The automobile industry, which is one of the most important fundamental sectors of the national economy of a country, is one of the significant indicators of the economic power and comprehensive national strength of a country.
The automobile industry is important in the Indian economy and plays a crucial role therein. The automobile industry of India, which is enormous in size, holds an important position in the industrial system of India. The automobile sector is vital in promoting employment and boosting economic prosperity and serves as the pillar of local economic development and social stability.
Indian automobile sector is one of the fastest growing sector, has reported high growth rate from 26 percent to a worst negative growth in some segments during past years. Indian auto sector is one of the most vibrant industry.
The automobile industry is one of India’s major sectors; accounting for 22% of the country’s manufacturing GDP. The Indian auto industry, comprising passenger cars, two-wheelers, three-wheelers and commercial vehicles, is the seventh-largest in the world with an annual production of 17.5 million vehicles, of which 2.3million are exported.
Indian automobile industry is the stands second in the list of top ten countries in the world in the area of two wheelers. It is the third in the section of small cars and fifth in the list in the section of commercial vehicles.