Advantage India
Growing
Demand
*Rising middle-class income and a huge youth population will result in strong demand.
*In January 2024, the total production of passenger vehicles*, three-wheelers, two-wheelers, and quadricycles was 23,28,329 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.
*In April 2024, the total production of passenger vehicles*, three-wheelers, two-wheelers, and quadricycles was 23,58,041 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.
* By 2030, the Indian government has committed that 30% of the new vehicle sales in India would be electric.
Rising
Investment
* The automobile sector received a cumulative equity FDI inflow of about US$ 35.40 billion between April 2000 - September 2023.
* India is on track to become the largest EV market by 2030, with a total investment opportunity of more than US$ 200 billion over the next 8-10 years.
* The automobile sector received a cumulative equity FDI inflow of about US$ 35.65 billion between April 2000 - December 2023.
* The automobile sector received a cumulative equity FDI inflow of about US$ 36.268 billion between April 2000 - March 2024.
Policy
Support
* 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.
* The FAME Scheme was extended for a further period of 2 years up to March 31st, 2024.
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