Indian Government said that the automobile sector of the country is expected to attract $8-10 billion more in local and foreign investments by 2023.
Talking about the investment from 200 to 2016, The automobile sector of the nation attracts $16.5 billion in FDI between April 2000 and December 2016.
Ministry of Heavy Industries and Public Enterprises said that the growth of the industry in India since early 1990s is an example of how industrial prowess supported by progressive policies and national economic growth can deliver benefit to the stakeholders.
The ministry said that India will be the third country in the world in the different field. Ministry said The plan envisions that by the year 2026, India will be the third in the world after China and USA in engineering, manufacturing and export of vehicles and auto components.
The government and the automotive sector articulated their objectives for the future of the industry through the Automotive Mission Plan 2016-26.