CHENNAI: The automobile industry contributes around 7.1 per cent to India’s GDP by volume and the country is poised to be the third largest automotive market in the world by 2020, Transport secretary J Radhakrishnan said on Friday.
Speaking at the 11th edition of the conference on Automotive R&D Trends, organised by Tamil Nadu Technology Development and Promotion Centre of CII, he said the rise of technology in the auto components manufacturing sector globally and its by-products such as mobility, connectivity, fuel efficiency, electric cars and autonomous driving, have brought forward a huge playfield for Indian manufacturers to compete and innovate in the global market.
Major auto giants have set up their research and development centres in India, a transport department release quoting the official said. India, especially Tamil Nadu, is emerging as a global hub for auto component sourcing. He further said the Tamil Nadu government is providing all support and help to industries to ensure growth of automobile sector. The State government is offering various infrastructure facilities such as power, rail, road and port connectivity.