DRIVING FORWARD: PROSPECTS FOR INDIA'S AUTOMOBILE INDUSTRY
- Credit Rating Agency in India
- Industry Report
- DRIVING FORWARD: PROSPECTS FOR INDIA'S AUTOMOBILE INDUSTRY
India is the world's fourth-largest automobile manufacturer, following closely behind China, Japan, and the USA, with an impressive production output of 4.6 million cars in 2023. In terms of exports, India holds the tenth position with a share of 2.4 per cent.
The Indian automobile industry plays a pivotal role in the nation's economic landscape, significantly contributing 7.1 per cent to the national GDP. This marks a substantial increase from its modest 2.8 per cent share back in 1992-93. The industry also constitutes a catalytic element of India's manufacturing GDP, constituting over 50 per cent of its total output and extensive multiplier effects. The automobile industry serves as a significant driver of employment; it generates employment to nearly 37 million people in India.