India’s Auto Industry Sees Remarkable Growth with Make-in-India Push

New Delhi, Mar 26 (KNN) India’s automobile sector has undergone a significant transformation in recent years, driven by the government’s Make-in-India initiative, according to an official statement released on March 25.

The push for local manufacturing has particularly boosted the electric vehicle (EV) segment, with 4.4 million electric cars registered by August 2024. This growth has propelled EV market penetration to 6.6 per cent, showcasing the country’s increasing focus on sustainable mobility.

“Over the past decade, policy reforms, fiscal incentives, and infrastructure development have positioned India as a key global automotive hub,” the statement said.

These measures have led to increased investments, technological innovation, and greater localization, strengthening economic growth and sustainability.

India’s total vehicle production has skyrocketed from 2 million units in 1991-92 to a remarkable 28 million units in 2023-24. This growth follows the economic liberalization policies of the early 1990s, which allowed 100 percent foreign direct investment in the automobile sector.

With an industry turnover of USD 240 billion, India’s auto sector now supports 30 million direct and indirect jobs. Additionally, the country has been exporting vehicles and auto components worth USD 35 billion, further solidifying its position in the global market.

India has become the world’s largest manufacturer of three-wheelers and ranks among the top two producers of two-wheelers.

It is also one of the top four manufacturers of passenger vehicles, reflecting the industry’s robust expansion.

The auto components industry has also played a vital role in India’s economic landscape, contributing 2.3 percent to the GDP and directly employing 1.5 million people.

With continued government support and innovation, India’s automobile sector is poised for even greater growth in the coming years.

(KNN Bureau)

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