Scrappage policy could reduce industry’s costs by 30%
Road Transport and Highway Minister Nitin Gadkari has told the auto industry to go for need-based research and address various issues such as fuel to engineering.
“You should address issues from fuel to engineering, (such as) need-based research with an understanding of the country’s requirements,” he said on 18 June 2022 at the silver jubilee celebration program of the Society of Automotive Engineers India (SAEINDIA) in Pune.
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, he stressed.
He underlined the industry’s strength, highlighting that it has a turnover of Rs.7.5 lakh crore, exports of Rs.3.5 lakh crore, a GDP contribution of 7.1%, manufacturing GDP of 49% and provides jobs to over 4.5 crore people.
The Minister expects the Indian automobile sector to become the world’s number one manufacturing hub, exporting globally by 2025.
Gadkari also expects the Vehicles Scrappage Policy 2021 to reduce the automobile industry’s cost by nearly 30%.
The industry will become a Rs.15-lakh-crore sector creating 2.5-3 crore new job opportunities by the end of 2025, he added. fiinews.com
