Outlook Business Desk
NITI Aayog, in its 2025 report, has set a $145 Bn target for India’s auto component industry by 2030. The report mentioned that exports are expected to grow from $20 Bn in 2025 to $60 Bn in 2030.
The auto component sector achieved a turnover of $74.1 bn in FY 2023–24 and contributed 2.3% to GDP, according to NITI Aayog report.
The study noted that exports stood at $21.2 Bn in FY24 and is expected to increase to $30 Bn by FY26.
Schemes like Production Linked Incentive (PLI) and PM e-DRIVE are promoting advanced auto components and EV production in the country, according to ministry of commerce.
India’s vehicle production increased from 2 Mn units in 1991-92 to nearly 28 Mn units in 2023–24, the ministry's data stated.
The industry created 4.2 Mn direct and 26.5 Mn indirect jobs – a total of 30 Mn opportunities.
India aims to become a global manufacturing hub for auto components by using its cost advantages and skilled labors, according to NITI Aayog report.