India on the Fast Track to Lead Global Automobile Industry in Five Years

Union Minister Nitin Gadkari announced that India's automobile industry is set to become the world's leading market within five years. Currently valued at Rs 22 lakh crore, the industry has significantly contributed to employment and national revenue, producing and exporting a high volume of vehicles.

In a bold statement on Saturday, Union Minister Nitin Gadkari revealed that India's automobile industry is poised to become the world's largest within five years. His assertion came during the Federation of Automobile Dealers Association (FADA) event.

Gadkari emphasized the sector's growth, noting the global demand for Indian automobile products. Currently valued at Rs 22 lakh crore, the industry is behind the US and China but has seen remarkable growth from Rs 7.5 lakh crore in 2014.

He also highlighted the industry's role in employment, having created 4.5 crore jobs, and its contribution to government revenue via GST. Notably, half of India's manufactured motorcycles are exported, underscoring its international reach.

(With inputs from agencies.)