India, Nov. 18 -- India's automotive industry, which contributes 7.1% to the country's GDP and nearly half of its manufacturing output, is entering a new growth phase backed by regulatory reform and strong foreign collaboration. The sector produced 28 million vehicles in 2024, up 8 per cent year-on-year, while exports surpassed 4.5 million units, according to a whitepaper by Grant Thornton Bharat and the Indo-Japan Chamber of Commerce and Industry (IJCCI).
GST 2.0, Customs, and FTA Impacts on the India-Japan Auto Sector," the report outlines how taxation reform, customs changes, and trade partnerships are reshaping the industry's competitiveness. With USD 43.3 billion in cumulative investments, Japan remains India's fifth-largest foreign i...