Nitin Gadkari’s Big Vision: India’s Auto Sector to Be No.1 in Five Years

Union Minister Nitin Gadkari has expressed confidence that India's automobile industry will become the world's largest within the next five years. Addressing a Federation of Automobile Dealers Association (FADA) event, Gadkari highlighted the industry's significant growth, noting its expansion from ₹7.5 lakh crore in 2014 to ₹22 lakh crore currently. He emphasized the sector's substantial contribution to employment, having generated 4.5 crore jobs, and its pivotal role in Goods and Services Tax (GST) revenues. Gadkari also pointed out that 50% of two-wheelers manufactured in India are exported, underscoring the global demand for Indian automotive products. 

 

In a related development, Suzuki Motor's President, Toshihiro Suzuki, announced plans to establish India as a global production hub for electric vehicles (EVs). Suzuki intends to export these EVs to markets including Japan and Europe, highlighting India's growing significance in the global automotive landscape. 

 

These initiatives reflect a concerted effort to position India as a leader in the global automobile industry, leveraging its manufacturing capabilities and strategic initiatives to drive growth and innovation.

 

Source: REUTERS,BUSINESS & FINANCE NEWS INDIA