short note on automobile industry in India
Answers
Explanation:
The automotive industry is a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles, some of them are called automakers. It is one of the world's most important economic sectors by revenue.
India is also a prominent auto exporter and has strong export growth expectations for the near future. Automobile exports grew 26.56 per cent during April-July 2018. It is expected to grow at a CAGR of 3.05 per cent during 2016-2026. In addition, several initiatives by the Government of India and the major automobile players in the Indian market are expected to make India a leader in the two-wheeler and four wheeler market in the world by 2020.
Answer:
The Indian automobile market is one of the largest in the world, both in terms of sales volume and production. Talking about historical roots of the car market in India, the first time that a vehicle came on road was in 1897. Till 1930, India did not have any manufacturing facility and cars were imported directly from other countries. The landmark decade in the manufacturing process was that of 1940s, in which Indian companies like Hindustan Motors and Premier started to manufacture cars of other firms. During the same decade, Mahindra & Mahindra also started to produce utility vehicles.
Soon after independence 1947, Government of India tried to create an automotive component manufacturing industry in order to supplement the automobile fraternity. From 1960 to 1980s, the Indian market was dominated by Hindustan Motors, which gathered a large amount of share due to its Ambassador model. However, during 1950s till 1960s, the overall industry moved at a slow pace due to trade restrictions set on imports. Soon after this repressive phase, demand surged but to a smaller extent, which was mainly seen in the tractor and commercial vehicles segment.
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