Auto Sector may Achieve $12 bn Exports Ahead of Schedule.

NEW DELHI: Indian automobile industry may achieve its $12-billion export target two years ahead of projections in 2013-14, industry body Ficci said on Monday. At present, the industry exports $4.5 billion worth of automobiles including tractors, passenger vehicles and commercial vehicles, besides big volume segment two-wheelers. As per the industry body, auto exports will go up to $5.62 billion in the year ending March 2011 and grow to $17.64 billion in 2015-16.

Auto export increased 49% to 9.72 lakh vehicles in the first five months of the current fiscal beginning April 2010.

“There is a need to revisit the targets set in the 10-year Automotive Mission Plan. Given the growth of the industry in the past few years, there is a need to scale up the target as a host of global players are setting up their factories to utilise the country’s low-cost potential,” Ficci said in a statement.

India’s share in global auto exports may also triple to 3% from the current 1% by 2016, the chamber said. At present, India exports large number of cars to Europe with major carmakers like Maruti Suzuki and Hyundai shipping vehicles to UK, Italy and Germany, their key markets in the continent.

Source : economictimes.indiatimes.com