New Delhi [India], November 27 : The Indian automobile industry ranks third globally, behind China and the United States, but the government aims to elevate it to the top position within the next five years, Union Transport Minister Nitin Gadkari stated.
The Indian automobile industry's market size is approximately Rs22 lakh crore. China leads with Rs47 lakh crore, followed by the US at Rs78 lakh crore. Speaking at the 'Times Green Drive Conclave and Awards 2024,' the minister highlighted India's potential and growth.
India is currently the fastest-growing major economy in the world.
"Our mission and dream are to make the Indian automobile industry the world's largest within five years. This industry is crucial to the vision of Atmanirbhar Bharat," said Gadkari.
"This sector is our top exporter, contributes the highest GST revenue to both state and central governments, and has so far generated 4.5 crore jobs. By focusing on ethanol, methanol, biodiesel, bio-LNG, electric vehicles, and hydrogen, we are investing in the fuels of the future," he added.
Addressing the issue of air pollution, the minister emphasised the need for adopting alternative energy sources for vehicles.
"We annually import fossil fuels worth Rs22 lakh crore, a major contributor to pollution. In the transport sector, finding alternatives to fossil fuels is critical," he noted.
"Pollution is a pressing concern. Without reducing fossil fuel imports, the air pollution problem cannot be resolved," Gadkari said.
He proposed that surplus food grains in India could be used to produce alternative biofuels, describing biofuels as import substitutes that are cost-effective, pollution-free, and indigenous.
The minister also highlighted how alternative fuels could benefit the agriculture sector, rural areas, and tribal regions by boosting income.
Notably, the minister himself drives a hydrogen-powered car.