Union Minister for Road Transport and Highways Minister Nitin Gadkari spoke at hte inaugural session of the 66th Annual SIAM Convention in New Delhi today, touching upon major government initiatives related to safety and sustainable mobility.
In his opening remarks, Gadkari stated that the size of the automobile industry in India is currently ₹22.75 lakh crore making it the world's third-largest overall. India is not only the world’s largest two-wheeler market but also the second-largest three-wheeler market, second-largest commercial vehicle market, and third-largest passenger vehicle market. The country’s automobile exports are worth ₹4 lakh crore, increasing by 24 percent in FY 2025-26.
The automobile industry contributes 15 percent of all GST collected, and road tax brings in ₹1 lakh crore, and has also created approximately 4 crore direct and indirect jobs. Gadkari also said the world market has shown India a tremendous response, and it has the potential to become the number one auto industry in the world.