Business News Desk, The government is working towards making India a global vehicle manufacturing hub. Union Road Transport and Highways Minister Nitin Gadkari said this while virtually inaugurating the vehicle scrap facility of Tata Motors in Jaipur on Tuesday. He said that the domestic automobile industry would be worth Rs 15 lakh crore in the near future.
vehicle manufacturing center
Gadkari said, “The automobile sector provides direct and indirect employment to about four crore people. This figure is expected to reach five crore by 2025. I am working on making the country the number one vehicle manufacturing hub in the world. In future, the size of this industry will be Rs 15 lakh crore.
Vehicle Scrap Policy
Gadkari said the vehicle scrapping policy has helped in phasing out old vehicles and introducing new less polluting vehicles in a phased manner. “It is estimated that the demand for vehicles arising out of the scrappage policy will generate an additional Goods and Services Tax (GST) revenue of Rs 40,000 crore to the government. The raw material cost for new cars will come down by 30 per cent,” he said.
new employment opportunities
He informed that India currently imports 8 million tonnes of scrap steel annually. Gadkari said, ‘About 50-60 scrap centers will reduce the import demand for steel scrap and India will be able to become self-sufficient in this sector.’ He said that the Vehicle Scrap Policy would help in creating organized industry and create new employment opportunities. Will happen