Achievements of the Automobile Industry in India
- The UK and Indian Prime Ministers signed the UK-India Joint Roadmap 2030, which includes the development and hosting of E-Amrit, as well as a joint knowledge exchange initiative. E-Amrit is a one-stop shop for all information about electric vehicles, dispelling myths around their acceptance, purchases, investment opportunities, legislation, incentives, etc. ​
- India ranks fourth globally in terms of the production of 2W and 3W vehicles and passenger cars.
- BHEL has invested almost INR 30 crore in research and development and owns 34 patents and copyrights.
- For the project’s 700 MWe Pressurized Heavy Water Reactor, the first of its kind in India, BHEL provided the Steam Turbine and Generator package.
- With the support of SDMC, TCIL opens the first electric vehicle charging station in South Delhi at South Extn. Part I. This will promote the use of EVs and help to reduce pollution in Delhi’s metro area.
- In a research titled “Banking on Electric Vehicles in India,” published by NITI Aayog, Rocky Mountain Institute (RMI), and RMI India, the necessity of priority-sector identification for retail lending is discussed.
- At its office complex in Lapalang, Shillong, Power Grid Corporation of India Limited has set the cornerstone for the state of Meghalaya’s first-ever Electric Vehicle Charging Station (EVCS).
- The Green Hydrogen Fuel Cell Electric Vehicle (FCEV) – Toyota Mirai is the most cutting-edge technology ever created. It is the first project of its type to be undertaken in India to develop an ecosystem based on green hydrogen.
2877 public EV charging stations have been approved in 68 cities as part of the Ministry of Heavy Industries’ Scheme for Faster Adoption and Manufacturing of Electric Vehicles in India Phase-II (FAME India Phase II). - A Dual Fuel System for the Induction of CNG into a Diesel Engine was given a patent by the Patent Office to ARAI.
Automobile Industry in India
In India, the automobile industry is a vital force behind both macroeconomic expansion and technological advancement. Two-wheelers, trucks, cars, buses, and three-wheelers are all part of the Indian automobile sector, which is essential to the expansion of the Indian economy. Since the 1950s, when India’s yearly vehicle output was capped at 40.000 units, the country’s automotive industry has advanced significantly. The three top manufacturers—Hindustan Motors, Premier Automobiles, and Standard Motors—were limited to early production. Without noting the Pioneer Mr J.R.D. Tata’s involvement in establishing the Tata group with high standard Engineering Research Center (ERC) in 1965 to assist technological advancement, the development story of the Indian automobile industry cannot be considered complete. By developing indigenous technological expertise for trucks in partnership with Mercedes-Benz, Maruti debuted the 800 in 1983, changing the dynamics of the Indian passenger car market. After liberalization, several global corporations began producing in India by 1990. Market development and rising car demand resulted in wholesome industry expansion.
In FY22, 22.93 million automobiles were produced annually in India. Due to India’s large proportion of young people and expanding middle class, the two-wheeler category dominates the industry in terms of volume. Additionally, the expanding interest of businesses in investigating the rural markets contributed to the sector’s expansion. According to statistics from 2021, India has the fourth-largest automobile industry worldwide. India became the fourth-largest nation in the world by automobile industry worth in 2022. The auto sector in India is currently valued at more than $100 billion, produces 8% of the total exports, and accounts for 2.3% of the country’s GDP. ​