Factors That’ll Drive the Indian Auto Industry
Factors That’ll Drive the Indian Auto Industry Indian auto market was an island in the pre-liberalization era, thanks to restrictive regulatory norms, and high import duties and taxes. Liberalization changed it all in 1992, facilitating the entry of Foreign Direct Investment and the best vehicles, brands and technologies into the Indian auto space. With the auto industry coming of age, India capped off 2018 with production of over 30 million vehicles and an impressive 6.26 percent growth rate. Presently, it’s one among the top 7 auto manufacturers and the 4th largest auto market in the world. While the signs are encouraging, speculations are ripe on how a few local and global trends will shape up in coming times. Let’s discuss the some key factors that shape these trends. Policy initiatives : The Government of India is keen to attract more foreign investments into the auto sector, raise the bar in the auto technology India , and cut down carbon footprint significan