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The Contribution of the Automotive Sector to India’s GDP

An Overview of the Indian Automotive Industry :

India is the fifth largest market in the world when it comes to automotive sales. In 2019 alone, over 26 million units were produced and sold in the Indian market. India is also among the top ten nations when it comes to commercial vehicles. Two wheelers dominate the Indian market and have a market share of 80.8% owing to the young population in India. The rural market is also expanding as towns and villages have better access than before. The annual growth rate of the Indian Automotive market is over 2.3%, indicating a positive trend in the right direction.

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Will The Reduction In GST Increase Automobile Sales?

Around the last leg of 2019, the SIAM (Society of Indian Automobile Manufacturers) requested a drop in the GST rates for the automobile sector. This request was put forth as a mitigation measure to the rapidly declining market performance in the automobile sector. Over the past few years, the sales graph in the automobile industry has been eventful, to say the least. While there was a promise for growth in the sector towards the end of 2019, unfortunately, it was short-lived.

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