India's auto sector may attract $8-10 billion in local and foreign investments by 2023: Govt

The government and the automotive sector articulated their objectives for the future of the industry through the Automotive Mission Plan 2016-26.

Press Trust of India December 27, 2018 19:33:06 IST
India's auto sector may attract $8-10 billion in local and foreign investments by 2023: Govt

New Delhi: The country's automobile sector, which attracted $16.5 billion in FDI between April 2000 and December 2016, is expected to attract $8-10 billion more in local and foreign investments by 2023, the government said Thursday.

The Year End Review 2018 of the Ministry of Heavy Industries and Public Enterprises, which made the projections, said growth of the industry in India since early 1990s is an example of how industrial prowess supported by progressive policies and national economic growth can yield rewards to all stakeholders.

The government and the automotive sector articulated their objectives for the future of the industry through the Automotive Mission Plan 2016-26.

"The plan envisions that by the year 2026, India will be the third in the world after China and USA in engineering, manufacturing and export of vehicles and auto components," the ministry said.

Besides, it said collective efforts of all central public sector enterprises will help India become a $5-trillion economy in the next five years.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Telecom sector has attracted $4 billion FDI since April 2014 says Ravi Shankar Prasad
News & Analysis

Telecom sector has attracted $4 billion FDI since April 2014 says Ravi Shankar Prasad

Telecom sector attracted over $4 billion (roughly Rs 26,645 crores) worth foreign direct investments in nearly two years since April 2014, Telecom Minister Ravi Shankar Prasad said on Wednesday.

Perfect timing: Why FDI reforms are a smart PR and an image booster for PM Modi
Business

Perfect timing: Why FDI reforms are a smart PR and an image booster for PM Modi

Clearly, the latest round of FDI liberalisation is likely to become a big success since there is lot of investor interest in India being a bright spot among other emerging economies and in the backdrop of a slowing world