Identify export opportunities, import substitution: Gadkari to India Inc.

Union transport minister Nitin Gadkari today asked the industry to accord top priority to import substitution and enhanced exports. Claiming that India is all set to become a $5 trillion economy by 2025, Gadkari said manufacturing sector in the country can best identify the sectors with high export potential and those with high possibility of import curtailment, thereby contributing to the agenda of 'Atma Nirbhar Bharat'.

Speaking at the 95^th Ficci Annual Convention and AGM, Gadkari said, "Today, we are the fastest growing major economy in the world. India is all set to become a $5 trillion economy by 2025. With philosophy of inclusive growth, our government is aiming to boost investments, and focusing on growth and employment creation to achieve sustainable development. Being one of the fastest growing countries globally, India plays a key role in achieving sustainable development goals agenda 2030."

"To boost sustainability, our government is progressively adopting import substitution, cost-effectiveness, pollution-friendly and indigenous growth policy. Particularly, I would request all of you to grant first priority to how we can increase our exports and reduce imports. People like you who are doing your business successfully in  manufacturing are the best judges to identify the sectors that contribute towards the mission to make India Atma Nirbhar," said Gadkari.

Gadkari also said that the alternative clean and green fuel like bio CNG, LNG, ethanol, bio-diesel, electric and hydrogen fuel cell technology is being actively looked into by the government and can offer a good business opportunity in the future. "Within the renewable sector, solar and biomass technology have massive opportunity to fulfil the huge energy requirements of the country. Our motto is to see that automobiles run on alternative fuels alternative fuel creates a huge business opportunity for our country. With the total renewable power generated, India is in an excellent to place itself as an energy exporter and this can be only possible with the potential of green hydrogen in the country," he added.  

"Lot of research is happening globally with regard to the battery chemistry. We should be the leaders in the sector. Today the size of our automobile industry is of ₹7.5 lakh crore and we want take it up to ₹15 lakh crore. This will create a lot of new jobs and will make India the biggest automobile manufacturer in the world," Gadkari said.