India is rapidly marching ahead to meet its goal of India 2020. It ranks fifth in the list of world’s largest car makers after Germany, Japan, the USA and China. Subsequently, the emerging economy has overtaken South Korea in this Industry.
The auto sector in India constitutes almost seven per cent of the country’s economy. Furthermore, the automotive market here has witnessed a steady growth. The ‘Make In India’ campaign has also helped the industry grow robustly. Hence, the automobile Industry is expected to provide employment to a total of 20.5 Million citizens by the end of this year.
Automotive companies in India:
Hyundai, Suzuki, BMW, Volkswagen, Audi, Mercedes Benz, Ford, Fiat, Honda, Chevrolet (of General Motors), Toyota, Lamborghini, Jaguar, and Skoda are the foreign automotive companies that manufacture and market their products in India.
In addition, the native Mahindra group is by far the largest manufacturer and seller of tractors across the world. It is one of the biggest vehicle manufacturers in India. In addition to this, the company has been supplying the world with countless products and services. It has operated for more than six decades and has entered in key industries such as aerospace, aftermarket, agribusiness, automotive, Information Technology, construction equipment, among others.
Young Key Koo, chief executive of Hyundai Motor India, expects India to keep pace and grow at 7-8% minimum in 2016, and consistently stay ahead of the EU.
India’s potential is enormous. Its population is young and dynamic. It has been at par with the automobile giant South Korea and is staying up to the mark. While some believe that the rank of India got promoted ahead of Korea on account of the slump attributed to the strike observed by the Hyundai-Kia labours, still India’s potential stays unquestioned.
Moreover the Government of India and the major automobile players in the Indian market have been taking initiatives to make India a leader in the automobile market in the world by 2020.