India Poised to Become Major Player in Global Automotive Supply Chain
News: A NITI Aayog report highlights India’s potential to become a key player in the global automotive supply chain, especially amid the shift to electric mobility, ADAS, and IoT.
Despite being the world’s 4th largest vehicle producer, India holds only a 3% share in the global traded auto component market due to supply chain inefficiencies and cost disadvantages.
The report envisions auto component production reaching $145 billion and exports tripling to $60 billion by 2030, creating up to 2.5 million jobs. It recommends fiscal and non-fiscal measures, including support for R&D, tooling, clusters, FTAs, and quality improvement. With strategic efforts, India can raise its GVC share to 8% and emerge as a trusted global manufacturing hub.
Source: The Hindu
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