India's automobile industry will be number one in world in next 5 years: Gadkari

New Delhi: India's automobile industry will be number one in the world in the next five years, Union Minister Nitin Gadkari said on Saturday, highlighting that the industry has created 4.5 crore jobs till now, the highest in the country.

Addressing a Federation of Automobile Dealers Association (FADA) event, the road transport and highways minister further said demand of Indian automobile products is very high globally.

"The size of Indian automobile industry is now Rs 22 lakh crore. I am confident that within five years, the Indian automobile industry will be number one in the world," he said.

Presently, size of the US automobile industry is Rs 78 lakh crore, followed by China (Rs 47 lakh crore) and India (Rs 22 lakh crore).

Gadkari further said when he took charge of the transport ministry in 2014, the size of the automobile industry was Rs 7.5 lakh crore and today its size is Rs 22 lakh crore.

According to the minister, the automobile industry has created 4.5 crore jobs till now -- the highest in the country.

"This is the automobile industry, which is giving maximum revenue as a part of GST to the state government and Bharat Sarkar," he added.

The minister pointed out that out of all two-wheelers motorcycles manufactured in India, 50 per cent are exported.