Final 12 months, 2.6 million models of latest automobiles had been produced in India. This made the country the seventh largest auto market within the world. In the continent of Asia, India is the fourth main exporter of automobiles, after Japan, South Korea and Thailand. It has been projected that in one other 40 years, the Indian automobile sector will top the world in automobile production and round 611 million vehicles will likely be playing on the Indian roads.
The financial liberalization in India that happened in 1991 brought in an increase in competitiveness and a relaxation in restrictions. Publish 1991, the Indian automobile market has been displaying regular growth. Many Indian automotive majors like M&M, Maruti Suzuki and Tata Motors expanded their base both in India and abroad. The Indian vehicle sectors healthy and financially viable development led to the internal improvement and in addition gave rise to noteworthy India-specific investments by multinational automobile makers. In February final 12 months, the monthly sales of passenger automobiles in India
had exceeded 100,000 units.
Post Indian independence in 1947, the Government of India and the non-public sector too launched several programmes to build an auto trade, but in vain. Noticeable modifications started only in the Seventies, and that too, solely within the truck, tractor and two-wheeler vehicle sectors. Automobiles have been nonetheless thought-about only a luxury and never a necessity. Fortunately, Japanese producers slowly made their entry within the Indian market lastly resulting in the arrange of Maruti Udyog which is now often called Maruti Suzuki and is the most important promoting automotive major in India. Many different car makers quickly made their entry on Indian roads.
It was in the 1980s that the automobile trade began seeing growth. There were many international automotive majors coming to India with intentions of constructing joint ventures. All people smelt the potential that the Indian car sector possessed and wished to explore it further. A number of Japanese automotive makers launched joint-ventures for building gentle business vehicles too.
In latest instances, India has appeared as one of many largest producers of small vehicles globally. Indias sturdy engineering base and proficiency when it comes to manufacturing of reasonably priced, gas-financial vehicles has led to the enlargement of production services of varied car manufacturers like Hyundai, Toyota, Nissan, VW and Maruti Suzuki
Two years in the past Hyundai alone had exported round 2,40,000 automobiles, all made in India. By subsequent 12 months, Nissan plans to export at least 250,000 items produced in its plant in India. GM too has great plans for India. The car makers Indian subsidiary, Chevrolet has been doing real properly and GM needs about 50,000 vehicles manufactured in India in a years time. The sales figures for almost all car manufacturers in India have been displaying an all-time high and this has been projected to grow further.