‘Auto industry crossesRs 20 lakh cr mark in FY24’

 

 

THE Indian automotive industry has crossed Rs 20 lakh crore mark in FY24 and now contributes 14-15 per cent of the total GST collected in the country, SIAM President Vinod Aggarwal said on Monday. The auto sector also contributes significantly to the direct and indirect employment generation in the country, he said while speaking at the 64th annual ACMA session here.

 

“The Indian automotive industry has crossed a landmark figure of Rs 20 lakh crore (around USD 240 million) in FY24...We are contributing almost 14-15 per cent of the total GST collected in the country,” Aggarwal said. The auto industry will contribute more and more to the GDP of the country from the current level of around 6.8 per cent, he noted. It is not just the growth numbers, but equally important is the transformation in the technology, he added. Aggarwal stated that globally also the standing Indian auto industry has risen. “We have become the third largest passenger vehicle market, the largest two and three wheeler market and third largest commercial vehicle market as the country marches towards Viksit Bharat by 2047,” he noted. The automotive industry is poised to grow even faster and contribute immensely to the growth of the country, Aggarwal said. He stated that the auto industry has identified 50 critical components for local production in order to reduce import dependence.