India targets to increase auto sector to Rs 15 lakh crore by the end of 2024: Nitin Gadkari

Our automobile industry is worth roughly Rs 7.5 lakh crore, and we want to increase it to Rs 15 lakh crore by the end of 2024, making it one of the biggest automakers in the world and creating huge job opportunities," Gadkari said during a virtual session of the Merchants' Chamber of Commerce and Industry.

He says that by 2030, the majority of vehicles in the country would be powered by alternative fuels.

"We are also focusing on producing alternative, clean, and green fuels such as bio-ethanol, bio-CNG, bio-LNG, and green hydrogen," he said, adding that green hydrogen is fuel of the future.

Gadkari spoke about the success of the listing of Infrastructure Investment Trust (InvIT) which drew huge interest from investors.

InvIT is a collective investment scheme, similar to a mutual fund, that allows individual and institutional investors to invest directly in infrastructure projects and get a tiny share of the income as a return.

The minister also discussed his goal of lowering construction costs while improving quality by utilising more recycled materials such as plastics, rubber, and others.

According to Gadkari, these goods will save money by using less cement and steel.

Info Source:  ET Auto

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