging and reclamation for Vadhvan Port

Muzaffarpur Station’s world-class redevelopment to Finish by 2026
RAILWAYS & METRO RAIL
19 Nov 2024

Muzaffarpur Station’s world-class redevelopment to Finish by 2026

MLA inaugurates Rs 66 lakh road project in Patiala
ROADS & HIGHWAYS
19 Nov 2024

MLA inaugurates Rs 66 lakh road project in Patiala

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000