Union Minister for Road Transport and Highways Nitin Gadkari stated on Wednesday that India wants to become one of the top automotive nations in the world by increasing the size of its industry to Rs 15 trillion by the end of 2024.
Nitin Gadkari further stated that his ministry will undertake project works valued at Rs 5 trillion in the upcoming year, with the government contributing Rs 2 trillion and the remaining funds coming from the capital market.
At a virtual meeting of the Merchants’ Chamber of Commerce and sector, Nitin Gadkari stated, “At present, our automobile industry is Rs 7.5 trillion and we want to take it to Rs 15 trillion by the end of 2024, making it one of the largest automakers in the world and creating huge job opportunities.”
By 2030, he predicted, most cars in the nation will be powered by alternative fuels.
The future fuel, according to him, is green hydrogen. According to him, we are also creating clean, green, and alternative fuels including green hydrogen, bio-ethanol, bio-CNG, and bio-LNG.
Speaking, Nitin Gadkari highlighted the Infrastructure Investment Trust’s (InvIT) successful IPO, which attracted a lot of interest from investors. A mutual fund-like collective investment plan called InvIT allows institutional and individual investors to directly participate in infrastructure projects and receive a small percentage of the income in return.
Small investors are getting an 8 percent return, compared to banks. We are not having any financial issues. In answer to a question about the ministry’s investment, he said, “We’ll be working on projects worth Rs. 5 trillion next year.”
The minister also discussed his emphasis on using more recycled materials, such as rubber and plastic, to build buildings at a lower cost while maintaining quality.
According to Nitin Gadkari, these goods will provide cost savings by using less steel and cement.
The minister stated that India will be crucial in accomplishing the Sustainable Development Goals (SDGs) 2030 through the inclusive growth concept.