29 October,2024 03:47 PM IST | Mumbai | mid-day online correspondent
Spain`s Prime Minister Pedro Sánchez’ poses with Nitin Gadkari Minister of Road Transport & Highways Government of India, during the business forum in Mumbai on October 29. (Pic/AFP)
Union Minister for Road Transport and Highways, Nitin Gadkari, articulated a vision for India to emerge as the world's premier automobile hub within the next decade, at the Spain-India Business Summit held in Mumbai on Tuesday, reported news agency ANI.
Gadkari highlighted India's significant advantages in production costs and labour, expressing optimism about the country's potential to outpace current leaders, China and the United States.
"The size of our automobile industry is 22 lakh crore and the size of China's automobile industry is 44 lakh crore and US is 78 lakh crore. Now, our aim is to make India's automobile industry within 10 years number one in the world." he stated.
While Gadkari acknowledged that India's production costs are lower than those of other countries, he pointed out that high logistics costs remain a challenge.
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"USA and European countries, it is 12 per cent. And Indian scenario is going up to 14 to 16 percent. So, this is the first time we have decided to reduce this cost. We have now a lot of express highways, 36 green access control express highways. Our NHI is triple-A rating," Gadkari added.
In his address, Gadkari also discussed India's initiatives in sustainable technology, particularly in water and waste management.
Gadkari explained, "We have implemented the water sewage, there is a 90 ml dislodge of Mathura converting into clean water and giving that water to Indian oil refinery in Mathura. First time when I was water resource minister, we planned it for hybrid annuity. 40 per cent from the government and 60 per cent from the investor," he explained.
Gadkari acknowledged India's heavy dependence on imported fossil fuels, costing approximately Rs 22 lakh crore annually.
He stated, "It is one of the important economic challenges to our country that we have the import of fossil fuel of 22 lakh crores. We have got electric cars, electric buses, electric scooters, electric auto rickshaw and now electric trucks also are ready and electric tractors are ready. So we are making alternative fuel and biofuel."
Highlighting recent progress, Gadkari noted that India is making strides in biofuels derived from various sources.
Gadkari said, "As a success story, we already have a global alliance in G20 and a lot of new technology has already been invented. So we are making ethanol from corn, sugarcane juice, molasses, B molasses, C molasses and food grain."
Gadkari concluded by emphasising the importance of transparency and efficient decision-making within India's systems.
He said, "And that is the reason that by making this alternative and biofuel, I am confident that we will reduce the cost of the fuel and making good express highway, our target is within 2 years, our logistic cost will be 9 per cent, single digit, by which 100 per cent the economic viability, 100 per cent is going to increase. In the Indian scenario, there is a lot of transparency in our system, the fast track decision making process, and the dream of the Prime Minister is to make India Atmanirbhar Bharat."
(With inputs from ANI)
