The Auto & Auto Component industry’s impact on the Indian economy currently is significant as it contributes ~7% to the country’s GDP and is expected to increase to 12% as per the Automotive Mission Plan.
According to the Automotive Mission Plan 2016-26 (AMP 2026); a collective vision of the Government of India and the Indian Automotive Industry, the Indian Auto Industry will be in the global top three for engineering, manufacturing and export of vehicles, auto components; it will encompass safe, efficient and environment friendly conditions for affordable mobility by 2026.
The industry is likely to grow from 80 Billion USD to 270 Billion USD by 2026 and generate an additional 65 Million jobs. The Automotive industry is key to the domestic Manufacturing Sector contributing over 40% and impacting the fortunes of several related manufacturing industries such as Iron and Steel, Aluminum, Rubber, Chemicals, Molds etc.
The Auto industry, over the years, has adapted well to the changes in the policy & regulatory environment and the needs of its customers. In FY 14-15 the Indian auto-components industry bounced back growing at 11% and registered a turnover of USD 38.5 billion. Today, the industry contributes ~46% to the Manufacturing GDP and ~7% to National GDP, providing direct employment to 1.5 million people and is an important driver of growth for the Indian economy. Automobile exports too have grown despite the global slowdown, growing at 14.89% from April-March 2015 over the same period last year.
The Auto & Auto Component industry’s impact on the Indian economy currently is significant as it contributes ~7% to the country’s GDP and is expected to increase to 12% as per the Automotive Mission Plan.
According to the Automotive Mission Plan 2016-26 (AMP 2026); a collective vision of the Government of India and the Indian Automotive Industry, the Indian Auto Industry will be in the global top three for engineering, manufacturing and export of vehicles, auto components; it will encompass safe, efficient and environment friendly conditions for ...