Indian Economy News

India can be a number one automobile manufacturer by using lithium reserve: Mr. Nitin Gadkari

  • IBEF
  • March 27, 2023

Mr. Nitin Gadkari, the Union Minister for roads, transport, and highways, claimed that India will become number one automobile manufacturing country in the world if it can utilise a recently found lithium reserve in Jammu and Kashmir. He was addressing an event organized by the Confederation of Indian Industry (CII).

India has surpassed Japan to overtake China and the United States as the third-largest car market in 2022.

Mr. Nitin Gadkari claims that the automobile industry in India is currently worth US$ 91 billion (Rs. 7.5 lakh crore) and makes up the largest portion of the country's total goods and services tax (GST) income.

The Geological Survey of India (GSI) found the estimated 5.9 million tonne lithium reserve, a vital mineral for the production of solar panels and electric cars, in the Reasi district of Jammu and Kashmir.

He stated that there is a need to encourage public transport and also asked the industry leaders to invest in vehicle scrapping. The Minister also emphasised the necessity of bringing India's transportation expenditures from their current level of 16% of gross domestic product (GDP) to just 10% by 2024.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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