The country's automobile sector, which attracted $16.5 billion in FDI between April 2000 and December 2016, is expected to attract $8-10 billion more in local and foreign investments by 2023, the government said Thursday.

The Year End Review 2018 of the Ministry of Heavy Industries and Public Enterprises, which made the projections, said growth of the industry in India since early 1990s is an example of how industrial prowess supported by progressive policies and national economic growth can yield rewards to all stakeholders. The government and the automotive sector articulated their objectives for the future of the industry through the Automotive Mission Plan 2016-26.

“The plan envisions that by the year 2026, India will be the third in the world after China and USA in engineering, manufacturing and export of vehicles and auto components,” the ministry said.