India’s Ambitious Drive: Top Spot in Global Auto Industry

India's automobile industry, ranking third globally, is aspiring for the top position within five years, says Transport Minister Nitin Gadkari. The industry is vital to India's economic growth, contributing significantly to jobs and GST revenue. Focus is on adopting alternative fuels to reduce pollution and imports.

India's automobile industry currently holds the third position globally, trailing behind China and the United States. However, Transport Minister Nitin Gadkari expressed confidence that the nation could climb to the number one spot within the next five years. With a market size of approximately Rs22 lakh crore, India is already a key player on the global stage. In contrast, China and the U.S. boast markets of Rs47 lakh crore and Rs78 lakh crore, respectively.

Speaking at the 'Times Green Drive Conclave and Awards 2024,' Gadkari emphasized India's status as the fastest-growing major economy worldwide. He reiterated the government's mission to make India the largest automobile market by 2029, a crucial step towards the Atmanirbhar Bharat vision. The sector stands out as the top exporter and the highest contributor to GST revenue, having created 4.5 crore jobs so far.

The minister underscored the importance of embracing future fuels such as ethanol, methanol, biodiesel, bio-LNG, electric vehicles, and hydrogen. He stressed the need to address air pollution through alternative energy sources, highlighting the Rs22 lakh crore worth of annual fossil fuel imports as a major pollution culprit. Gadkari proposed the use of surplus food grains for biofuel production, positioning these fuels as cost-effective, indigenous, and pollution-free solutions that could also bolster the agricultural and rural economy.

(With inputs from agencies.)