ENA Sectors 2025-03-26 15:31:11 <p><span style="font-size:14px"><strong>New Delhi, Mar 26 (KNN)</strong> Indias automobile sector has undergone a significant transformation in recent years, driven by the governments Make-in-India initiative, according to an official statement released on March 25.</span></p> <p><span style="font-size:14px">The push for local manufacturing has particularly boosted the electric vehicle (EV) segment, with 4.4 million electric cars registered by August 2024. This growth has propelled EV market penetration to 6.6 per cent, showcasing the countrys increasing focus on sustainable mobility.</span></p> <p><span style="font-size:14px">Over the past decade, policy reforms, fiscal incentives, and infrastructure development have positioned India as a key global automotive hub, the statement said. </span></p> <p><span style="font-size:14px">These measures have led to increased investments, technological innovation, and greater localization, strengthening economic growth and sustainability.</span></p> <p><span style="font-size:14px">Indias total vehicle production has skyrocketed from 2 million units in 1991-92 to a remarkable 28 million units in 2023-24. This growth follows the economic liberalization policies of the early 1990s, which allowed 100 percent foreign direct investment in the automobile sector.</span></p> <p><span style="font-size:14px">With an industry turnover of USD 240 billion, Indias auto sector now supports 30 million direct and indirect jobs. Additionally, the country has been exporting vehicles and auto components worth USD 35 billion, further solidifying its position in the global market.</span></p> <p><span style="font-size:14px">India has become the worlds largest manufacturer of three-wheelers and ranks among the top two producers of two-wheelers. </span></p> <p><span style="font-size:14px">It is also one of the top four manufacturers of passenger vehicles, reflecting the industry's robust expansion.</span></p> <p><span style="font-size:14px">The auto components industry has also played a vital role in Indias economic landscape, contributing 2.3 percent to the GDP and directly employing 1.5 million people. </span></p> <p><span style="font-size:14px">With continued government support and innovation, Indias automobile sector is poised for even greater growth in the coming years.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 41537 https://knnindia.co.in/news/newsdetails/sectors/indias-auto-industry-sees-remarkable-growth-with-make-in-india-push 2025-03-26 15:31:11 knnindia.co.in