The Indian government aims to elevate the country’s automobile industry to the top position worldwide within five years, as stated by Union Minister Nitin Gadkari on Wednesday. He expressed optimism regarding the future of the Indian auto sector, citing the presence of skilled workforce and major automobile companies in the nation. Gadkari emphasized, “Our target is to make India’s automobile industry the number 1 in the world within five years… it is challenging, but achievable.” He also mentioned that the quality of vehicles produced in India is high and costs are competitive, contributing to the presence of leading automobile firms in the country.
Gadkari revealed that when he assumed the role of transport minister, the Indian automobile industry’s value was Rs 14 lakh crore, which has now grown to Rs 22 lakh crore. In comparison, the US automobile industry is valued at Rs 78 lakh crore, and China’s at Rs 47 lakh crore. He pointed out that India spends Rs 22 lakh crore on fossil fuel imports, which contributes to pollution issues. The minister highlighted that Indian firms are producing electric cars, buses, and trucks, noting their cost-effectiveness. He also remarked on the decreasing costs of lithium-ion batteries, suggesting that soon, the prices of petrol, diesel, and electric vehicles will converge.
