NEW DELHI: Union Minister for Road Transport and Highways, Nitin Gadkari, expressed confidence that India’s auto industry will become the world’s largest within the next five years.
Speaking at a Federation of Automobile Dealers Association (FADA) event, Gadkari highlighted the sector’s robust growth trajectory and its critical role in the economy, including the creation of 45 million jobs, the highest in the country.
“The size of the Indian automobile industry is now Rs22 trillion. I am confident that within five years, it will become the number one in the world,” Gadkari stated.
Currently, the United States holds the top position with an automobile industry valued at Rs78 trillion, followed by China at Rs47 trillion, placing India third at Rs22 trillion.
Reflecting on the industry’s progress, Gadkari noted that in 2014, when he assumed charge of the ministry, the industry’s valuation was Rs7.5 trillion. Over the years, it has tripled to its current size.
He also emphasised the global demand for Indian automobile products, with 50 per cent of motorcycles manufactured in the country being exported. “This is the automobile industry that contributes the maximum revenue to the state governments and the central government through GST,” he added.
The automobile sector’s significant contribution to employment and revenue underlines its importance in India’s economic framework. While the US automobile industry remains over three times the size of India’s, the rapid expansion of the domestic market and export potential provides a strong foundation for India’s aspirations to claim the top spot globally.
