The majority of automobiles in the country will run on alternative fuels by 2030 and for that the government is working on developing alternative, clean and green fuels like bio-ethanol, bio-CNG, bio-LNG and green hydrogen, said Union Road Transport and Highways Minister Nitin Gadkari said on Wednesday.

Addressing the virtual session of Merchants' Chamber of Commerce and Industry, the Highways minister also pointed out that India is aiming to double the size of its automobile industry to Rs. 15 lakh crore by the end of 2024, making it one of the world's top countries in this sector.

As per reports, currently the Indian automobile industry is worth Rs. 7.5 lakh crore.

Gadkari also said that his ministry will carry out project works worth Rs. 5 lakh crore next year, of which Rs. 2 lakh crore will come from the government and the rest will be raised from the capital market.

During his address, he also spoke about the success of the listing of Infrastructure Investment Trust (InvIT) which drew huge interest from investors.

InvIT is a collective investment scheme similar to a mutual fund, which enables direct investment from individual and institutional investors in infrastructure projects to earn a small portion of the income as a return.

"Small investors are getting 8 per cent return, better than banks. We do not have a problem with funding. Next year we will work worth Rs. 5 lakh crore", he said, responding to a question on investment by his ministry.

The minister also spoke about his focus on reducing the cost of construction with improved quality with greater use of recycled materials like plastics, rubber and others.

Gadkari said these products will offer a reduction in cost with less use of cement and steel.

With the philosophy of inclusive growth, India will play a key role in achieving the Sustainable Development Goals (SDGs) 2030, the minister said.