Auto sector projected to contribute 12% to GDP over next decade, seen creating 65 mn jobs
Under the 'Automotive Mission Plan 2016-2026', it is projected that India will become the third largest automobile manufacturers with the sector contributing 12 per cent of the GDP and creating 65 million direct and indirect jobs in the country.
New Delhi: The central government on Thursday said the Indian automobile sector is projected to contribute 12 percent to the country's GDP (gross domestic product) over the next decade.
This was stated by Girish Shankar, Secretary, Ministry of Heavy Industries and Public Enterprises, at the Confederation of Indian Industry's (CII) 'International Automotive Supply Chain Conclave 2017'.
According to Shankar, under the "Automotive Mission Plan 2016-2026", it is projected that India will become the third largest automobile manufacturers with the sector contributing 12 percent of the GDP and creating 65 million direct and indirect jobs in the country.
He pointed out that the automobile market has "rebounded strongly after a short blip" seen in sales in the immediate aftermath of the demonetization drive which commenced in November 2016.
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Researchers have used the 'nowcasting' method to arrive at the estimates ahead of the official release of data and their views in an article in RBI's monthly bulletin released on Wednesday do not constitute the central bank's views