India aims to double auto industry size to Rs15 lakh crore by 2024, says Nitin Gadkari

29 Dec 2022 , 09:18 AM

India has planned to double the size of its automobile industry to Rs15 lakh crore by the end of year 2024, making it one of the world’s top countries in this sector, Union Road Transport and Highways Minister Nitin Gadkari said on Wednesday.

In a statement, Minister Gadkari also said that his ministry will carry out project works worth Rs5 lakh crore next year, of which Rs2 lakh crore will come from the government and the rest will be raised from the capital market.

‘Currently our automobile industry is Rs7.5 lakh crore and we want to expand it to Rs15 lakh crore by the end of 2024, making it one of the largest automakers in the world, creating huge job opportunities,’ Gadkari said at a virtual session of Merchants’ Chamber of Commerce and Industry.

He further added that the majority of automobiles in the country will run on alternative fuels by 2030.

The department is also working on developing alternative, clean and green fuels like bio-ethanol, bio-CNG, bio-LNG and green hydrogen,’ Minister said, adding that green hydrogen is the fuel of the future.

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