Minister for Road Transport and Highways Nitin Gadkari said on Thursday that the government\u2019s focus is to make India\u2019s automobile industry the largest globally. <\/p>\n
Addressing the Deloitte Government Summit, the Minister noted that the country already ranks number three, after US and China. <\/p>\n
The industry today stands at a market size of \u20b922 lakh crore in FY24, from \u20b97.5 lakh crore a decade back with the presence of almost all the global auto majors, he noted.<\/p>\n
\u201cAustralian government told me that they were buying e-buses from us. We have the potential to grow this further,\u201d Gadkari added.<\/p>\n
Emphasising India\u2019s goal of becoming a leading global automobile hub, the Minister stressed on the importance of increasing exports and reducing imports to strengthen the country\u2019s macroeconomic stability.<\/p>\n
The Minister also stressed on the need to bring down logistics costs, which is critical for India to transform into a manufacturing hub.<\/p>\n
Logistics costs in India are around 14\u201316 per cent of GDP, compared to 8 per cent in China and 12 per cent in Europe.\u00a0\u201cAs logistics costs come down, our prices will be more competitive globally,\u201d he added.<\/p>\n