(MENAFN- IANS) New Delhi, Oct 9 (IANS) India is firmly on track to become a $5 trillion economy by 2027 and a developed nation by 2047, Nitin Gadkari, Union Minister for Road Transport and Highways, said on Thursday, underlining the country's rapid transformation under the visionary leadership of Prime Minister Narendra Modi.

Addressing the 120th annual session of the PHD chamber of commerce and industry (PHDCCI) at Bharat Mandapam here, the minister emphasised that development must be rooted in the three pillars -- ethics, economy, and ecology, adding,“Economic growth alone is not enough; it must go hand in hand with environmental protection and a value-based social system.”

Highlighting India's progress in infrastructure, the Union Minister stated that the automobile sector has witnessed unprecedented growth, rising from the 7th largest in 2014 to the third largest globally, surpassing Japan.

"With a turnover now exceeding Rs 22 lakh crore, the industry is fast becoming the world's automobile hub, driven by advances in biofuels, ethanol, methanol, biodiesel, LNG, and hydrogen," the minister told the gathering.

He also spoke about the government's thrust on value addition in agriculture.

Allowing ethanol production from maize has not only raised farmers' incomes but also stimulated rural economies.“By enabling ethanol from maize, farmers' income in Uttar Pradesh and Bihar has increased significantly, circulating over Rs 45,000 crore in the rural economy,” Gadkari noted.

Speaking at the same event in a different session, Agriculture Minister Shivraj Singh Chouhan said that nearly 46 per cent of India's population is engaged in agriculture and the government has its focus on becoming self-reliant (Atmanirbharta) in food production and farmer welfare.

“Food security must go hand in hand with farmer prosperity,” he said.“We must ensure that our farmers not only feed the nation but also earn with dignity and stability,” the minister noted.

To achieve this, he emphasised the need to enhance per-hectare productivity, strengthen seed quality through the Indian Council of Agricultural Research (ICAR), and accelerate mechanisation to empower small and marginal farmers.

Highlighting the government's agricultural priorities, Chouhan said the nation's goal must go beyond food security to encompass nutrition security and Atmanirbharta in all aspects of agriculture.

While India has achieved surplus production in rice and wheat, he said, the next frontier is achieving self-reliance in pulses and oilseeds.

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