Automobile & Auto Ancillary
India has one of the largest automotive industries in the world. Foreign Direct Investment (FDI) of $13.48 billion has been made in this industry during the period from 2000 to 2015. Automobile manufacturing is to be the main operator of the “Make in India” initiative by the Government of India, as the passenger vehicles market is expected to triple by 2026. CNG-based, hybrid and electric vehicles are being promoted by the Government.
India has a strong engineering backbone and prowess in producing low-cost fuel-efficient cars. It has come into view as a leading center for exporting as well. The auto ancillary industry has seen a healthy growth on account of the improved end-user market and developed infrastructure. It has scaled thrice to $40 billion in 2015 while exports have been growing due to the increasing globalization of Indian suppliers.
Newer avenues for transportation industry mean newer verticals and growth opportunities for the manufacturers. In the next 10 years, the auto industry will require 15 million skilled manpower.
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