India is racing to become the largest automobile manufacturer in the world

One of India's ambitious future goals is to overtake the United States as the world's largest automaker by 2029. According to Union Minister Nitin Gadkari, India's automobile industry will become the largest in the world by 2029, coinciding with the country's emergence as the third largest economy in the world.

India is currently the third-largest automobile market in the world, behind the US and China. The percentage of "Made in India" vehicles on the road today is growing. 2023 was a noteworthy year for the automotive sector, with a 4% increase in exports. In 2023, India's car exports increased to 6,71,384 units.
The Narendra Modi government appears to have been persuaded by this growing momentum that India can become the world's largest automobile manufacturer.
Gadkari outlined the fundamental principles that underpin the expansion of India's auto industry last week. In order to increase exports, the Center is currently concentrating its efforts on developing a top-notch road network, switching to alternative fuels, and lowering logistics costs.
It is especially noteworthy that India wants to become a global leader in cleaner and alternative fuels. The central government is eager to move away from fossil fuels, the yearly cost of which is Rs 16 lakh crore, and towards other forms of energy.
According to Gadkari, the Indian Oil Corporation and the government are collaborating on a project in Panipat where rice straw is being used to create bio-bitumen and ethanol. Additionally, Prime Minister Narendra Modi urged the auto industry to make sure that the majority of international markets are served by vehicles built in India.
He also discussed the rise of the so-called neo-middle class, which is made up of people who have recently emerged from poverty and need cars to meet their transportation needs. About 1.5 million people have direct jobs in the auto industry, which also accounts for 7% of the national GDP and 46% of the manufacturing GDP. Therefore, for a nation like India, which aims to become a developed nation over the next two decades, expanding this sector and making it a dominant player globally is imperative.
These are the trends that are prompting international automakers to consider India as their next export center. Significant increases in exports were reported by Toyota, Volkswagen, Hyundai, Mahindra, Tata Motors, Honda, and Skoda last year, despite Maruti Suzuki continuing to be the largest brand exporting Indian automobiles worldwide.

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