Nitin Gadkari says India-US bilateral trade could reach $500BN by 2025

Union Minister for Road Transport and Highways Nitin Gadkari informed on Tuesday, 14th September, that the bilateral trade between India and the US has grown from $16 billion to $ 149 billion in the last two decades. Gadkari said that the trade is projected to reach $500 billion by 2025. He further asked the US investors, particularly insurance and pension funds, to invest in India's road and highway infrastructure.

Speaking at the 17th Indo US Economic Summit 'Bouncing Back-Resilient Recovery Path Post Covid-19', Nitin Gadkari said, "I strongly believe that two countries - India and the US - have an important role to play post-Covid economic recovery. There should be informed discussion at the various levels since the recovery needs new ideas and approaches. Since the global depression that has happened in the 1920s, the current situation is the biggest challenge that mankind has ever faced."

He added, "We need a new thought process and a creative agenda to view a new pathway to recovery. World largest vaccination drive is running in the country to make pandemic-free India."

Gadkari stated, "I sincerely hope that more & more US investors will invest in road & highway projects in India which is a gold mine for all stakeholders. They have a tremendous opportunity for investment in the road infrastructure."

Gadkari on automobile manufacturing in India

On August 17, Nitin Gadkari had said he believes that India would become a hub for vehicle manufacture within the next 5 years. He said almost all reputed automobile brands are present in India and the country is working on technologies involving ethanol, methanol, bio-diesel, Compressed Natural Gas (CNG), Liquefied natural gas (LNG), electric and green hydrogen.

Gadkari told the media, "As we are working on technologies involving ethanol, methanol, bio-diesel, Compressed Natural Gas (CNG), Liquefied natural gas (LNG), electric and green hydrogen, I believe that India will become. A hub for automobile manufacturing in the next five years".

Earlier on August 13, Prime Minister Narendra Modi had launched the National Automobile Scrappage Policy which was first announced by Nirmala Sitharaman, Union finance minister in February, during her Budget speech. The policy recommends “fitness tests” for private and commercial vehicles that are more than 20 and 15 years old respectively. The registration of such cars will be automatically cancelled if a ‘fitness certificate’ is not provided.

(With ANI input)

(Image credit: PTI)