(MENAFN- KNN India) New Delhi, Oct 10 (KNN) Speaking at the 120th Annual Session of the PHD Chamber of Commerce and Industry (PHDCCI) in New Delhi, Minister for Road Transport and Highways Nitin Gadkari highlighted India's progress in the automobile sector.

He said the industry has grown from Rs 14 lakh crore in 2014, when it ranked seventh globally, to Rs 22 lakh crore today, making India the third-largest automobile market, surpassing Japan.

According to him, every Rs 100 invested in national highways contributes Rs 321 to GDP growth.

Gadkari expressed confidence that with continued innovations and the adoption of alternative fuels such as ethanol, methanol, biodiesel, LNG, electric, and hydrogen, India could become the world's leading automobile manufacturer within five years.

The Minister noted that India currently imports crude oil worth Rs 22 lakh crore annually and that greater use of alternative fuels could significantly reduce this dependence.

He said ethanol production reforms have raised maize prices, adding Rs 45,000 crore to farmers' income in states such as Uttar Pradesh and Bihar.

Gadkari cited recent initiatives like the electric truck battery swapping project in Sonipat, noting that electricity costs per kilometre are far lower than diesel, reducing logistics costs.

He said India's logistics cost, once at 16 percent of GDP, is expected to drop to around 9 percent by the end of the year due to infrastructure improvements.

The Minister also highlighted sustainable innovations, including projects converting sewage sludge into bioenergy and using legacy waste for road construction, with over 80 lakh tonnes of waste already utilised.

He also detailed the Ministry's success in mobilising funds through Infrastructure Investment Trust (InvIT) and Toll-Operate-Transfer (TOT) models, noting that the first InvIT bond issue was oversubscribed seven times within hours.

(KNN Bureau)

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