Auto industry crosses Rs 20 lakh crore mark in FY24; contributes 14-15 pc to total GST: SIAM President

The Indian automotive industry has surpassed Rs 20 lakh crore in FY24, contributing 14-15 per cent of the total GST collected. The sector is also a major source of employment and aims to reduce import dependence by increasing local production of critical components. The industry is focusing on advanced technologies and cleaner vehicles.