India to become world's largest automobile market by 2028, says Nitin Gadkari

June 06, 2023

Union Minister for Road Transport and Highway, Nitin Gadkari, has claimed that India will become the world's largest automobile market in five years, reports PTI. His comment comes at a time when India has overtaken Japan to grab the third spot in the list of the world's largest automobile markets. Currently, China is at the number one position, while the US holds the second position in the list.

Speaking about the Indian automobile industry and the country's chance to become the world's largest automobile market, Nitin Gadkari said that at present, the size of the country's automobile industry is ₹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 further stated.

The union minister also said that he is confident about India becoming the world's largest automobile market. He further said that the country's automobile industry would be sized at ₹15 lakh crore by 2028."I am confident that within five years, thanks to the leadership of Prime Minister Narendra Modi, we will be number one, and the size of the industry will be ₹15 lakh crore,"the minister said.

Gadkari further stated that with this growth, the Indian auto industry would help the country to be a super economic power and the number one economy in the world in future.

While speaking about that, the minister further reiterated the need to move to greener and cleaner fuel options from the current fossil fuels, which the country relies on most for all its energy needs."India imports fossil fuel worth ₹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.

News Source : auto.hindustantimes.com