India needs to reduce imports and increase exports to become 3rd-largest economy: Gadkari

New Delhi, Jan 7 (PTI) India will have to reduce imports and increase exports, if it wants to become the third-largest economy in the world, Union Minister Nitin Gadkari said on Wednesday.

Speaking at 'CSIR's Technology Transfer Ceremony', Gadkari highlighted how agricultural waste can be converted into a valuable national resource and help in reducing the country's crude imports.

The road transport and highways minister noted that the use of bio-bitumen, a petroleum-free component, in road construction is a transformative step towards the vision of Viksit Bharat 2047.

"By utilising agro-waste, it reduces pollution caused by crop burning and strengthens the circular economy.

"With 15 per cent blending, India can save nearly USD 4,500 crore in foreign exchange and substantially reduce its dependence on imported crude oil," Gadkari said.

The minister said that India, which is the fourth largest economy in the world, will have to reduce its imports and increase exports to become the third-largest.

"If the country wants to become the third-largest economy in the world, then it will have to reduce imports and increase exports," the road minister said.

Gadkari further said that India is the first in the world to commercially produce bio-bitumen. This innovation will empower farmers, generate rural livelihoods, and boost the rural economy.

Bio-bitumen, he said, truly reflects the Narendra Modi-led government's commitment to sustainable development, self-reliance, and environmentally responsible growth, paving the way for a cleaner and greener future.

The minister also suggested that agriculture and construction equipment manufacturers should promote vehicles that run on alternative fuels and are powered by flex-engines.

He said the government has identified 10 highway stretches in different parts of the country for plying green hydrogen-powered trucks with an aim to reduce vehicular pollution.

"But transportation of hydrogen is a big problem," Gadkari lamented.

He emphasised that India should become an exporter of energy, not an importer.

India is spending Rs 22 lakh crore for importing fossil fuels, and because of the import of fossil fuels, "we are facing the problem of pollution", he noted. PTI BKS HVA