Indian Automotive Sector in Progress to Rank Third Place Globally, says Government of India

By: Asia Business Outlook Team | Monday, 28 August 2023

According to the government, India's automotive industry is on track to rank third in the world by 2030, thanks to various schemes such as the Rs 25,938 crore PLI for Automobile and Auto Components. On August 22, the Ministry of Heavy Industries (MHI) will hold a conference to assess the performance of the Production Linked Incentive -Auto Scheme. Heavy Industries Minister Mahendra Nath Pandey will preside over the meeting with stakeholders.

The event will place a special emphasis on understanding the opportunities provided by this scheme.

"MHI regards PLI-Auto applicants from the automotive industry as one of the scheme's critical stakeholders," the ministry stated.

PLI-Auto applicants, testing agencies, and other stakeholders are expected to attend the meeting and share their knowledge and experiences, as well as address concerns and challenges.

"The cascading effect of these schemes will lead to the growth of the automotive industry, and the Indian automotive industry is expected to rank third in the world by 2030." "According to an official statement, MHI regards PLI-Auto applicants from the automotive industry as one of the scheme's critical stakeholders."

It emphasised that without the support and growth of the automotive industry, the goal of deep localization and development of Advanced Automotive Technology (AAT) products within the country cannot be achieved.