India is aiming to double the size of its automobile industry to Rs 15 crore by the end of 2024, making it one of the world’s leading countries in the sector, Union Road Transport and Highways Minister Nitin Gadkari said on Wednesday.
Gadkari also said that his ministry will carry out project work worth Rs 5 crore next year, of which Rs 2 crore will come from the government and the rest will be raised by the capital market. “Currently, our auto industry is Rs 7.5 crore and we want to increase it to Rs 15 crore by the end of 2024, making it one of the largest car manufacturers in the world and creating huge employment opportunities,” Gadkari said in a virtual meeting. chambers of commerce and industry.
Gadkari said the majority of cars in the country will run on alternative fuels by 2030. “We are also working on the development of alternative, clean and green fuels such as bio-ethanol, bio-CNG, bio-LNG and green hydrogen,” he said, noting that green hydrogen is the fuel of the future & the success of the listing of Infrastructure Investment Trust (InvIT), which has generated huge investor interest.
InvIT collective investment scheme
• InvIT is a mutual fund-like collective investment scheme that allows direct investment by individual and institutional investors in infrastructure projects to receive a small portion of the return as a return.
• Small investors are getting 8 percent returns, better than banks.
•Next year it will be doing Rs 5 crore worth of work.
The Minister also talked about his focus on reducing the cost of construction with improved quality with greater use of recycled materials such as plastics, rubber and others. Gadkari said these products will offer cost reduction with less use of cement and steel. With a philosophy of inclusive growth, India will play a key role in achieving the Sustainable Development Goals (SDGs) 2030, the minister said.
