India aims to double its auto industry size to US$ 180 billion (Rs. 15 trillion) by 2024
- IBEF
- December 29, 2022
Union Road Transport and Highways Minister, Mr. Nitin Gadkari informed that India is aiming to double the size of its automobile industry to US$ 180 billion (Rs. 15 trillion) by the end of 2024, from the current US$ 91 billion (Rs. 7.5 trillion) making it one of the largest automakers of the world.
He further revealed that the roads transport and highways ministry will be carrying out projects worth US$ 60 billion (Rs. 5 trillion) next year, out of which US$ 24 billion (Rs. 5 trillion) will be given by the government, and the rest will be raised in the capital market.
As per Mr. Nitin Gadkari, the majority of automobiles in India will be running on alternative fuels by 2030, and the country is also working on developing alternative, clean and green fuels like bio-ethanol, green hydrogen, etc. Additionally, the ministry is also focusing on cost reduction of construction with greater use of recycled materials like plastics, rubber, and others.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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