Updated February 11, 2024 13:18 IST
Nitin Gadkari | Image:PTI
Automotive hub ambitions: Union Road Transport and Highways Minister Nitin Gadkari has set a target to position the country as a top automobile manufacturing hub by 2029.
His focus includes building a world-class road network, promoting alternative fuels, and reducing logistics costs. In a recent statement, Gadkari emphasized the role of strong infrastructure in promoting capital investment, industrial growth and agricultural development.
He predicts that India’s economy will grow rapidly within the next five years, becoming the third largest economy in the world, with the auto sector playing a central role. Gadkari emphasized on self-reliance (Atmanirbhar Bharat) and the inclusive presence of major players in the domestic automobile industry.
Gadkari aims to expand the national highway network, which could rival the size of the United States by the end of 2024. The construction of 36 expressways aims to speed up travel between major cities.
In a significant departure from traditional funding routes, Gadkari plans to offer competitive annual returns of 8.05% to small investors working in fixed income.
Moreover, the Minister’s commitment to alternative fuels is also in line with the broader goal of reducing annual fossil fuel imports by Rs 1.6 million.