NITI Aayog: India to Gain 8% Share in Global Auto Value Chain

The country's automotive component production is expected to increase $145 billion by 2030, with exports tripling from $ 20 billion to $ 60 billion, and while creating two to three million new job possibilities, according to a Friday NITI Aayog report. 

India's part in the global automotive value chain would rise significantly from 3% to 8% as a result of this expansion, creating a trade surplus of almost $ 25 billion. According to the report titled "Automotive Industry: Powering India's Participation in Global Value Chains".  This growth is proposed to generate 2-2.5 million new employment opportunities, bringing the total direct employment in the sector to 3-4 million. With an annual production of around 6 million automobiles, India has risen to become the fourth- largest producer in the world, behind the US, china, and Japan. 

 The Indian automotive sector has gained a strong domestic and export market presence, particularly in the small car and utility vehicle segments. Supported by initiatives like 'Make in India' and its cost-competitive workforce, India is positioning itself as a hub for a automotive  manufacturing units and exports, the report noted. It was launched by Suman Bery, Vice Chairman, NITI Aayog in presence of Dr VK Saraswat, Member, NITI Aayog and other officials. According to the research, these technologies developments are not only streamlining production but also creating new business models centered on connected cars and smart factories.