In a world starved of growth, India has emerged as the centre of attention. The country just became the 5th largest economy overtaking the UK and is projected to be the fastest growing economy in the world in the years to come. In its latest report, Morgan Stanley has projected doubling of the country’s GDP from its current $3.4 trillion to $8.5 trillion over the next ten years making it the third largest in the world.
In pace with the country’s rising economic stature, India has a target to be one of the largest Automotive Industries worldwide by 2030 with a distinct shift to electric mobility. The domestic electric vehicle industry is expected to cross sales of 10 million vehicles by 2030, with an overall adoption rate of more than 30 per cent across different vehicle categories.
As an integral part of the Auto sector, Tyre Industry is poised to set the wheels of the economy moving faster. With 5 Indian tyre companies in the top 25 in the world and the manufacturing presence of all the global tyre majors, India’s tyre sector has the wherewithal to accelerate the Indian economy’s and automotive sector’s journey to the next level.
The productivity levels in state-of-the-art tyre plants in India have more than doubled in the last decade and during the ongoing decade this transformation is going to be faster.
Nearly 25% of domestic tyre production is exported to more than 170 countries in the world and the export turnover of the Tyre Industry has doubled to over 21000 crore in the last four years.
The 3rd edition of ATMA Annual Conclave brought leading minds from Auto, Tyre & Auto Components sectors to set the roadmap for Tyre Industry as an integral part of India’s Gati Shakti.