The present global pandemic with lockdown, job losses and declining demand casts a spell of gloom for the industry in the near future
The Indian automobile industry is the fourth largest in the world with an annual turnover of $100 billion and employs 32 million people. The two-wheeler industry in India is the largest in the world. India is also the largest tractor manufacturer and the eight largest commercial vehicles manufacturer in the world.
The automobile sector currently contributes about 50 per cent of the manufacturing gross domestic product (GDP) in India, 26 per cent of the industry GDP and 7.1 per cent of overall GDP, up from 2.7 per cent in 1992-93. The sector contributes approximately 13 per cent of excise revenue to the government.