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Automobiles: A Multi-billion Dollar Industry in India! | PMSAdvisors

The Automobile Industry in India observed a significant growth trajectory, with impressive spike in sales, production, and exports over the last two years.

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Automobiles: A Multi-billion Dollar Industry in India! | PMSAdvisors

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  1. Automobiles: A Multi-billion Dollar Industry in India!

  2. The Automobile Industry in India observed a significant growth trajectory, with impressive spike in sales, production, and exports over the last two years. With an average production of around 24 million vehicles annually and employing over 29 million people (direct and indirect), the automotive sector in India is one of the largest in the world. • Here’s a few things you probably did not know about how prolific this sector is in the country:1. is the world’s largest manufacturer of tractors2. India is the world’s second largest manufacturer of buses3. India is the world’s largest two-wheeler and three-wheeler manufacturer4. India is the world’s third largest heavy vehicle manufacturer5. India is the world’s second largest car manufacturer

  3. So, what happens by 2026? • India is competing to reach the Podium in the Automobile sector, currently generating a revenue of USD 74 Billion, and by 2026, expects to be a USD 300 Billion industry. At present, this industry contributes up to 7.1% of the country’s total GDP. It contributes to several important dimensions of nation building; generating government revenue, economic development, encouraging people development, fostering R&D and innovation. • Let’s talk a little about FAME (Faster Adoption and Manufacturing of Electric Cars & Hybrid Cars). The scheme envisages creation of an ecosystem of innovation by promoting domestic technology development & manufacturing of full range of cleaner electric vehicle technologies. FAME aims to achieve a cumulative fuel saving of about 95,000mn liters equivalent resulting in reduction of pollution and greenhouse gas emission of 2mn tones. • By bringing these into the current ecosystem, we can pull in more FDI that can be materialized on R&D towards a better and safe nation.

  4. Thank You For more Information, visit : https://www.pmsadvisors.com/blogdetail2.html

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