Auto industry needs to grow by 14% to meet $5 trillion economy India's target : Pawan Goenka

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      Auto manufacturing will have to grow by 14 percent if India has to achieve the $5 trillion economy target, Mahindra and Mahindra, Managing Director Pawan Goenka said on December 16. India has set an ambitious target of $5 trillion in the next five years and 12 percent of it is expected to be contributed by the manufacturing sector.
      "$5 trillion economy target by 2025-26 means a CAGR of 8.5 percent. Within that, the target of manufacturing is $1 trillion, which means 12 percent from manufacturing and within manufacturing, automotive plays a significant role. If manufacturing has to grow 12-13 percent auto must grow by 14 percent," Goenka said during a panel discussion at the India economic conclave 2019.
      "Auto is only 4 percent of exports in India as compared to auto manufacturing countries like Thailand, Germany, Korea, and Japan which are more than 10 percent," he added.
      He further said currently the auto industry contributes 7 percent of GDP which is good but when compared with the other major auto-producing countries, which are all in double digits, the Indian industry's share is still lower.

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