(MENAFN- KNN India)
Dhar, Jan 10 (KNN) In a landmark development for the Indian economy, Union Road transport Minister Nitin Gadkari announced on Thursday that India has claimed the third spot in the global automobile sector, surpassing Japan.
Speaking at a function held at the National Automotive Test Tracks (NATRAX) in Dhar, Madhya Pradesh, Gadkari expressed his aspiration to see India become the world's leading automobile market.
The minister highlighted India's rapid ascent, noting that just six months ago, the country was ranked seventh in the world. Today, it stands tall behind only China and the United States, with the U.S. leading the sector at a size of Rs 78 lakh crore and China at Rs 47 lakh crore.
“This remarkable growth is a testament to the resilience and innovation of the Indian automobile industry,” he remarked.
Gadkari praised the sector as a critical pillar of India's economy, stating,“The automobile industry has generated 4.50 crore jobs, making it the highest job-creating sector in the country.”
Underlining its financial significance, he revealed that the industry's size has grown from Rs 7.5 lakh crore when he took office to an impressive Rs 22 lakh crore today.“Our automobile industry is also the largest contributor to GST revenue for both state and central governments,” he added proudly.
The minister emphasised the sector's pivotal role in achieving Prime Minister Narendra Modi's vision of transforming India into a USD 5 trillion economy and the third-largest global economy.“The automobile industry forms the backbone of this mission,” he asserted.
Reflecting on the sector's strategic importance, Gadkari expressed confidence in its potential to propel India to the top of the global automobile rankings.
“With our economy being one of the strongest and fastest growing in the world, the dream of making India number one in the automobile sector is not far-fetched,” he said.
The announcement marks a significant milestone, reinforcing India's position as a rising global economic powerhouse and setting the stage for an even brighter future in the automobile industry.
(KNN Bureau)
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