Gandhinagar, July 9 (SocialNews.XYZ) Union Road Transport and Highways Minister Nitin Gadkari said on Thursday that India's automobile industry has grown into the world's third largest by value after overtaking Japan, with its size increasing from Rs 14 lakh crore to Rs 22 lakh crore.
Addressing the inauguration of 'Prawas 5.0', the multimodal transport exhibition organised by the Bus and Car Operators Confederation of India (BOCI) in Gandhinagar, Gadkari added that the sector had become one of the country's biggest economic drivers through manufacturing, employment and tax revenues.
"When I took charge as a Minister, the size of this industry was Rs 14 lakh crore and our rank in the world was seventh. Today, we have moved forward, surpassing Japan, and our rank is third in the world. The size of this industry is Rs 22 lakh crore. The US ranks first and China ranks second," he said.
He attributed the growth to reforms in automobile engineering and cooperation between the government and industry in developing new technologies and alternative fuels.
According to the Union Minister, the automobile sector now contributes around Rs 4.5 lakh crore annually through Central GST and State GST, making it one of the largest sources of tax revenue for both the Union and state governments.
He added that the industry has generated employment for around 4.5 crore people.
"Transport remained central to India's economic development because stronger infrastructure supports industry, trade and business, which in turn creates jobs and helps reduce poverty," he said.
He emphasised that four elements were essential for industrial growth: proven technology, availability of raw materials, economic viability and effective marketing.
The Union government's vision for the transport sector, Gadkari said, was based on clean mobility supported by the principles of ethics, economy and ecology.
"Public transport must increasingly adopt technologies that reduce pollution and dependence on imported fossil fuels while remaining economically viable," he noted.
He also called for greater use of alternative fuels, including bio-fuels, ethanol, methanol, bio-diesel, LNG, electricity and hydrogen, alongside continued technological innovation by vehicle manufacturers.
'Prawas 5.0' brought together transport operators, vehicle manufacturers and industry representatives to discuss developments in public transport and mobility.
State Ministers Jitu Vaghani and Kantilal Amrutiya, Ministers from Uttarakhand and West Bengal, BOCI President Prasanna Patwardhan and other industry representatives attended the inaugural event.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz