EVs Can Drive Auto Ind Reach Rs 134l Cr By 2047

New Delhi: The domestic automotive industry has crossed Rs 20 lakh crore mark in FY24 and has the potential to be worth $1.6 trillion (about Rs 134 lakh crore) by 2047, driven by electric vehicles (EVs), according to industry leaders.

The automotive industry in the country is poised to be one of the key growth engines in towards achieving a $32-trillion GDP by 2047, according to Pawan Goenka, Chairman of IN-SPACe at the Department of Space. Addressing the Automotive Component Manufacturers Association (ACMA) event in the national capital, he said that the automotive industry has the potential to contribute $1.6 trillion by 2047.