The country’s automotive component production is set to grow to $145 billion by 2030, with exports tripling from $20 billion to $60 billion, while generating 2-2.5 million new employment opportunities, a NITI Aayog report projected on Friday.
This growth would lead to a trade surplus of approximately $25 billion and a significant increase in India’s share of the global automotive value chain from 3 per cent to 8 per cent, according to the report titled "Automotive Industry: Powering India’s Participation in Global Value Chains".
Additionally, this growth is expected to generate 2-2.5 million new employment opportunities, bringing the total direct employment in the sector to 3-4 million, the report mentioned.
India has emerged as the fourth-largest global producer after China, the US and Japan, with an annual production of nearly 6 million vehicles.