From 2 million to 28 million: how India’s automobile sector transformed in three decades now

India's Automobile:

India’s automobile industry has witnessed remarkable growth over the past decade, driven by policy reforms, infrastructure advancements, and a strong push for domestic manufacturing. A key catalyst in this transformation has been the Make in India initiative.


Make in India:

Launched in 2014, the initiative has fostered greater localization, innovation, and positioned India as a major global automotive hub. The sector has attracted substantial investment, boosted production, and made significant strides in electric vehicle (EV) manufacturing. Since the de-licensing of the industry and the introduction of 100% Foreign Direct Investment (FDI) under the automatic route in 1991, vehicle production has skyrocketed from 2 million in 1991-92 to approximately 28 million in 2023-24, reflecting India’s growing dominance in the global automobile market.

Conclusion:

The Indian automotive industry currently boasts a turnover of $240 billion (INR 20 lakh crore), playing a crucial role in the nation’s economy. The Ministry of Heavy Industries’ Annual Report 2024-25 indicates that the sector provides employment to approximately 30 million people, including 4.2 million direct jobs and 26.5 million indirect jobs. Additionally, the export of vehicles and auto components reached $35 billion in the last fiscal year. India now stands as the world’s largest manufacturer of three-wheelers, ranks among the top two in two-wheeler production, is among the top four in passenger vehicle manufacturing, and features in the top five commercial vehicle producers globally.

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