India has been steadily growing its presence in the global automobile market, and according to Chairman of Maruti Suzuki India Limited (MSIL), Mr. R.C. Bhargava, India could overtake the US and China to become the world's top automaker in the next five years.
In an interview, Mr. Bhargava expressed confidence in India's potential to become a global leader in the automobile industry. He cited the country's large and growing domestic market, a skilled workforce, and favorable government policies as factors that will drive growth in the industry.
Mr. Bhargava also highlighted the importance of electric vehicles (EVs) in the future of the industry, and expressed confidence in India's ability to compete in this space. He noted that India has a strong base of EV component manufacturers, and that the government is providing incentives to promote the adoption of EVs.
While India still lags behind the US and China in terms of total automobile production, the country has been making significant strides in recent years. According to data from the Society of Indian Automobile Manufacturers (SIAM), India produced 24.4 million vehicles in the fiscal year 2020-21, up from 21.5 million in the previous fiscal year.
The Indian government has also been actively promoting the growth of the automobile industry, with initiatives such as the National Electric Mobility Mission Plan (NEMMP) and the Faster Adoption and Manufacturing of Electric Vehicles in India scheme.
While there are still challenges to be addressed, such as infrastructure and supply chain issues, Mr. Bhargava's comments reflect a growing sense of optimism about India's future as a major player in the global automobile industry. If the country can continue to build on its strengths and address these challenges, it could be well on its way to overtaking the US and China to become the world's top automaker in the coming years.
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