Auto industry crosses Rs 20 lakh crore mark in FY24; contributes 14-15% to total GST: SIAM president Vinod Aggarwal

The Indian automotive industry reached Rs 20 lakh crore in FY24, contributing 14-15% of the total GST. It aims to reduce import dependence by locally producing critical components. The sector is also advancing in technologies like electric and hydrogen vehicles. A new automotive mission plan will guide future growth until 2047.

Sep 9, 2024 - 16:30
Auto industry crosses Rs 20 lakh crore mark in FY24; contributes 14-15% to total GST: SIAM president Vinod Aggarwal

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The Indian automotive industry reached Rs 20 lakh crore in FY24, contributing 14-15% of the total GST. It aims to reduce import dependence by locally producing critical components. The sector is also advancing in technologies like electric and hydrogen vehicles. A new automotive mission plan will guide future growth until 2047.
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