In the past decade, there has been a strong demand for automobiles in India. Production has increased at a CAGR of 13.2% over FY05- 12, while the export volumes have increased at a CAGR of 22.4%.
Rising incomes, growing middle class and an ambitious young population is likely to propel India to world's top five automobile producers by 2015.
The contribution of automotive sector in the GDP is expected to double, reaching US$ 145 billion in 2016, with special focus on export of small cars, MUVs, two & three wheelers and auto components, as per the Automotive Mission Plan (AMP) 2006-2016.
The government is actively engaged in developing India as a global manufacturing as well as R&D hub. There has been a wide array of policy support in the form of sops, tax rebates and relaxation in FDI norms.
The Indian market has significant cost advantages associated with it. Auto firms save 10-25% on operations in India as compared to Europe and Latin America. There is a demand for a large pool of skilled manpower to drive growth.
- 22.4% CAGR FOR AUTO EXPORTS
- CONTRIBUTION OF AUTO SECTOR TO GDP EXPECTED TO BECOME 2 TIMES IN 2016
The sector provides immense opportunities for young talents looking to extend their services to this industry. UPES offers specialized B.Tech programs in Mechanical Engineering.