India's Auto Industry Aims for Global 3rd Rank by 2030
India's automotive industry is on track to become the third largest in the world by 2030, backed by strategic initiatives like the ₹ 25,938 crore Production Linked Incentive (PLI) scheme.
The PLI scheme will provide financial assistance to companies that invest in setting up new manufacturing facilities or expanding existing ones in India. This is expected to attract significant investment in the automotive sector.
PLI Scheme to Boost Automotive Industry
The Ministry of Heavy Industries (MHI) held conference to assess PLI scheme, with key participants from PLI-Auto applicants and test agencies. Insights and suggestions will help address challenges and harness full potential of PLI scheme.
Conference to Assess PLI Scheme
The government is also committed to deep localization and the development of Advanced Automotive Technology (AAT) products within India. This will help to reduce the country's reliance on imports and make the automotive industry more competitive globally.
Deep Localization and AAT Products
The automotive sector is a major driver of the Indian economy. It contributes to GDP, generates employment, and creates forward and backward linkages with other sectors.
Auto Sector's Contribution to Indian Economy
This will be driven by factors such as the growth of the domestic market, rising exports, and the introduction of new technologies. The government is committed to creating an enabling environment for the growth of the automotive sector.
India's Auto Industry to Reach ₹ 15 Lakh Crore by 2024