Auto sector likely to achieve $12 bn exports ahead of schedule
According to FICCI, the automobile industry of India may achieve its target of $12-billion export 2 years ahead of its schedule in 2013-14. Presently, the industry exports $4.5 billion worth of automobiles. These automobiles include passenger vehicles, tractors and commercial vehicles besides the two-wheelers segment with big volume. According to FICCI, the auto exports will reach up to $5.62 billion in the year that ends in March 2011 and will grow to $17.64 billion during the period 2015-16.
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Auto export raised from 49% to 9.72 lakh vehicles in the initial 5 months of the present current fiscal starting April 2010. As per the statement of FICCI, there is a requirement for revisiting the targets set in the 10-year Automotive Mission Plan. Looking at the growth of the industry in the last few years, there is a need for scaling up the target because several world players are starting their factories for utilizing the low-cost potential of the country.
The share of India in the world auto exports is likely to triple to about 3% from the present 1% by the year 2016. Currently, India exports big number of cars to Europe with giant car makers like Maruti Suzuki and Hyundai shipping their vehicles to UK, Germany and Italy which are the major markets in the continent.
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