The Growth of the Indian Automobile Industries

460 Words Feb 20th, 2018 2 Pages
From 1970 to 1991 there was very slow growth in the automobile industry due to government restrictions. But now it is changing rapidly. During the last 10-15 years, many international automobile manufacturers have started their services in India either in partnership or alone. The quality of production of Indian Automobile industries is so improved that they have started exports. The development of the automobile industry gave rise to the Automotive Policy 2006-2016, Ministry of Heavy Industries. According to Which the Indian Automobile sector is expected to grow by 2016 to USD 216 Billion. This will ultimately add around 2.5 million new jobs. It is expected that around 2 to 3 million people will buy new vehicles or component every year. The two most difficult challenges faced by the Indian manufacturers are the increasing fuel prices and labor problems. The automobile sector has now become the most contributing sector to the Indian Economy. The Indian Automobile Industry is among the top Automobile Industry in the world by being the world second largest Two wheeler market, Fourth largest commercial vehicle market and overall sixth largest market in the world in terms or Production and consumption. Moreover, it directly or indirectly give employment to around 10…
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