New Delhi: The Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, on Thursday announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.

In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.

The auto major plans to expand its EV lineup starting with the e-Vitara, and is aiming to launch four new EV models by FY30 in a segment where its rivals like Tata Motors and Mahindra & Mahindra already have a varied EV portfolio in India.

“In India, we will promote further localisation in line with the growth of the electric vehicle market,” the company said.

Maruti Suzuki is currently exporting three lakh vehicles from India annually. By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.

While the company noted it achieved revenue and profit targets ahead of schedule by improving sales mix and quality, its sales volume target could not be met.

It noted that the “competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing”.

It aims to be India’s no.1 carmaker in terms of production, local sales and exports of electric cars. A total of six electric vehicles will be introduced by FY30, including four electric cars and two commercial vehicles.

Suzuki Motor plans to invest 1,200 billion yen (about Rs 7,000 crore) as capital expenditure towards production, new models, carbon neutrality and quality measures. A new plant in Haryana’s Kharkhoda and an assembly line in Suzuki Motor Gujarat will come onstream by 2030 for a total installed capacity of four million units.

New Delhi, Feb 20: India is set to transform into a high-income country with a projected GDP of $23–$35 trillion by 2047, driven by sustained annual growth of 8-10 per cent, according to a report on Thursday.

This will be powered by India’s demographic dividend, technological innovation, and sectoral transformation, according to the report by Bain & Company and Nasscom.

With nearly 200 million individuals expected to enter the workforce in the coming decades, India has a unique opportunity to drive high-value job creation and unlock significant economic potential.

Five key sectors, including electronics, energy, chemicals, automotive, and services, would act as strategic growth levers due to alignment with global trends and scalability, with the potential to address India’s unique challenges and advantages.

Rising income, a growing pool of skilled workers, and continuous improvements in infrastructure are some of the key factors that can fuel this growth, said the report.

“By investing in digital and transport infrastructure, enhancing domestic manufacturing, and driving collaborative R&D, we can position India as a leader in future technologies and global trade. A multi-pronged, tech-driven approach will be key to unlocking inclusive and sustainable growth,” said Sangeeta Gupta, Senior Vice President at Nasscom.

Advances in AI-driven chip design, touchless manufacturing, and backward integration into component manufacturing and design could enhance cost competitiveness and innovation, driving the sector’s export share from 24 per cent to 45 per cent-50 per cent by 2047 and its GDP contribution from 3 per cent to 8 per cent-10 per cent.

India’s share of renewables in overall energy generation has the potential to rise from 24 per cent in 2023 to 70 per cent in 2047 backed by modernising energy infrastructure, and scaled investments in green energy. India is also likely to transition from a net energy importer to a net exporter.

“AI-powered molecular design and digital twin technologies, along with other tech-driven improvements can lead to a potential increase India’s share in global value chain from around 3 per cent to over 10 per cent in 2047,” said the report.

Auto-components exports sector are likely to reach $200–$250 billion (by 2047), driven by near-term share capture in ICE market and longer-term shift to EVs.

“Electronics is one of the key sectors instrumental in this journey and is poised to emerge as a global manufacturing hub expected to $3.5 trillion by 2047, contributing more than 20 per cent to global production,” said Lokesh Payik, Partner at Bain & Company.

New Delhi, Feb 19: India’s textile exports have reached Rs 3 lakh crore and the goal is to triple this to Rs 9 lakh crore by 2030 by strengthening domestic manufacturing and expanding global reach, the government has said.

India is the sixth-largest exporter of textiles globally, contributing 8.21 per cent to the country’s total exports in 2023-24.

The sector holds a 4.5 per cent share in global trade, with the United States and European Union accounting for 47 per cent of India’s textile and apparel exports, according to the Ministry of Textiles.

The recently concluded ‘Bharat Tex 2025’ in the national capital served as a platform to accelerate the government’s “Farm to Fibre, Fabric, Fashion, and Foreign Markets” vision. The event demonstrated India’s leadership in the textile sector and its commitment to innovation, sustainability, and global collaboration.

Organised from February 14 -17, the event spanned 2.2 million square feet and featured over 5,000 exhibitors, providing a comprehensive showcase of India’s textile ecosystem.

More than 1,20,000 trade visitors, from 120+ countries including global CEOs, policymakers, and industry leaders, attended the event, according to the ministry.

“From an employment perspective, the textile industry provides direct employment to over 45 million people and supports the livelihoods of over 100 million individuals indirectly, including a large proportion of women and rural workers,” said the government.

The government’s focus on increasing textile manufacturing, modernising infrastructure, fostering innovation, and upgrading technology has strengthened India’s position as a global textile hub.

India is one of the world’s largest producers and exporters of fabrics, catering to both domestic and international markets.

The sector is characterised by a mix of large-scale industrial manufacturing and small-scale artisanal production, reflecting a vibrant tapestry of innovation and tradition.

Major fabric hubs in the country include Gujarat, Tamil Nadu, Punjab, and West Bengal, each known for its unique textile specialties.

The apparel and fashion industry is a major economic driver, contributing significantly to GDP and employment.