Question

Why has the automobile industry of India witnessed fast growth? Give reasons.



plz answer fast​

Answer 1

Explanation:

India has witnessed a rapid growth in the auto mobile sector. The reason behind the growth is as follows : 1. Fuel economy : high rates of fuel have forced competition among the companies to focus on delivering performance-oriented products.

Answer 2

The automobile industry of India witnessed fast growth because of foreign direct investment.

• India is one of the fastest automobile growing countries and a key sector of the economy in the world.
• The automobile industry increased by 18 percent per year.
• Foreign Direct Investment is allowed in India. The inflow of FDI has been at a rapid rate.
• Also Indiana has a well-developed and competent Auto-Ancillary industry along with automobile testing and R&D centers.
• India's major investing countries are Mauritius, USA, Japan, UK, Netherlands, and South Korea.

These are some of the many reasons that make India's automobile industry a globally fast-growing country.