* Rising middle class income and a huge youth population will result in strong demand.
* In October 2022, the total production of passenger vehicles*, three wheelers, two wheelers, and quadricycles was 2,191,090 units.
* 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.
* The electric vehicles industry is likely to create five crore jobs by 2030.
*The automobile sector received cumulative equity FDI inflow of about US$ 33.53 billion between April 2000-June 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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