New Delhi: The Indian automobile industry is likely to achieve its export target of $12 billion by value two years 2013-14, two years ahead of the targeted 2016.
The Federation of Indian Chambers of Commerce and In-dustry (Ficci) has said: “There is a need to revisit the target set in the Automotive Mission Plan (AMP 2006-2016). There is also a need to scale up the target in the background of robust growth of this industry over the last few years.”
Despite growing exports, India’s share in global automobile exports was 1 percent in 2009. It is ranked 22nd in automobile exports is behind Thailand, China, Mexico, Argentina, Brazil and Turkey .
Ficci said that the industry should aim at achieving a share of at least 3 percent of global exports market within the AMP by 2016.
The industry exports $4.5 billion worth of automobiles, which include tractors, passenger vehicles, commercial vehicles and two-wheelers.
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.”