Vibrant Gujarat Global Summit witnesses Union Minister Nitin Gadkari’s ambitious vision for the Indian automobile sector.
In an address at the Vibrant Gujarat Global Summit on Thursday, Union Minister Nitin Gadkari outlined the government’s mission to position India as the world’s leading automobile manufacturing hub, with a targeted industry value of Rs 25 lakh crore. Emphasizing the significance of clean technologies, particularly in electric vehicles (EVs), Gadkari warned manufacturers that failure to invest in these advancements could result in missing crucial opportunities.
Underlining Prime Minister Narendra Modi’s vision for a USD 5 trillion economy and a self-reliant India, Gadkari stated, “We are looking at the auto sector to become a Rs 25 lakh crore industry.”
Reflecting on the industry’s progress, Gadkari expressed pride in India’s ascent from the seventh position to the third-largest automobile sector globally under PM Modi’s leadership, surpassing even Japan. Stressing the industry’s potential, he highlighted its current size at Rs 12.5 lakh crore, with Rs 4 lakh crore coming from exports, generating employment for 4 crore individuals.
Drawing attention to the surge in electric vehicle sales, Gadkari urged stakeholders to invest promptly, stating, “Invest (in EVs) otherwise you will miss the bus.”
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Union Heavy Industries Minister Mahendra Nath Pandey, also present at the event, outlined the government’s initiatives, including the FAME scheme, Production-Linked Incentives (PLIs) for auto, and Advanced Chemistry Cell (ACC) battery schemes, aimed at promoting electric vehicles and their manufacturing in India. Pandey disclosed that ACC battery production under the PLI scheme is anticipated to commence around February. Although specific comments on the extension of the FAME scheme were withheld, Pandey confirmed that related proposals were under the government’s consideration.