FDI in auto sector to grow manifold: PM

FOREIGN DIRECT INVESTMENT (FDI) in India's auto sector will increase manifold in the coming years from $36 billion received in the last four years as efforts are underway to develop the entire ecosystem related to auto manufacturing domestically, Prime Minister Narendra Modi said on Friday.

- FE BUREAU

In the last decade, new avenues of FDI, technology transfer and global partnership have been created in this industry. Paths have also been created for global investors who want to come to India for EV car manufacturing. This will help in expanding the quality of EV manufacturing ecosystem in India and building the value chain," the PM observed in his address at the inauguration of Bharat Mobility Global Expo.

Highlighting the attractiveness of the Indian market to investors, Modi said India is already the third biggest market in the world for autos though it is the fifth largest economy. "Just imagine where our auto market will be when India will be among the top three economies of the world?"