Role of IP in Auto Industry
Indian Automobile Industry has emerged as one of the fastest growing automobile industries and may become one of the global leaders in following years. It is enjoying major foreign investments since past few years. The Indian automotive industry contributes about 5 percent to India’s GDP with turnover of around $34 billion. Presently, the Indian auto industry has a combined manufacturing capacity of about 1.5 million vehicles per annum. It employs 13 million people either directly or indirectly.
According to a report of Ministry of Heavy Industries & Public Enterprises the turnover of the Indian Automobile Industry is expected to rise up to USD 122 Billion in 2016.