To ensure they “do not miss the bus,” Gadkari urged automobile manufacturing to increase their development and investment in alternative technologies such as flex fuel, hydrogen, and electricity. He noted that the industry has enormous potential given the rate at which automotive sales are rising. “Everyone was nervous about EVs until four years ago.”That is no longer the case,” declared Gadkari.
GM is “one among the top five carmakers,” he said, “Companies that were not forthcoming enough in their decision to invest in EVs are now repenting.”
In his speech at the 10th Vibrant Gujarat Global Summit on Thursday, Nitin Gadkari, the union minister of road transport and highways (MoRTH), stated that the government wants to see the auto sector in India grow from INR 12.5 lakh crore to INR 25 lakh crore and become the largest in the world when the nation’s economy reaches USD 5 trillion.
FinMin Nirmala Sitharaman projected that India’s GDP would surpass USD 5 trillion by 2027–2028, making it the third-largest economy in the world, during her speech at the conference on Wednesday.
India has experienced rapid growth in car sales from FY21. For the first time, the volumes exceeded 4 million in 2023.
In addition to contributing significantly to the GST of both state and federal governments, this industry has already generated 4 crore jobs. We, therefore, aim to make it an INR 25-lakh crore business and the best in the world as part of PM Narendra Modi’s strategy to make India self-sufficient and a USD 5-trillion economy, Gadkari stated.
Gujarat has been crucial to the growth of the sector, witnessing the establishment of numerous auto clusters throughout the years.
Gadkari urged automobile manufacturing to increase their spending and reach into alternate To make sure people “do not miss the bus,” Nitin Gadkari, Union Minister of Roads and Transport, All Comments, uses technologies including electric, hydrogen, and flex-fuel. He noted that the vehicle industry has enormous potential given the growing number of automobiles. Gadkari mentioned “one among the top five carmakers” when he remarked that businesses that were not transparent enough about their intention to invest in electric vehicles are now apologizing.
Gadkari revealed that his ministry has started working on a detailed project report (DPR) for the pod taxi project that will be implemented in Gujarat’s planned Gift (Gujarat International Finance Tec) City. The DPR’s establishment is a step toward the criteria and specifications that his ministry has already organized a special committee to design for the nation’s PRT system. The public transportation system known as the PRT system, sometimes known as pod cars or pod taxis, is made up of small, automated vehicles that run on a system of specially constructed guideways.
Four to six persons can usually travel nonstop and point-to-point in the driverless pods at once. The National For internal transport within the GIFT City, Highways Logistics Management Limited (NHLML) has already extended an invitation for ideas for the creation of autonomous pods. These pods will be connected with the current metro rail and bus rapid transit (BRTS) systems. During his remarks at the summit, union minister for heavy industries Mahendra Nath Pandey expressed delight at how electrification in the sector has evolved and the way the entire ecosystem is expanding. Later this year, the advanced chemistry cell (ACC) grantees under the productivity-linked incentive (PLI) scheme, namely Ola Electric and Reliance Industries, would start producing cells domestically. The automotive industry’s nodal ministry is the heavy industries ministry.
“India can export cells in addition to fulfilling our demand. We will move from being a net importer to an exporter, which pleases me,” Pandey remarked.
On May 12, 2021, the government authorized the National Programme on ACC Battery Storage, which aims to improve the nation’s ecosystem for battery storage and electric mobility with an INR 18,100 crore budget. Under ACC PLI, the sector has already committed more than INR 13,000 crore in investment. According to Pandey, the vehicle PLI program’s revised deadline of 2026–2027 has been extended by one year.