Nitin Gadkari Sets Target for Global Auto Leadership

Union Minister Nitin Gadkari announced that India's electric vehicle market is projected to reach a value of Rs 20 lakh crore by 2030. Speaking at a summit in New Delhi, Gadkari stated this growth could create five crore jobs. He set a government target to make India's automobile industry the top global leader within five years, acknowledging the goal is difficult but not impossible.

Gadkari noted that India currently has 57 lakh registered electric vehicles, representing a 7 per cent market penetration. He highlighted a significant production gap in electric buses, where annual manufacturing of 50,000 to 60,000 units fails to meet a demand of one lakh units. He also cited the economic burden of fossil fuel imports, which cost India Rs 22 lakh crore and increase pollution.

To improve global competitiveness, the government aims to reduce logistics costs to 8 per cent. Gadkari reported that recent infrastructure projects have already lowered these costs from 16 per cent to 10 per cent.