Vehicles: A Driver of Growth
New Delhi: The Society of Indian Automobile Manufacturers (SIAM) has stated that the automobile industry is a key driver of the country's economic growth. SIAM President Shailesh Chandra noted that the automotive sector contributes over ₹22.75 lakh crore to India's Gross Domestic Product (GDP) and accounts for nearly 15% of the government's GST revenue. Furthermore, he highlighted that the industry provides direct and indirect employment to more than 30 million people and supports the development of allied sectors and supply chains.
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