India is world’s 5th largest car manufacturer

car-manufacturersWith over 25.7 lakh cars manufactured in 2016 to date, India has overtaken South Korea to rank 5th on the list of car makers.

Countries ahead of India are Germany, Japan, the US and China.

Reports from Korea suggest India could retain the spot next year as well, since the industry is facing a slump that is attributed largely to the Hyundai-Kia labour unions.

In India on the other hand, the auto sector constitutes nearly 7% of the country’s economy.

PM Modi’s Make in India campaign has also helped grow the industry and provide employment to over 2.5 crore citizens by the year end.