An industry expert said that in the next decade, the Indian auto components sector will grow five times to $110 billion in the next decade with investments of over $35 billion.
In a statement, this expert said that of this target, about $80 billion will come from India while the remaining amount comes from exports. In 2020, the auto components sector is expected to provide the employment to about 41 million skilled people, helping to add to 3.6% to India’s gross domestic product from 2.1%. The Indian vehicles industry has increased by about 30% — one of the fastest growths globally. The entry of automakers from overseas could lead to higher demand for more affordable autoparts in the country.
[via autonews - sub. required]
Tags: car news, indian auto market
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