Advantage India
Growing
Demand
* 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.
Opportunities
* 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.
Rising
Investment
*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.
Policy
Support
* 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.
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