Advantage India
Growing
Demand
* Rising middle class income and a huge youth population will result in strong demand.
* In January 2022, total production of passenger vehicles*, three-wheelers, two-wheelers and quadricycles reached 1,860,809 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$ 30.78 billion between April 2000 and September 2021.
* The Government of India expects 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).
* Automotive Mission Plan 2016-26 is a mutual initiative by the Government of India and Indian Automotive Industry to lay down the roadmap for development of the industry.
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