by Danette J. Ellerman | March 13, 2020 7:09 am
In the race to be a superpower, India is making frequent and astounding advancements in all fields. From power generation to constructing modern roads, every sector has a huge impetus. Rising above all in a very distinct and appreciable way is the Automobile Sector of India. The automobile sector forms one of the fastest growing sectors in the Indian economy and so is the popularity of automobiles in India. A number of cars and other automobiles are imported and exported every year. Indian Automobile market witnesses a large scale manufacturing of cars, bikes, vans, buses and tractors.
Indian automobile industry is the tenth largest in the world. Every year new and advanced model of cars, bikes and other vehicles are launched by various leading manufacturers suiting the consumer needs. Occupied by various major automobile manufacturers like Tata Motors, Ford Motors, Volkswagen, Maruti Udyog, Hero Honda, Bajaj Auto, Yamaha Motor etc, Indian Autombile industry has become a battlefield of technology, performance and styling. Automobile industry in India is one of the fastest growing automobile industries and has made its position in the world market.
The Indian automobile Industry is currently growing at a remarkable pace of around 18 % per annum. The technological changes and progress successfully led to the progress of automobile sector in India. The main reason behind this tremendous progress is the economic liberalization by Indian government.
Ever since the foreign direct investment has been allowed, the automobile market has got its foot on the accelerator. The growth of Indian middle class with increasing purchasing power and availability of trained manpower at reasonable cost is another reason for the eminent growth and has pushed it to new capacities. International automobiles giants have helped Indian automobile sector to enlarge by setting up local basis. The increasing competition in auto companies has opened up many choices for Indian consumers at competitive costs. The Indian Automobile industry is growing in all respects and it is also serving as an important source of employment. Innovation and new product launches are a major factor driving growth in sales of cars. A wide distribution & service station network is a key to growth in India. The automobile sector is expected to witness strong growth and improve its share in global markets too.
Automobiles are the precious possessions and because of the various car loans available it has now become easy to get your dream car. You just need to contact automobile suppliers of your area. Car insurance is also an indispensable part of using a luxury car. Auto Loan Calculator estimates the overall cost of a car.
Rita Jain is a well known website author.With her growing interest in automobiles, she has written this article on the Fast track Automobile Industry of India. The exceptional growth and tremendous competition influenced her and here is she sharing her views on the automobile market of India.
Automobile industry like any other sector in India has grown multi-fold since the liberalization of 1991. Foreign and domestic companies have registered high growth every year. Both the central government and state governments have taken several measures to draw investments in the sector and further accelerate the growth of the industry.
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