Indian automotive industry reaches Rs 20 lakh crore in FY24, contributing 14-15% to GST.

The Indian automotive industry has achieved a milestone of Rs 20 lakh crore (approximately $240 billion) in FY24, contributing 14-15% of the nation's Goods and Services Tax (GST). SIAM President Vinod Aggarwal noted its vital role in generating employment and supporting economic growth. The sector aims to boost its GDP contribution from 6.8%, focusing on local production of 50 key components and advancing technologies like hydrogen and fuel cells as part of a long-term development plan through 2047.

September 09, 2024
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