New Delhi, May 21 (AHN) Union Road Transport and Highways Minister Nitin Gadkari on Thursday said that there was a strong need for Indian firms to forge joint ventures with US companies to gain access to the latest technologies.

In his address at the annual leadership summit of the American Chamber of Commerce (AMCHAM), Gadkari said: "India is the fastest growing major economy while US companies develop lots of new technologies, so it is very important for Indian companies to have joint ventures with US companies."

The minister also highlighted that the Ministry of Road Transport and Highways is looking at consulting US companies in the preparation of detailed project reports (DPR) for highway projects.

Noting that the supply chain is the most important part in logistics, Gadkari said logistics cost in India has come down to a single digit, helped by the rapid expansion of expressways and economic corridors.

Gadkari pointed out that the latest study prepared by IIT Chennai, IIT Kanpur, and IIM Bangalore shows that India's construction of expressways and economic corridors has helped to cut the country's logistics cost to 10 per cent from 16 per cent earlier.

The logistics cost is 12 per cent in the US, 12 per cent in European countries and 8-10 per cent in China, he added.

Gadkari also said that the government was aiming to make India's automobile industry the number 1 in the world in another five years.

"When I took charge as Transport Minister, the size of the Indian automobile industry was Rs 14 lakh crore. It is now Rs 22 lakh crore," he noted.

He said the automobile sector provides jobs to 4 lakh youths and the highest GST to the Centre and states. Presently, the size of the US automobile industry is Rs 78 lakh crore, followed by China (Rs 47 lakh crore).

The minister also said that India's dependence on fossil fuels is an economic burden, as Rs 22 lakh crore is spent annually on fuel imports, which constitute an environmental hazard. It is, therefore, crucial to adopt clean energy for the country's growth.

Gadkari further stated that the government has identified 10 highway stretches in different parts of the country for plying green hydrogen-powered trucks in order to reduce vehicular emissions.

These highway stretches include Greater Noida-Delhi-Agra, Bhubaneswar-Puri-Konark, Ahmedabad-Vadodara-Surat, Sahibabad-Faridabad-Delhi, Jamshedpur-Kalinganagar, Thiruvananthapuram-Kochi, and Jamnagar-Ahmedabad, among others.

AMCHAM comprises over 400 US companies along with individual and honorary members. The incumbent US Ambassador to India serves as the Honorary President of the organisation. The elected national executive board consists of country heads from leading US corporations.