Nitin Gadkari said that in the next five years India will become number one manufacturing hub around the globe.
Right now, India is the 5th largest carmaker in the world. The automakers in India produced around 4.51 million automobiles in 2019. Germany is marginally ahead of India, which manufactured 4.66 million vehicles. According to the rapid year-on-year growth of the Indian automobile industry, India will surpass Germany in the coming years. Recently, the Union Minister of Road Transport and Highways, Nitin Gadkari said, “India is going to become the number one manufacturing hub for auto in five years.” The official sales numbers for November 2020 suggest that the total vehicle manufacturing was 2.29 million compared to the 2.25 million vehicles produced in the same month in 2019.
Moreover, out of these, approximately 1.88 million vehicles were manufactured for domestic sales and around 4,00,000 were exported to the foreign markets. The Indian automobile industry has now recovered from the pandemic's effect and is on its growth route. However, many industry experts in our country had not predicted such a fast recovery. The Indian automobile industry plays an important role in the country’s economy. That’s the main reason behind the government’s involvement in forming policies to assist this industry. For example, to promote electric vehicles in the country, the government is offering many subsidies. Right now, there are several electric cars and bikes in our market. Many automakers around the country are working hard to develop and sell EVs.
Moreover, many electric carmakers are also planning to enter the Indian market. As per reports, Tesla will soon enter the Indian market. Nitin Gadkari confirmed that Tesla will enter Indian market early this year. The first Tesla car to launch in our market will be their most affordable car Model 3. One can expect the bookings of Tesla Model 3 to commence in a few weeks. Tesla will import completely built units in India and is expected to be priced around Rs 55 lakh. Back in 2016, the carmaker collected $1000 deposit from buyers around India to know buyers interest.