Indian automotive sector ranks 4th highest in the world and is growing at a rate of 9.5 percent per year, as per the IBEF survey. Government-sponsored initiatives like ‘Make In India’ have ushered the growth further wherein, the automotive industry has received a cumulative FDI of $21.38 billion since 2000, as per data by Department for Promotion of Industry and Internal Trade (DPIIT). Further, the Indian component makers are gearing up to embrace R&D and push investment into technology to emerge as a global hub of innovation. With increased dispersion of technology, consumer demand and high industry competition, the gestation period of introducing innovative concepts in the automotive industry is reducing.
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