New Delhi, April 11 -- India's policy think tank Niti Aayog on Friday proposed a set of incentives for more than doubling the domestic automotive component industry's output to $145 billion and triple its exports to $60 billion by 2030.

Such growth would position India as a formidable player in global markets, achieving a trade surplus of $25 billion, and increasing the country's share in the global value chain of auto components from 3% now to 8%, Niti Aayog said in a report titled 'Automotive Industry: powering India's participation in global value chains'.

In 2023, India's domestic production of components was $70 billion, it pointed out.

Such progress, Niti Aayog said, could create up to 2.5 million extra large-scale employment opp...