Are Indians finally rich?

In FY ‘06, the automobile industry grew by 12% in terms of numbers and 10% in value terms. Furthermore, exports crossed the $2 billion mark. At the moment, the auto industry accounts for 5% of the GDP, and these figures are expected to keep on flying high in future. Both national and global players seem to be bullish on India as never before. Minister of Heavy Industries and Public Enterprises, Santosh Mohan Dev, on September 7, 2006, at the Annual Convention of the Society of Indian Automobile Manufacturers (SIAM), confirmed, “Manufacturers have announced plans to invest Rs.11,000 crore in the past 9 months.” On the same day, Japanese automobile giant Suzuki announced a fresh investment of Rs.30 billion in Maruti. The investment will be added on to Rs.60 billion investments earmarked by the company for new models and new plants. Even Honda is gearing up with an investment size of $200 million. M. Takedagawa, CEO & President, Honda Siel, divulged, “The plant will be primarily used for small cars production. However... we will be in a position to launch a small car only in 2010.”


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Editor: Arindam Chaudhuri

Source: IIPM Publication

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