Nitin Gadkari, Union Minister of Road Transport and Highways, recently said that India will be the number one automobile manufacturing hub by 2029. Not only this, the country will also become the third largest economy in the next five years, according to Gadkari.
He further noted that the key focal points for the Centre in this direction are building a world-class road network, the shift to alternative fuels and reduction in logistics cost. Gadkari emphasised the importance of good infrastructure, water, power, transport, and communication for the development of capital investment, industry, and agriculture.
He also stated that the auto industry will significantly contribute to the Indian economy.
"We have all products and all major players present in the country. The automobile industry will give strength to the Indian economy and we will be Atmanirbhar Bharat and we will be the third largest economy in the world in the next five years," Gadkari was quoted as saying by The Economic Times.
Moreover, the minister said that the country's national highway network will match that of the USA by the end of 2024, and his ministry is constructing 36 expressways to reduce travel times between major cities.
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Gadkari also mentioned that he is not reliant on government funding for his infrastructure vision, instead, he will provide an assured return of 8.05% per annum to small investors who invest in bonds.
Furthermore, Gadkari stated the government's aim to diversify to alternate fuels, reducing the import of fossil fuel which currently stands at ₹16 lakh crore per year. He disclosed that the government is working on a project with Indian Oil Corporation in Panipat where they are using rice straw to make ethanol and bio-bitumen.
"So, our policy is vert simple- diversification of agriculture towards energy powers, so that our kisans are no longer 'anna daata' but 'urja daata', 'bitumen daata', and 'hawaaii indhan daata' or sustainable aviation fuel," he said.
He expressed confidence that by the end of 2024, India's logistic cost will be around 9%, increasing exports one and a half times. He also highlighted the need to reduce logistic costs in the country, comparing it with China, European countries, and the USA.
The minister concluded by expressing belief in the politics of progress and development and the majority win of the NDA alliance in the 2024 general elections. Gadkari said: "Under the leadership of Prime Minister Narendra Modi, we will again get a majority and form the government."
He further noted that people will rise above caste, creed, sex, religion, and language and vote for good work.
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