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Even as most countries attracted less foreign direct investment last year, investment in India surged on hope its economy is set for take off.
The Automobile Indian Market
- 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.