In his speech, Gadkari said the country has set a goal of becoming the largest country in the world. car On global market expansion in the next 3-4 years, he also revealed information regarding the upcoming opening of New Delhi’s ring road project, Urban Extension Road 2. The road is expected to open within the next few months and will significantly reduce travel time to the capital’s airport.
MoRTH further highlighted that the Indian automobile market has grown several times to reach a size of Rs 12.5 billion from Rs 4.5 billion nine years ago. In fact, India overtook Japan last year to become the world’s third-largest car market after the United States and China.
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India has the potential to become the world’s leading automaker due to its strong engineering talent pool, low labor costs and favorable government policies. Recently, there were talks of global electric car brand Tesla setting up a manufacturing facility in India. Meanwhile, Chinese EV major BYD has proposed to set up a billion dollar facility in India. However, this request was rejected by the Indian government citing border tensions between the two countries.
Nevertheless, the Indian auto market is back on a growth track after the coronavirus crisis and the subsequent supply-side crisis due to semiconductor shortages. Both local production, sales and export.
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