Indian automotive industry is one of the largest in the world. We are the third largest exporter of passenger cars in Asia. Society of Indian Automobile Manufacturers is expecting to top the industry with 611 million vehicles on the nation's roads by 2050. Will we able to achieve this?
The main problem faced by automotive industry is rise in price of oil. Tax reduction is not a solution as that will increase consumption forcing us to import more oil. The automobile industry should find solution for this. Automobile companies should spend more money for research on electric vehicles and to produce hydrogen fuels using cheaper methods. We should reduce dependence on oil imports in future.
