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One of the key industries prOpelling the Indian Economy today is the automobile Industry. As steel, petroleum and manufacturing industries are dependent on this industry, it employs thousands of people directly or indirectly. This industry, therefore, has a key role to play in the economic growth of India. We are all aware of the fact that a sound transportation system can contribute to a country's economic development to a great extent.
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An increase in the disposable income of the middle class coupled with low EMI values and friendly government policies are what have made a difference to this sector. With an annual contribution of 4% to the GDP and accounting for about 5% of the total industrial output, this segment clearly stands out as a significant contributor to the economic growth.
Comprising of a healthy mix of Indian players such as Mahindra, Bajaj, Tata, Ashok Leyland, hero honda and some international players such as Ford, Toyota, GM Honda, Daimler Chrysler, Hyundai Suzukiand Volvo, the Indian consumers are spoilt for choice. Be it buying a car or a two-wheeler, the customer has a wide array of products to choose from, according to his needs and budget. As there are so many companies now the pricing has become competitive with the consumers emerging as winners.
To conclude, coupled with the above mentioned factors, increasingly developing road conditions and more buying power are what would help the automobile industry to grow by leaps and bounds in the future.
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