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India Is The 7th Largest Vehicle Producing Nation
According to Secretary for Ministry of Heavy Industry, B S Meena said here at a Federation Of Indian Chambers Of Commerce and Industry (FICCI) function, when the Govt was making the Auto Mission Plan (AMP) in 2006, it had projected, India to become the seventh largest vehicle producing country in the world by 2016 but India has already achieved this milestone.
He added that by 2020 the country will be among the top five vehicle producers of the world. Right now, China is ranked No.1, followed by US.
The AMP had targeted at increasing the automotive sector's turnover to USD 145 billion in 2016 and offering work to 25 million people within 10 years.
The turnover in 2005-06 was USD 34 billion and was employing 13.1 million people either directly or indirectly.
According to Society of Indian Automobile Manufacturers (SIAM), the India's vehicle production rose to 1,40,49,830 vehicles in 2009-10, a growth of over 25 percent from 11,172,275 units in the previous fiscal year. In 2005-06, the total vehicle production was 97,43,503 units.
Meena stated that, during April-August 2009-10, the cumulative output of vehicles have increased to 32.4 percent over the year.
He said that the passenger vehicles, commercial vehicles and two-wheeler segments have all recorded impressive growth rates of 32 per cent, 49 per cent and 31 per cent, respectively, during the April-August 2009-10 period.
He further said that Indian passenger vehicle market is estimated to grow to 9 million units by 2020, while the two-wheeler market is likely to reach 30 million units.
These expected volumes will pitch India in the top 5 countries producing vehicles by 2020 and the domestic consumption will grow by 4 times to USD 120 billion.
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