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The industry accounts for 22% of the country's manufacturing gross domestic product (GDP).
It comprises passenger cars, two-wheelers, three-wheelers and commercial vehicles and is currently the seventh-largest in the world with an average annual production of 17.5 million vehicles, of which 2.3 million are exported.
The automotive sector's contribution to the GDP is expected to double, reaching a turnover of $145 billion in 2016, according to the Automotive Mission Plan (AMP) 2006-2016.
The cumulative foreign direct investment (FDI) inflows into the Indian automobile industry during the period April 2000 -May 2014 was recorded at $9,885.21 million.
The Government aims to double the contribution of the automotive sector to the country's GDP by taking its turnover to $145 billion and providing additional employment to 25 million people by 2016.
It has been predicted by IHS Automotive, a global market information provider that India will become the third largest automotive market in the world by 2016 ahead of Japan, Germany and Brazil, riding on its domestic automotive sales.