* Rising middle-class income and a huge youth population will result in strong demand.
* In March 2023, the total production of passenger vehicles*, three-wheelers, two-wheelers, and quadricycles was 20,04,592 units.
* The global EV market was estimated at approximately US$ 250 billion in 2021 and by 2028, it is projected to grow by 5 times to US$ 1,318 billion.
* India could be a leader in shared mobility by 2030, providing opportunities for electric and autonomous vehicles.
* Focus is shifting to electric vehicles to reduce emissions.
* By 2030, the Indian government has committed that 30% of the new vehicle sales in India would be electric.
* The automobile sector received cumulative equity FDI inflow of about US$ 34.11 billion between April 2000-December 2022.
* The Government of India expects the automobile sector to attract US$ 8-10 billion in local and foreign investments by 2023.
* In September 2021, the Indian government issued notification regarding a PLI scheme for automobile and auto components worth Rs. 25,938 crore (US$ 3.49 billion).
* The Automotive Mission Plan 2016-26 is a mutual initiative by the Government of India and the Indian automotive industry to lay down the roadmap for the development of the industry.
India is expected to become the third largest market for electric vehicles by 2025 at 2.5 million vehicles.
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