Mumbai: Union Minister Nitin Gadkari on Saturday said the auto industry should go for need-based research to address various issues in the sector from fuel to engineering.
While addressing the silver jubilee celebration program of the Society of Automotive Engineers India (SAEINDIA) in Pune, the Road Transport Minister said there is a need for the auto industry to go for need-based research that will help the poor.
”You (auto industry) should address issues from fuel to engineering — need-based research with an understanding of the country’s requirements,” the minister said.
He said, the automobile industry should always have a vision that will help the country in becoming self-reliant and the emphasis on quality should be a priority.
The automobile industry is one of the biggest strengths of the country with a turnover of Rs 7.5 lakh crore, exports of Rs 3.5 lakh crore, a GDP contribution of 7.1 percent, manufacturing GDP of 49 percent, and providing jobs to over 4.5 crore people, he said.
”I believe that before the end of 2025, our automobile sector will become the world’s number one manufacturing hub and we will be exporting to the entire world,” the minister said.
Gadkari said, the Vehicles Scrappage Policy 2021 will help in reducing the cost by nearly 30 percent in the automobile industry. ”Because of the Scrappage Policy we will be successful in reducing the cost by 30 percent,” he said.
The sector, by the end of 2025, will become a Rs 15-lakh-crore sector creating 2.5-3 crore new job opportunities, the minister added.