FICCI calls for upping the auto export target
By IANSMonday, October 4, 2010
NEW DELHI - The Indian automobile industry is confident of achieving the 2016 export target of $12 billion a good two years ahead in 2013-14, an industry lobby said Monday, calling for a revision of the target.
“There is a need to revisit the target set in the Automotive Mission Plan (AMP 2006-2016) and perhaps there is also a need to scale up the target in the background of robust growth of this industry in last few years,” the Federation of Indian Chambers of Commerce and Industry (FICCI) said in a statement.
India’s share in global automobile exports is a meagre one percent in 2009. The country ranked 22nd in automobile exports, falling behind Thailand, China, Mexico, Argentina, Brazil and Turkey.
According to FICCI, the industry should aim at achieving a share of at least three percent of the global exports market within the AMP by 2016.
Currently, the industry exports $4.5 billion worth of automobiles which include tractors, passenger vehicles, commercial vehicles and two-wheelers.
It said the figure is projected to go up to $5.62 billion in 2010-11 subsequently to $7.06 billion in 2011-12 and $17.64 billion in 2015-16.
Indian automobile exports have been growing at a CAGR of more than 25 percent in last five years and with this rate of growth it will achieve a size of $17.7 billion by 2016.
The AMP outlines that the country’s automobile sector is expected to be a $145 billion market by 2016, including a domestic market of $82-119 billion and an export market of $12 billion.
