Nitin Gadkari on Automobile Industry: Union Minister Nitin Gadkari said that the size of India's Automobile Industry is Rs 22 lakh crore and the target is to make it World No.1 in the next 5 years. Logistics cost also came down to 10%.
Nitin Gadkari on Automobile Industry: Union Road Transport and Highways Minister Nitin Gadkari made a big announcement on Tuesday and said that India's automobile industry will be number one in the world in the coming 5 years. He said that at present, the size of India's automobile industry is Rs 22 lakh crore, which is to be increased rapidly to the US and China.
Gadkari launched the report of 'The Express Industry Council of India (EICI)' and KPMG, saying that when I took over the ministry in 2014, the size of this industry was Rs 7.5 lakh crore. Today it has reached Rs 22 lakh crore. My goal is to make it the world's largest automobile industry in the coming 5 years.
Preparation to compete with America-China
Currently, the US automobile industry is worth Rs 78 lakh crore, China stands with Rs 47 lakh crore and India is standing at number three with Rs 22 lakh crore. Gadkari said that the dream of Prime Minister Narendra Modi (PM Modi) is to make India the third largest economy in the world and will play an important role in it.
Low decline in logistic cost
Gadkari said that until a few years ago, India's logistic cost was about 16% of GDP, which has now been reduced to 10%. He said that a joint report of IIM-IIT states that we have brought logistic cost to 10%. Now our goal is to bring it to a single digit.
Fast expansion of Express Industry
According to the KPMG report 'Powering India's Economy, Connecting Business and Markets', the express industry gives $ 1-1.5 billion GST every year and $ 650 million customs revenue every year. The report said that the $ 9 billion industry in FY25 will double by 2030 to $ 18-22 billion and produce 6.5–7.5 million new jobs. The domestic express has 70% of the value of $ 6.3-6.5 billion while the International Express segment is about 30%. In FY24, this sector handled 19.5 million shipments and 1,52,300 tonnes of goods. Gadkari said that heavy investment in expressways and economic corridors has changed the logistics sector and it will give India a new identity globally.
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