India will become world's largest automobile market in 5 years: Gadkari

Union Minister Nitin Gadkari expressed confidence that India will become the largest automobile market in the world in the next five years under the leadership of Prime Minister Narendra Modi

Union Minister Nitin Gadkari on Friday expressed confidence that India will become the largest automobile market in the world in the next five years under the leadership of Prime Minister Narendra Modi.

The Union minister for road transport and highways was addressing a gathering in Vapi town of Gujarat's Valsad district after inaugurating 'Rajju Shroff ROFEL University' campus.

"At present, the size of the Indian automobile industry is Rs 7.5 lakh crore. The industry has so far created 4.5 crore jobs, and it pays the maximum Goods and Services Tax (GST) to the Central and state governments," Gadkari said.

India was previously at fourth position in the world (automobile market) after Japan, the US and China, but recently the country surpassed Japan to become No. 3, he said.

"And, I am confident that within five years, thanks to the leadership of Prime Minister Narendra Modi, we will be No.1 and the size of the industry will be Rs 15 lakh crore," the minister said.

Given the qualified manpower and raw material available in the country, he expressed confidence that India can become the number one economy in the world in future.

"We want India to be a super economic power. To do that, futuristic technology will be needed. India has the largest engineering manpower as well as required raw material. We can make India the number one economy in the world," he said.

"India imports fossil fuel worth Rs 16 lakh crore every year. Green hydrogen and ammonia are fuels of the future. Our aim is to make India an energy-exporting country," the minister said.

Gadkari said he reviewed the ambitious Delhi-Mumbai Expressway project that passes through Gujarat to clear some "problems".

People can travel from Delhi till Nariman Point in Mumbai in just 12 hours once the highway gets completed, he said.