NEW DELHI: Establishing a roadmap for the automotive industry for the next 10 years, SIAM and the Indian government unveiled the Second Automotive Mission Plan 2016-26 (AMP 2026) on Wednesday at the 55th Annual SIAM Convention. The first MPA was launched for the period 2006-2016.
AMP 2026 is the collective vision of the Government of India and the automotive industry on the position of different segments of the automotive industry and automotive components industry by 2026 in terms of size and contribution to the Indian economy as a whole.
Some of the highlights of the Automotive Mission Plan 2026 are
1. India’s auto industry is expected to grow 3.5-4 times the current value of $ 74-260 billion to $ 300 billion.
2. By 2026, passenger vehicles are expected to increase from 9.4 to 13.4 million units, commercial vehicles from 2.0 to 3.9 million units, two-wheelers by 50.6 million. to 55.5 million and tractors from 1.5 to 1.7 million units.
3. India is among the top three automotive industries in the world.
4. Contribute over 12 percent to India’s GDP.
5. Generate 65 million additional jobs.
6. AMP aims to make the Indian automotive industry the driving force behind the “Make in India” initiative.
7. The industry will seek to increase exports to reach 35 to 40% of global production.
8. AMP plans to implement an end-of-life policy for vehicles and automotive components.
9. BSV standards to be adopted by 2019 and BSVI standards to be implemented in 2023 for passenger vehicles.
10. Auto component to reach Rs 593,500 crore – Rs 732,000 crore.
The industry met the targets set in the previous mission paper in terms of unit sales of passenger and utility vehicles, but two-wheeler sales figures were missed.