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Key Industry Updates Over the Quarter

Yellow Arrow Icon India Will Become World's Largest Automobile Market In Five Years: Gadkari

Union Minister Nitin Gadkari expressed confidence that India will become the largest automobile market in the world in the next five years under the leadership of Prime Minister Narendra Modi. Given the qualified manpower and raw material available in the country, he expressed confidence that India can become the number one economy in the world in future.

Blue Arrow Icon BS6 phase 2 RDE norms come into effect April First Onwards

The phase 2 of the Bharat Stage 6 (BS6) emission norms are coming into effect in India from today, i.e. April 1, 2023. It focuses on real driving emissions and all the vehicles will now come with an OBD (On Board Diagnostic) system to monitor real-time emission levels.

Yellow Arrow Icon Government Released Standard Operating Procedure under Production Linked Scheme for Automobile Sector

The Ministry of Heavy Industries announced the release of SOPS under the PLI Auto scheme to testing agencies. With this, the applicants under the scheme can now submit their applications for the testing and certification of AAT products (both OEMs and components), which will help them qualify for incentives under the PLI Auto scheme.

The key objectives of the Production Linked Incentive (PLI) Scheme for Automobiles and Auto Components are to provide financial incentives to boost domestic manufacturing of advanced automotive technology products and attract investments in the automotive manufacturing value chain. Its prime objectives include overcoming cost disabilities, creating economies of scale, and building a robust supply chain in areas of advanced automotive technology products.

Blue Arrow Icon EV Adoption Levels In India To See Exponential Growth: Report

Over the last couple of years, the Indian government has drafted policies and plans like the FAME (scheme) with the aim to achieve 30 per cent EV sales penetration for cars, 70 per cent for commercial vehicles and 40 per cent for buses as well as 80 per cent for two- and three-wheelers by 2030.

The growth in electric vehicle sales in India is likely to continue for the rest of the decade, with two and three-wheelers expected to dominate EV sales in the near future, according to a report. The jointly prepared report by KPMG and CII also said that EV adoption is expected to see an inflexion point once all vehicle segments show significant ownership savings over the vehicles powered by internal combustion engines

Yellow Arrow Icon Automotive Brands See Value Surge in Latest India Market Study

The latest India-specific Brand Finance study reveals the most valuable and strongest brands across sectors. While the Tata Group maintains its No. 1 position, the Mahindra Group is the fastest growing brand, moving up to seventh position in the Top 100 brands: M&M tops auto brands with 59% growth in brand value.

Yellow Arrow Icon Delhi government begins works on new EV Policy

The Delhi government has started drafting a revised electric vehicle (EV) policy for the next three years. As the Delhi EV policy 2020 expires in August this year and officials said that about 86% of the policy measures and targets have been achieved so far.

Blue Arrow Icon Automobile Dealership Industry Revenues to grow by 11-13% in FY24: ICRA

Aided by robust sales, revenues of domestic automobile dealership industry are expected to grow by 11-13 per cent in the current fiscal, rating firm ICRA forecasted.

Factors like improving consumer sentiments, as seen through a continued preference for personal mobility and rising disposable income, easing supply-side constraints, better features in the new product models, change in product-mix with increasing skew towards high-priced vehicles, etc., are expected to favorably support the sales growth in the consumer segment.

Blue Arrow Icon Auto Companies Hiring more Women to Boost Diversity

India's leading automobile companies are employing more women to improve gender diversity in their workforce. Most of these companies are hiring women from campuses, and luxury carmaker Mercedes Benz India has mandated that half of all its hires in the ongoing year be women.

The country's largest automotive company by revenue already has more than 4,500 women actively engaged on the shopfloors of its various plants, working across multiple product lines, rolling out everything from small passenger cars to sports utility vehicles and heavy commercial vehicles.