Indian Auto Sector Reaches Rs 20 Lakh Crore Milestone in FY24

The Indian automotive industry crossed the Rs 20 lakh crore mark in FY24, contributing significantly to GDP and employment. The sector shows robust growth, particularly in passenger, two-wheeler, and commercial vehicle markets. Efforts are ongoing to reduce import dependence by enhancing local production of critical components.

The Indian automotive industry has surpassed the landmark figure of Rs 20 lakh crore in FY24, contributing 14-15% of the total GST collected, SIAM President Vinod Aggarwal announced on Monday.

Speaking at the 64th annual ACMA session, Aggarwal highlighted the sector's escalating role in direct and indirect employment generation in the country.

The automotive industry is set to play an even more crucial role in GDP as it moves towards Viksit Bharat by 2047. Emphasis is also placed on technology transformation and reducing import reliance via local production of 50 critical components.

(With inputs from agencies.)