India will have world's largest automobile industry by 2030: Gadkari
What's the story
Union Minister for Road Transport and Highways, Nitin Gadkari, has painted a rosy picture for India's automobile sector.
He confidently claimed that in the next five years, it will leave its US and Chinese counterparts behind to emerge as the world's leading automobile industry.
This prediction was made during his address at a Federation of Automobile Dealers Association (FADA) event in New Delhi today.
Employment impact
India's auto sector: A significant job creator
Further, Gadkari highlighted the importance of the automobile industry in creating jobs, saying it has created 4.5 crore jobs till now.
This is the highest contribution made by any sector in India toward employment.
The minister also spoke about the high global demand for Indian automobile products, which further strengthens his positive vision for this industry to grow and dominate globally.
Industry growth
A look at the current market size
According to Gadkari, India's automobile industry currently has a market size of ₹22 lakh crore.
He compared this with the US and China, whose automobile industries are worth ₹78 lakh crore and ₹47 lakh crore respectively.
Since taking over as a minister in 2014, Gadkari has seen the Indian automobile industry grow from a value of ₹7.5 lakh crore to what it is today.
Fiscal impact
Auto industry's contribution to government revenue
Further, Gadkari emphasized the contribution of the automobile industry to the government's coffers.
He said, "This is the automobile industry, which is giving maximum revenue as a part of GST to the state government and Bharat Sarkar."
He also noted that 50% of all motorcycles produced in India are exported, underlining the industry's contribution to India's export earnings.