Auto industry crosses ₹20 lakh crore mark in FY-24; contributes 14-15 pc to total GST: SIAM President
The Hindu
Indian auto industry surpasses ₹20 lakh crore mark, contributing 14-15% of total GST, poised for further growth.
The Indian automotive industry has crossed ₹20 lakh crore mark in FY24 and now contributes 14-15% of the total GST collected in the country, SIAM President Vinod Aggarwal said on Monday (September 9, 2024).
The auto sector also contributes significantly to the direct and indirect employment generation in the country, he said while speaking at the 64th annual ACMA session here.
"The Indian automotive industry has crossed a landmark figure of Rs 20 lakh crore (around USD 240 million) in FY24...we are contributing almost 14-15 per cent of the total GST collected in the country," Aggarwal said.
The auto industry will contribute more and more to the GDP of the country from the current level of around 6.8%, he noted.
It is not just the growth numbers, but equally important is the transformation in the technology, he added.
Aggarwal stated that globally also the standing Indian auto industry has risen.
"We have become the third largest passenger vehicle market, the largest two and three wheeler market and third largest commercial vehicle market as the country marches towards Viksit Bharat by 2047," he noted.
Rupee appreciates against dollar on positive inflation data and easing crude oil prices, supported by domestic equity markets.
Chinese and Indian refiners adapt to U.S. sanctions on Russian oil, seeking alternative supplies from Mideast and Africa.
Union Agriculture Ministry extends soybean procurement deadline for Maharashtra, Rajasthan, and Telangana, with increased targets and state cooperation emphasized.
HCLTech reports 5.5% rise in Q3 net profit to ₹4,591 crore, revenue grows 5.1% to ₹29,890 crore.
Maharashtra CM Fadnavis establishes soybean procurement mechanism, extends deadline, emphasizes agro hubs, onion storage, and market committee reclassification.
India's net direct tax collections growth slows slightly to 15.88% in January, with gross tax receipts at ₹20.64 lakh crore.
Congress leader Jairam Ramesh mocks PM Modi for rupee depreciation in X post, highlighting fall from ₹58.58 to ₹86.
India's retail inflation drops to 5.22% in December 2024, with food inflation at 8.4%; top items with highest inflation listed.
Microsoft is carrying out job cuts but employees in India will not lose their jobs in this round, reported The Hindu Businessline.
China's exports surge ahead of potential US tariffs, boosting trade surplus and showcasing growth in high-tech manufacturing.
Rupee hits all-time low against dollar as RBI intervenes to support currency amid Fed rate cut expectations.
Sensex and Nifty plummet due to global trends, foreign fund outflows, Brent crude rise, and strong US jobs data.
Rupee hits lifetime low against dollar amid global cues, oil surge, and foreign capital outflow, impacting Indian markets.
India’s record-breaking capital-raising spree will continue in 2025 given the strong pipeline of firms looking to go public, the head of the country’s oldest exchange told Reuters.
Discover why PPF remains crucial in goal-based portfolios despite changes in tax regime and deduction limits.
Indian tech firms capitalise on policy changes to localize hardware and software, with CloudPhotonix and DigiBoxx leading the charge.
Two-wheeler fatalities rose by 8% in 2022, claiming almost 75,000 lives or 44% of the over 1.68 lakh accident deaths that year; India logs highest number of road accidents globally.
Adani Group to invest ₹65,000 crore in Chhattisgarh's energy, cement projects, and social initiatives, announces Gautam Adani.