With 4.4 million electric vehicles registered by August 2024, the electric vehicle (EV) market has benefited greatly from the drive for domestic manufacture. This expansion has driven EV market share to 6.6%, demonstrating the nation's growing emphasis on environmentally friendly transportation.
"India has become a major global automotive hub over the last ten years thanks to policy reforms, fiscal incentives, and infrastructure development," the statement read.
These actions have strengthened economic growth and sustainability by encouraging more investments, technical innovation, and localization.
India produced 2 million vehicles in 1991–1992, but by 2023–2024, that number had risen to an astounding 28 million. The early 1990s economic liberalization measures that permitted 100% foreign direct investment in the automotive industry are responsible for this rise.
30 million direct and indirect jobs are currently supported by India's automobile industry, which generates USD 240 billion in revenue annually. The nation has also been exporting automobiles and car parts valued at USD 35 billion, which has strengthened its position in the international market.
India is now one of the top two manufacturers of two-wheelers and the largest manufacturer of three-wheelers worldwide.
In keeping with the industry's strong growth, it is also among the top four producers of passenger cars.
With 1.5 million direct jobs and a GDP contribution of 2.3%, the auto components sector has also been extremely important to India's economy.
The Indian car industry is expected to grow much more in the upcoming years with sustained government assistance and innovation.
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