"We plan to introduce the Road Transport and Safety Bill in this session of Parliament. I am serious," Gadkari told PTI.
When asked about States' fears that the new Bill will encroach upon their administrative and financial powers, the minister said there was no such thing and he was trying his best to take States on board.
The new Road Transport and Safety Bill seeks to come down heavily on traffic offenders and proposes steep penalties of up to Rs 3 lakh along with a minimum 7-year imprisonment for death of a child in certain circumstances, besides huge fines for driving violations.
Gadkari said once the law is enacted, it would overhaul the sector bringing in transparency besides curbing malpractices.
Besides a heavy penalty for driving related violations, the Bill also proposes a fine of Rs 5 lakh per vehicle and an imprisonment for faulty manufacturing design.
The Bill is also aimed at bringing down fatalities in road accidents by two lakh in the first five years.
He said his Ministry is committed to contributing at least 2 per cent to the GDP from the sector besides aiming to reduce accidents by more than 50 per cent in the next two years.
"Three lakh persons are crippled annually in 5 lakh road accidents, while another 1.5 lakh lose their lives. We are serious about reducing accidents. We will set up 5,000 centres across the country for issuing driving licenses based on computerised tests as 30 per cent of the licences in the country are bogus," the Minister said.
He said providing safe, efficient, cost effective and faster transport across the country is government's mission.
Earlier, allaying States' fear that new Bill will take away their rights, Gadkari has said, "I assure to the states that they will not be disturbed. We will not take a single paisa from your revenue and in fact, we want to give support to the states. There are some misconceptions about the proposed Act.