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Introduction

India's economy is growing rapidly at 9-10% annually, and the automotive industry is central to India's new economic dynamism. The domestic automotive market is expanding quickly as incomes rise and credit becomes more available. Vehicle manufacturers are increasing their product lines and expanding local manufacturing in India. There is an expectation that India can become a global hub for automakers and an outsourcing center offering solutions high up the automotive value chain. The automotive industry in India currently accounts for $45 billion but has potential to grow substantially with local and international manufacturers investing heavily in production facilities in the country.

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Pratik Rajwadhi
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13 views

Introduction

India's economy is growing rapidly at 9-10% annually, and the automotive industry is central to India's new economic dynamism. The domestic automotive market is expanding quickly as incomes rise and credit becomes more available. Vehicle manufacturers are increasing their product lines and expanding local manufacturing in India. There is an expectation that India can become a global hub for automakers and an outsourcing center offering solutions high up the automotive value chain. The automotive industry in India currently accounts for $45 billion but has potential to grow substantially with local and international manufacturers investing heavily in production facilities in the country.

Uploaded by

Pratik Rajwadhi
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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INTRODUCTION

India is an emerging country with huge potential. The domestic economy is now growing at around 9-10% per annum and Indias importance in global terms is being reinforced by rapidly rising exports and domestic consumption. At a time when numbers of a slowdown and overheating in the Indian economy have started gaining momentum, the Indian rupee sprang a surprise by pushing the GDP figure past the trillion-dollar (42,00,000 crore) mark. The automotive industry is at the center of Indias new global dynamic. The domestic market expanding rapidly as incomes rise and consumer credit becomes more widely available. Manufacturers product lines are being continually expanded, as is the local automotive manufacturing base. Expectation are high that India can develop as a global hub for vehicle manufacturers and as an outsourcing center that offers the global automotive industry solution high up the automotive value chain.

yIndia eyes 25 million automotive jobs. yIndia's GDP is set to double over the next decade yIn percentage terms, the automotive industry's contribution should also double. yIn dollar terms, the sector's contribution is set to quadruple to some $145bn
The automobile industry in India accounts for a business volume of $45 billion and has the potential to grow much faster both through Indian as well as international manufacturers who have established huge facilities in the country With the worlds second largest and fastest-growing population, there is no denying Indias potential in both economic and population terms and the effect it will have on the auto industry in the years to come. The country is already off to a good start, with a well-developed components industry and a production level of 1 million four-wheeled vehicles a year, plus a further 5 million two- and three-wheelers.

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