Indian automobile industry capable of becoming export-led USD 1 trillion by 2035: Report
Arthur D Little Managing Partner (India & South Asia) Barnik Chitran Maitra noted that India's automotive industry can become a global hub for design, development, and production, appealing to international markets.
The Indian automobile sector has the potential to become an export-led USD 1 trillion industry by 2035, according to a report. The industry can achieve the size enabled by manufacturing, innovation and technology leadership, as per a report by Arthur D Little.
Arthur D Little Managing Partner (India & South Asia) Barnik Chitran Maitra noted that India's automotive industry can become a global hub for design, development, and production, appealing to international markets.
To achieve this, players across the industry must upgrade their capabilities for reliable and competitive global manufacturing, he added.
"India's strength in automotive software and ER&D (engineering research and development) can thrive by offering solutions aligned with emerging trends like zonal architecture and Advanced Driver Assistance Systems (ADAS). India has the potential to be an automotive innovation leader, with a thriving well-funded startup ecosystem," Maitra said.
This highlights the increasing pace of innovation within the local automotive ecosystem and the shifting dynamics of disruption, which if harnessed effectively, can catapult India into a position of global automotive leadership.
The global automotive R&D and software market is expected to grow three-fold by 2030 to USD 400 billion and India can leverage its position as the software hub of the world and offshore destination of choice for such activities, it stated.
"Unlocking the true potential of India's automotive sector requires a robust dialogue and concerted actions among all stakeholders, including the government.
Together, the industry can drive investments and collaboration, paving the way for India to emerge as a global automotive hub with a USD 1 trillion vision for 2035," Maitra said.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
Top 7 SIP Mutual Funds in 1 Year: What Rs 10,000, Rs 15,000, and Rs 20,000 SIPs have given in each fund
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Women loco pilots speak about their struggle; many men have to be informed even for 'washroom break' in a moving train
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
09:51 PM IST