India must sharply reduce imports and significantly increase exports if it aims to emerge as the world’s third-largest economy, Union Road Transport and Highways Minister Nitin Gadkari said on Wednesday, underlining the need for self-reliance and sustainable growth.

Speaking at the CSIR Technology Transfer Ceremony, Gadkari said India, currently the fourth-largest economy, can move up the global economic ladder only by cutting its dependence on imported goods, particularly fossil fuels, and by strengthening domestic production and exports. “If the country wants to become the third-largest economy in the world, then it will have to reduce imports and increase exports,” he asserted.

Highlighting the role of innovation in achieving this goal, the minister stressed the importance of converting agricultural waste into valuable resources. He said agro-waste-based technologies can help reduce crude oil imports while simultaneously addressing environmental challenges such as crop burning. One such innovation, bio-bitumen, was described as a game-changer for the road construction sector.

Gadkari noted that bio-bitumen, a petroleum-free component, aligns with the vision of Viksit Bharat 2047 by promoting sustainability and a circular economy. With 15 per cent blending of bio-bitumen, India could save nearly USD 4,500 crore in foreign exchange, significantly reducing dependence on imported crude oil. He added that India is the first country in the world to commercially produce bio-bitumen, a development that could empower farmers, create rural livelihoods, and boost the rural economy.

The minister also called on agriculture and construction equipment manufacturers to promote vehicles running on alternative fuels and equipped with flex engines. He said the government has identified 10 highway stretches across the country for operating green hydrogen-powered trucks as part of efforts to reduce vehicular pollution. However, he acknowledged that the transportation of hydrogen remains a major challenge.

Emphasising energy self-sufficiency, Gadkari said India should aim to become an exporter of energy rather than an importer. He pointed out that the country currently spends around Rs 22 lakh crore annually on importing fossil fuels, which not only strains the economy but also contributes significantly to pollution.

Sustainable technologies and indigenous innovation, he said, are key to India’s long-term economic and environmental goals.