Paper Key : IRJ************782
Author: Diksha Halder,Dr. K.t. Vijaykarthigeyan
Date Published: 04 Apr 2025
Abstract
The sector has drawn Foreign Direct Investment (FDI) of $71 billion (provisional number) in 20222023 according to reports. According to statistics supplied by the Department of Industrial Policy and Promotion (DIPP), $33 billion in foreign direct investment (FDI) was recorded for the current financial year 202324 (up until September 2023). This was highlighted in the DPIIT year-end note. Due to a young population and a growing middle class, the two-wheeler category leads the Indian automobile industry with 80% market share, while the passenger vehicle (PV) segment has a 14% market share. In many nations, the automobile industry has driven economic growth. The automobile sector is undergoing rapid change as a result of evolving customer preferences, stricter governmental regulations, and technological advancements. This research investigates methods for promoting growth and resolving issues that the automobile sector in developing nations is facing, both now and in the future. The automotive sector in developing nations has a number of challenges, including inadequate infrastructure, environmental issues, a shortage of trained labour, and market competition.
DOI Requested