India all set to become $5T economy by FY25: Gadkari

India is the fastest growing economy in the world, and is all set to achieve $5 trillion GDP by 2024-25, Union Minister Nitin Gadkari said on Friday.

Addressing an event organised by industry body FICCI, Gadkari said the central government is aiming to boost growth and employment to achieve sustainable development.

The road transport and highways minister said India will play a key role in achieving global Sustainable Development Goals (SDGs) by 2030.

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Gadkari noted that India needs to increase its exports and reduce imports.

"We are also working on developing alternative, clean, and green fuel like bio ethanol, bio-CNG, bio-LNG, and green hydrogen," he said, adding green hydrogen is the fuel for the future.

The minister said currently India's automobile industry is worth Rs 7.5 lakh crore and he wants to take it to Rs 15 lakh crore. "This will create lots of new jobs."

He also said his focus is on reducing cost of construction. "We are trying to minimise use of steel and cement."