The Indian automotive industry has emerged as a 'sunrise sector' in the Indian economy. India is being deemed as one of the world's fastest growing passenger car markets and second largest two wheeler manufacturer. It is also home for the largest motor cycle manufacturer and the fifth largest commercial vehicle manufacturer. India is expected to become the third largest automobile market in the world. Ford is looking at India as a major export hub, as per Mr. Joginder Singh, President and Managing Director, Ford India. By 2020, the luxury car segment is estimated to be around three per cent of the overall passenger car market in India. So, there is huge opportunity for growth. India is going to be one of the biggest markets for us, worldwide, according to Tomas Ernberg, Managing Director, and Volvo Auto India.
Auto Industry to miss all growth targets this fiscal, says SIAM (Society of Indian Automobile Manufacturers) – 12th Feb, 2013. Heading towards its worst performance in a decade, car sales declined 12.5 per cent to 1,73,420 units in January, its third consecutive slide and the fifth in six months, as carmakers now pinned all their hopes on fresh sops in the upcoming budget.
The Society of Indian Automobile Manufacturers (SIAM), apex body of the Indian automakers that released the manufacturing data for the month of January on Monday, said that industry would miss all growth targets in the current fiscal year.
The amount of cumulative foreign direct investment (FDI) inflow into the automobile industry during April 2000 to November 2012 was worth US$ 7,518 million, amounting to 4 per cent of the total FDI inflows (in terms of US$), as per data published by Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce. India’s scooter and motorcycle manufacturers have registered 4 per cent growth during April-November 2012, according to the recent data released by the...