NEW DELHI: With over 25.7 lakh cars manufactured in 2016 till date, India has overtaken South Korea to stand fifth in the list of world's largest carmakers. The countries which are ahead of India are Germany, Japan, the USA and China.Last year, South Korea manufactured 45.5 lakh cars while India had produced 41.2 lakh. As a result, the market has faced a loss of production of more than one lakh vehicles, which amounts to approximately 2.23 trillion won (Rs 13 thousand crore), according to Reuters.On the contrary, the auto sector in India constitutes almost seven per cent of the country's economy. The automotive market here has witnessed a steady growth. The 'Make In India' campaign has also helped the industry grow robustly, and will provide employment to a total of 2.5 crore citizens by the end of this year.

Source: Times of India October 10, 2016 10:52 UTC