As the demand for automobiles reach a new height in India owing to several conducive factors like low interest rates, higher disposable income and a reviving economy, several auto manufacturers have decided to make the country their export hub. This has mainly contributed to the country topping the list and moving to the seventh position in the list of top most vehicle manufacturing countries.
At an FICCI function, B S Meena, the Secretary for Ministry of Heavy Industries has commented that the government had projected that the country would reach the seventh position by 2016 while drafting the Automotive Mission plan.
However, this goal has now been achieved six years before the estimated time frame. B S Meena has also added that the country is expected to reach the top five positions within 2020.
As of now, China maintains its stance as the world’s largest vehicle manufacturer and it is followed by the United States of America in the second place. As per the Automotive Mission Plan 2016, the main aim is to clock a turnover of USD 145 billion in 2016 by the automotive sector. The other aim is to provide employment within the next 10 years to at least 25 million people.
In 2005 – 2006 the turnover f the automotive sector was at just USD 34 billion and close to 13.1 million people were being employed either directly or indirectly by the automotive sector.
