Union Road Transport and Highways Minister, Nitin Gadkari, addressed the 20th INDO-US Economic Summit on Tuesday and proposed that Indian and US companies should form joint ventures to develop futuristic technologies. Gadkari emphasized the need to produce bio-aviation fuel and expressed his belief that India is the fastest growing major economy. He stressed that India should collaborate with the US to capitalize on the competitive Indian workforce and develop futuristic technologies. Gadkari also revealed that the government is working on the development of electric highways between Delhi and Jaipur. These highways would provide electric traction for vehicles, similar to railways, using power cables. The ministry is currently evaluating various technologies for this purpose. In addition, Gadkari expressed confidence that India will become the largest automobile market in the world. He stated that the size of the Indian automobile industry is currently Rs 12.5 lakh crore and the government aims to bring down logistics costs to 9% of GDP within the next three years.