Projection Will Overtake The Automobile Sector

By By: Vicky.in

Published: Thursday, October 7, 2010, 11:45 [IST]

The increase in the growth rate of the Indian auto industry shows signs of partaking the set target- billion- much before the scheduled period. The target was supposed to be reached by 2013-14 but the current state of affairs proves that the target may reap before that stipulated period. According to FICCI, the net export volume is .5 billion comprising tractors, passenger vehicles, commercial vehicles with major chunk of two wheelers.

During April - August 2010, the export market saw an increase by 49 percent with 9.72 lakh units of which major contributor was Britain. The FICCI said that the set target of Automotive Mission Plan will see the achievement much ahead its schedule based on the current growth rate. This will be possible with more companies showing their might to reap the benefits through less investment strategy. This might make India"s share to triple in 2016, which is 1 percent now due to more export volumes peaked by Maruti, Hyundai, to countries like Italy, Germany, the UK.

The industry observers see that the export volume may peak to .62 billion by this fiscal which may still peak to .64 billion by 2015-16.