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The temporary setback in industrial activ-
ity due to general slowdown notwithstand-
ing, India is still reckoned a vibrant indus-
trial world power. Ranked the 19th largest
exporter, the country registered the highest
growth rate among developing nations dur-
ing mid-2000s, thanks primarily to the grow-
ing number of middle class customers, abun-
dant availability of skilled labour and a good
inflow of foreign investments into different
industry sectors. India’s industrial growth in
the modern sense of the term originated pre-
cisely in 1991 with the globalisation com-
pulsion for opening up of the economy. The
Indian automotive industry, the lifeline of
the economy as elsewhere, proved the real engine of growth attracting attention of
almost all MNCs. The entry of Maruti signalled a thorough transformation of the
automobile technology. This was followed by the foray of other foreign players
into every segment of the auto sector by setting up operations alone or in associa-
tion with their Indian counterparters. Today, India has emerged the second largest
manufacturer of two-wheelers, the fifth in commercial vehicles and the seventh
largest manufacturer of passenger cars in the world. A supplier-driven market hav-
ing not more than a handful of vehicle models two decades ago, it now offers
more than 160 models and variants by way of customer options. In PPP terms, the
country is expected to be the third largest economy by 2020.
An investor-friendly automobile policy, a highly indigenised vehicle technology
developed over the last few years and the special R&D initiatives by both auto-
mobile and component manufacturers have kept the sector in good stead. Nay, the
overall encouraging performance of the industry was behind the formulation of the
Automotive Mission Plan (AMP) by the Government, which envisages the auto
sector’s annual turnover growth to $145 billion from the current $45-50 billion
and its contribution to GDP shooting to 10 per cent from five per cent by 2016.
The targets fixed are within easy reach as can be inferred from the Indian auto
industry’s comparatively quicker recovery from the worst-ever world recession
of 2008 that destabilised the individual economies across the globe. Further, the
production and sales figures released by SIAM are pointer to the industry potential
for an earlier upswing, despite deterrents to expansion. The industry witnessed a
7.10 per cent growth in cumulative production of vehicles during April-July 2012.
It turned out 17,46,840 vehicles in July 2012 as against 16,56,014 vehicles in July
2011. The overall growth in domestic sales also registered a 9.34 per cent growth
during April-July 2012 over the previous year. All this confirms that India is still
the best bet.
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Edited & Published by R. Natarajan on
behalf of Gopali & Co., Quanta Zen Building,
No.38, Thomas Road, 2nd Street, T.Nagar,
Chennai-17, and Printed by B. Ashok Kumar
at Rathna Offset Printers, 40, Peters Road,
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Editorial
www.motorindiaonline.com
India, still the best bet
R. Natarajan, Managing Editor & Publisher
MOTORINDIA
8
MOTORINDIA
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September 2012