Auto industry hits Rs 20 trn in FY24; contributes 14-15% to total GST: Siam

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Auto industry hits Rs 20 trn in FY24; contributes 14-15% to total GST: Siam - Business Standard

Quick Summary:

The Indian automotive industry has crossed Rs 20 lakh crore mark in FY24 and now contributes 14-15 per cent of the total GST collected in the country, SIAM President Vinod Aggarwal said on Monday.

"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 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.