Union Minister Nitin Gadkari on Wednesday stressed that reducing imports and boosting exports is essential for India to achieve its ambition of becoming the third-largest economy in the world.
Speaking at the CSIR Technology Transfer Ceremony, Gadkari highlighted strategies to improve India’s trade balance and strengthen economic growth. He emphasised the need to cut dependence on imported crude oil and other commodities while expanding export-oriented production.
Gadkari pointed to innovations like bio-bitumen — a petroleum-free road construction material made from agricultural waste — as a way to reduce crude imports, save foreign exchange, and support rural livelihoods. With a 15 % blending strategy, bio-bitumen could help save nearly $4,500 crore in foreign exchange and curb pollution from crop burning, he said.
The minister also advocated for greater use of alternative fuels and the deployment of green hydrogen-powered trucks, noting efforts to identify highway corridors for pilot operations to cut vehicular emissions.
Gadkari underlined the broader goal of making India an exporter of energy, not an importer , as the country currently spends about ₹22 lakh crore on fossil fuel imports — a key driver of both trade deficit and pollution.
Economists note that India’s export momentum, alongside efforts to promote sustainable industries and reduce import dependency, will be critical as policymakers target enhanced global competitiveness and faster GDP growth. Recent projections show robust growth of around 7.4 % in FY26, highlighting underlying economic resilience even as global uncertainties linger.
