International Markets Analysis
The Indian automotive industry embarked a new journey in 1991 with de-licensing of the sector and subsequent opening up for 100% foreign direct investment (FDI). Since then almost all global majors have set up their facilities in Indian taking the level of production from 2 million in 1991 to over 10 million in recent years. The exports in automotive sector have grown on an average compound annual growth rate of 30% per year for the last seven years. The export earnings from this sector are over USD 6 billion.
Even with this rapid growth, the Indian automotive industry's contribution in global terms is very low. This is evident from the fact that even thought passenger and commercial vehicles have crossed the production figures of 2.3 million in the year 2008, yet India's share is about 3.28% of world production of 70.53 million passenger and commercial vehicles. India's automotive exports constitute only about 0.3% of global automotive trade.
Read more about this topic: Automotive Industry In India
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