According to a report, the Indian automotive industry, the world's fourth largest, is expected to be worth $1 trillion by 2035. This includes more than $400 billion in design, development, and other technology areas as the country transforms itself into a global automotive hub.
As per the report released by management consulting firm Arthur D Little, in order to achieve this, industry players must upgrade their capabilities for reliable and competitive global manufacturing.
In the words of Barnik Chitran Maitra, the consultancy's managing partner (India & South Asia), India's automotive manufacturing industry will need to invest $100-150 billion until 2035 to reach the $600 billion mark. "A lot of this investment will come from homegrown automakers that aspire to become global by then."
Private capital raised by these companies will be used to develop new platforms as they grow into global chains, he added.