Progress Card of the Indian Automobile Industry

Vibha Tripathi* and K B Rao**

The automobile industry currently contributes 22% of the manufacturing GDP and 7% of the country’s
GDP. The Indian auto industry has left behind many other auto manufacturers with an annual production
of 23.96 million vehicles in the financial year 2015 and is going to be the third largest in the world by
2020. With strong backward and forward linkages, the automobile sector has been identified as one of
the sunrise industries in the manufacturing sector. Post 2000, important policies and programs like auto
policy 2002 which allowed 100% FDI, Automotive Mission Plan 2006-2016, NATRIP, NEMMP and
the very recent launch of “Make in India” program have changed the growth dynamics of the automobile
sector. Therefore, the paper attempts to study the growth trends of automobile industry post 2000 in terms
of CAGR, and percentage change over the years for three parameters, namely, production, sales and
exports. The findings of the study clearly suggest an upward trend in growth during 2001 to 2014 in the
two-wheeler and passenger vehicle segment in the Indian automobile industry.

Introduction
The automobile industry played a significant role in the economic development of nations—
witnessed in all major developed countries—USA, UK, Germany, France, Italy, Japan, South
Korea and China. In an emerging economy like India, the manufacturing sector is expected to
absorb a much larger workforce, relieving agriculture of the excessive burden and also
contribute more to the national GDP. The automobile industry is one of the largest
manufacturing industries in terms of revenue and is considered a bellwether of both consumer
demand and the health of the overall economy. The auto industry of India has been recording
tremendous growth over the years and has emerged as a major contributor to India’s GDP.
This dynamic industry currently accounts for almost 7% of our GDP and employs about 30
mn people both directly and indirectly (SIAM Statistical Profile 2014-15). In fact, one of the
major motives of the “Make in India” program is to generate more employment. India has
become one of the most attractive destinations for foreign investments in the auto sector
after the Make in India announcements. Automotive Mission Plan 2016-2026 aims at
propelling Indian auto industry as the engine of the Make in India program. The Indian auto
industry is set to become the third largest industry in the world with an annual production of
23.37 million vehicles in the Financial Year 2015 and is going to be the third largest in the
world by 2020. Demographically and economically, India’s automotive industry is well-poised
for growth, servicing both domestic and global markets. A predicted increase in India’s
working-age population, rising prosperity, easier access to finance and increasing affordability
* Senior Lecturer, Department of Accountancy, HL Institute of Commerce, Amrut Mody School of
Management, Ahmedabad University, Prin. SV Desai Road, Navrangpura, Ahmedabad-380009, India.
E-mail: vibha.tripathi@ahduni.edu.in
* * Professor, 46, Devashish Park, Kisan Lane, College Road, Nadiad-387001, Kheda, Gujarat, India; and is the
corresponding author. E-mail: raokalpeshb@gmail.com

48 2016 IUP. All Rights Reserved.

© The IUP Journal of Business Strategy, Vol. XIII, No. 3, 2016
is expected to boost the demand and growth segment-wise. With a CAGR of over 15% during
the last 5-7 years (SIAM Report, 2015), the automotive sector is aptly described as the next
sunrise sector of the Indian economy. The above-mentioned reasons are enough to spawn
interest to know the growth patterns of the major segments in the automobile industry.
The study represents the current configuration of the automobile industry and projects
the growth trajectory of automobile industry in terms of production, sales and exports in
India through CAGR and YOY growth. It analyzes the growth trends of two major segments
from 2001-2014 as they cover 94% of the market share in the Indian automobile industry.

Indian Automobile Industry

As one looks back at the last 50 years of the global automobile sector, clearly the 1960-70s
belonged to America with its being the largest consumer of passenger cars and commercial
vehicles. In the 1980-90s, the center of gravity shifted to Western Europe, but the 21st century
clearly belongs to the Asia-Pacific, with it being the largest producer and consumer of the
automobiles. This includes countries like China, Japan, South Korea, and now India too being
in the league of major contributors. This shift is largely driven by strong domestic market,
emerging middle segment of products and consumers, and strong thrust on manufacturing.
India comprises approximately 20% of the Asia-Pacific market. There is a variation at the top
of the global growth rankings, as the European and the Japanese presence diminishes and Brazil,
Russia, India and China (BRIC) automakers climb steadily upwards (KPMG Auto Survey, 2014).
India is likely to be the 3rd largest automotive industry globally post 2020. Global automotive
Original Equipment Manufacturers (OEMs) and suppliers recognize India as a strong
manufacturing powerhouse today. The automobile industry due to its deep forward and backward
linkages with various other sectors in India, is recognized as a sector with a very high potential
to increase the share of manufacturing in GDP, exports and employment. The following sectors
can be broadly divided as the forward and backward linkages of auto sector:
Forward Linkages Dealership Retails, Credit and Financing,
Logistics, Advertising, Repair and Maintenance,
Petroleum Products, Gas Stations, Insurance, Service
Parts
Backward Linkages Steel, Aluminum, Copper, Plastics, Paints, Glass,
Electronics, Capital Equipment, Trucking and
Warehousing
Potential of the Indian Automobile Industry
Automotive industry offers huge growth potential, be it production, sales, exports, FDI
employment, revenue generation or its overall contribution to the economy. Today after a
decade (in 2015), the industry is rightly called the industries of industries, as its contribution
to the economy has changed phenomenally as under:
• Contributes 7.1% of India’s GDP, 27% of India’s industrial GDP and
22% of the manufacturing GDP;

Progress Card of the Indian Automobile Industry 49

 • 4.3% of overall exports (second only to textiles and handicrafts);

• 21% of excise duty collection;

• The industry employs 29 mn people directly and indirectly;

• Total investment in excess of $35 bn of which $24 bn is contributed by automobile

companies while $11 bn is contributed by automotive component companies;

• 8% of the country’s R&D expenditure;

• Improvement in fuel-efficiency of passenger vehicles resulting in fuel savings of

8.6 billion liters between FY06 and FY14; and

• Generates revenue of $70 bn (Forbes magazine).

India today is an attractive manufacturing destination with all major foreign players
investing in India. The growth potential of the automobile industry can be better understood
through its current statistical profile, positioning and future projections, as depicted in
Tables 1 and 2.

Table 1: Current Statistical Profile of the Automobile Industry

Particulars 2014-15
Production 2,33,66,246
Domestic Sales 1,97,52,580
Exports 35,73,806
Installed Capacity (in mn nos.) 7.19 (4 wheelers)
24.30 (2 and 3 wheelers)
0.54 (Engines)
Gross Turnover (mn) 3,593,446.07
R&D Expenditure (mn) 61,710.62
Note: Tables 1, 2 and 4 are compiled from OICA, SIAM, IBEF, KPMG Auto Survey Reports,
Forbes magazine and ACMA presentation.

Present Structure of the Automobile Industry

Within a couple of decades, a small, technologically backward, highly capital-intensive
industry like automobile witnesses a very high growth rate due to the liberalization and end
of License Raj in India. The closed market of five players then today boasts of 44 players in all
its different segments. The auto industry is divided into two major categories as Automobile
Industry and Auto Component Industry. The benefits available to the automotive industry
arising from the group of manufacturing facilities in concentrated spatial hubs (clusters) are
undeniable (Figure 1).

50 The IUP Journal of Business Strategy, Vol. XIII, No. 3, 2016

 Table 2: Positioning of Indian Automobile Sector and Its Segments Globally
Particulars Current Positioning Estimated Positioning
(in terms of production) (in terms of production)
by 2020
World Positioning 6th Largest 3rd Largest
Two-Wheeler 2nd Largest Retain
Commercial Vehicles 8 Largest (2 in buses,
th nd
5th Largest
largest in tractors, 5th
largest heavy truck
manufacturers
Passenger Vehicles 7th Largest 5th Largest
Small Cars 2nd Largest Retain
Three-Wheelers Largest in the world Retain

Figure 1: Industry Structure – Automobile Segments and Its Market Share,

Auto Components and Auto Clusters
Domestic Market Share: 2014-15
Automobile
Segments

Two- Passenger Commercial Three- a Passenger Vehicles

Wheelers Vehicles Vehicles Wheelers b Commercial
Vehicles
Mopeds Light a
Passenger
Commercial
Goods 81%
d 13% c Three-Wheelers
Cars Carriers d Two-Wheelers
Vehicles b
Scooters 3%
c
Utility Medium/ Passengers 3%
Motorcycles Vehicles Heavy Carriers
Commercial
Vehicles
Electric
Two-Wheelers

Auto Components Production Share

9% 7%
a Drive Transmission
and Steering Parts
f g 19% b Suspension and
12% Braking Parts
e a
c Equipments

d Engine Parts
b e Body and Chasis
d
c 12% f Electric Parts

g Others
31% 10%

Progress Card of the Indian Automobile Industry 51

FDI in Automobile Sector
The main factors of growth in the Indian automobile sector during the last two decades are
definitely due to the following reasons (D’costa, 2004; and Narayan, 2004):
• Liberalization in government policy measures resulting in entry of firms with expanded
capacity to produce technologically upgraded vehicles.
• Massive inflow of FDI especially after Auto Policy 2002.
Cumulative FDI inflow in auto sector from April 2000 to September 2015 was 74,274.31
cr and $14,002.05 mn (Source: DIPP, Annex B). Each subsector has attracted enough FDI, as
seen in Table 3 post 2000.

Table 3: Subsector-Wise FDI Inflows in Automobile Sector

from January 2000 to December 2013

Amount of FDI Equity Inflows

Sub Sectors % of Total FDI Inflows
cr $ mn
Automobile Industry 12,963.30 2,618.93 1.24
Auto Ancillaries/Parts, Others 8,516.00 1 686.58 0.80
Others (Transport) 6,891.20 1,443.94 0.69
Total of Above 44,880.85 9,322.89 4.43
Source: Table No. 6.2. (viii), A.1. FDI Inflows, DIPP

Just after the launch of Make in India program, the Foreign Direct Investment (FDI) into
the automobile industry has seen a 164% growth, in the seven-month period from September
25, 2014. Foreign investment raised to $2,189.15 mn (October 2014-April 2015) from $830.69
mn (October 2013-April 2014) in the industry (Source: 17 July 2015, 12:11 AM IST ET
Auto news). The FDI in auto sector has grown by 12.5 times since 2006. See Figure 2 for the
FDI investments in India.

Figure 2: FDI in Auto Sector from 2006-07 to 2014-15

3.0
2.5
2.5
2.0 1.5 1.5
In $ mn

1.3 0.9
1.5 1.2 1.2
1.0 0.2 0.6
0.5
0
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15

Note: Individual year-wise data of FDI in the automobile sector is not available before 2006-07.

Source: DIPP

52 The IUP Journal of Business Strategy, Vol. XIII, No. 3, 2016

 Thus, the Indian automobile sector has truly emerged as sunrise sector of the Indian
economy post 2000. Be it market share, GDP contribution, cluster development/expansion
or FDI, the automobile industry has surpassed all the other manufacturing industries in the
last decade.

Data and Methodology

The data for the sale, production, exports and market share of automobile industry has been
computed from SIAM statistical profile 2000-01, 2004-05, 2010-11 and 2014-15. The period
for growth analysis has been selected post 2000, i.e., from 2000-01 to 2013-14 since major
policies like Auto Policy 2002, Automotive Mission Plan 2006-2016, National Automotive
Testing and R&D Infrastructure Project (NATRIPS) and National Electric Mobility Mission
Plan 2020 (NEMMP) had been implemented in this phase which changed the dynamics of
the automobile industry in terms of manufacturing and R&D facilities, technological
collaborations innovative models leading to a sudden growth in demand thereby leading to
higher growth rate of production, sales and exports.
In the study, CAGR and YOY growth for both the segments of the automobile sector have
been computed and analyzed for production, sales and exports. The CAGR and YOY growth
are calculated as under:
Calculation of CAGR = (ending value/beginning value) ^ (1/n) – 1
Calculation of YOY growth = (current years sales – previous years sales)/previous years sales

Results and Discussion

Growth Landscape
The auto segment, as seen in Figure 1, is divided into various sub-segments. The distribution
of the total output is not found to be uniform across different segments of the automobile
industry which is evident in Figure 1. Each segment is unique in its own way and has
contributed to making auto industry a major aspect of the manufacturing sector. But for
detailed growth analysis, the present study concentrates on the major contributors in the
automobile sector, i.e., the passenger vehicles and two-wheeler segment as they cover more
than 90% of the market.

Passenger Vehicles
The passenger vehicles in India include the passenger cars, utility vehicles and motor
vehicles. In the year 2000, the world ranking of passenger vehicles was 15th (OICA report),
but today the global ranking of passenger vehicles is 6th. The sluggish performance of
passenger car industry till the early 1980s was due to the policy regimes and strict control
in the passenger segment. Due to the oil crisis of 1973, the automobile industry was divided
into luxurious and non-luxurious segments. Policy changes after the 1980s brought this
segment parallel to other segments (Narayana, 1989). The policy changes and the removal
of restrictions saw entry of new manufacturers which led to sharp increase in production
during the last decade. Today if we see the production trend segment-wise, passenger cars

Progress Card of the Indian Automobile Industry 53

segment is the 2 nd highest contributor after two-wheelers in automobile production. India
is currently the 4th largest exporter of cars with engine capacity of less than 1000cc and the
9th largest exporter of cars with engine capacities between 1000cc and 1500cc. India currently
manufactures about 75% of small cars of South Asia and about 10% of the world. Within
India, about 80% of the passenger cars manufactured are small cars. India can strongly
influence the global automotive market specially leading the small car markets. The
evolving preference for SUVs multipurpose vehicles and the increasing interest in electric
and hybrid vehicles will surely enhance the demand further (Source: KPMG, “India in the
Changing World Order”, p. 4). The large incumbents in the domestic PV industry derive
strength from their low-cost manufacturing capabilities, established vendor base and
widespread sales and service network. However, their dominance is being challenged by
foreign OEMs that have entered the domestic market in the recent past. The OEMs may
continue to face challenging times at least over the short-term as sluggish demand on the
one hand and increasing competition on the other may restrict earnings growth.

Two-Wheelers
The Two-Wheelers (2W) in India include scooters, mopeds and motorcycles. Irrespective
of the policy regime, two-wheeler segment has dominated the market since its inception.
Two-wheelers have emerged as the symbol of affordability to Indian households. India’s
demographic advantage, moderate 2W penetration levels and shrinking of replacement
cycle are the factors that have combined to propel the industry’s volumes over the last 15
years from nearly 4 million units in 2001 to 1,84,99,970 units in 2014-15. According to
ICRA report, these growth drivers are likely to remain relevant over next few years and
continue to provide impetus to the industry’s volumes. The Indian 2W industry is expected
to grow at a CAGR of 8-10% during FY15-20. Currently, the sale of Electric Two-Wheelers
(E2W) is merely 0.5% of the total sales. But it is pegged to grow at a CAGR of 50% to 3.5
million units by 2020. Achieving this potential can result in liquid fuel savings of 1.1-1.3
million tons annually by 2020 which translates to crude oil savings of about $1200-1300
mn annually by 2020 (KPMG Report).

CAGR (Cumulative Annual Growth rate)

CAGR of Both the Segments
If we look at the last 50 years of the Indian automobile production history, India has surpassed
almost all developing nations in terms of growth and is very close to China. With every major
shift in policies made by the Indian government, the automotive industry has come out
stronger and better. On the back of improving infrastructure, easier access to finance, growing
middle-class, standard of living and current demographic profile, the automotive market is
expected to grow at a CAGR of 9% to 30 mn units by FY20 (KPMG Global Report, 2015). The
domestic market has witnessed significant growth in all the four key segments. Figure 3
clearly shows that during the study period, passenger vehicles have shown a higher CAGR of
26.84% in exports compared to two-wheelers. It has also shown the highest CAGR of 12.86%
in production compared to 11.43% in two-wheelers. But for sales, two-wheelers have a higher
CAGR of 11.41% to 10.41% in passenger vehicles.

54 The IUP Journal of Business Strategy, Vol. XIII, No. 3, 2016

 Figure 3: Segment-Wise CAGR of Production, Sales and Exports
from 2000 to 2013-14

CAGR from 2000 to 2013-14

25.29
Two-Wheelers 11.41
11.43

26.84
Passenger Vehicles 10.41
12.86

0 5 10 15 20 25 30

Exports (%) Sales (%) Production (%)

Production, Sales and Exports Trends of Both the Segments

Production
Production Trend of All Vehicles Since 2000: The production trend of all vehicles post
2000 had phenomenal growth in all the segments, as seen in Figure 4. In the 1960s and 1970s,
India produced around 100 cars per day. Today, it produces over 8,800 cars a day. Demand and
supply have increased the industry’s CAGR at 12.30% in the last 14 years. India is poised to
be the third largest producer of automobiles by FY20 with 37 million units. With an annual
production of a total of 23,366,246 vehicles in April-March 2015, as against 21,500,165 in
April-March 2014, the auto industry registered a growth of 8.68% over the same period last
year. As seen in Table 4 and Figure 5, the production and YOY growth of passenger vehicle
and two-wheeler segments have shown a consistent growth trajectory.

Sales for Both the Segments

Figure 6 shows domestic sales trend of both passenger vehicles and two-wheelers segment
from 2000-01 to 2013-14. As seen in Figure 1, the sales of two-wheelers dominate the
market share which can be attributed to the country’s poor mass transport system and
the need for cheaper and efficient means of individual mobility. The sales of passenger
vehicles grew by 3.90% in April-March 2015 over the same period last year. Within the
passenger vehicle segment, passenger cars and utility vehicles grew by 4.99% and 5.30%
respectively, while vans declined by (–) 10.19% in April-March 2015 over the same
period last year. Two-Wheeler sales registered a growth of 8.09% in April-March 2015
over April-March 2014. Within the two-wheeler segment, scooters, motorcycles and
mopeds grew by 25.06%, 2.50% and 4.51% respectively in April-March 2015 over April-
March 2014. Figure 6 shows a linear trend of sales for both the segments and Table 4
shows the YOY growth in sales.

Progress Card of the Indian Automobile Industry 55

56
Table 4: YOY Growth and Production, Sales and Exports of Passenger Vehicles and Two-Wheelers
Production Sales Exports
Year Passenger % Two- % Passenger % Two- % Passenger % Two- %
Vehicles Change Wheelers Change Vehicles Change Wheelers Change Vehicles Change Wheelers Change

2000-01 6,40,934 – 37,58,518 – – – – – 27,112 – 1,11,138 –

2001-02 6,69,719 4.49 42,71,327 13.64 6,90,560 – 36,34,378 – 53,165 96.09 1,04,183 –6.26

2002-03 7,23,330 8.00 50,76,221 18.84 6,75,116 –2.24 42,03,725 15.67 72,005 35.44 1,79,682 72.47

2003-04 9,89,560 36.81 56,22,741 10.77 7,07,198 4.75 48,12,126 14.47 1,29,291 79.56 2,65,052 47.51

2004-05 12,09,654 22.24 65,26,547 16.07 9,02,096 27.56 53,64,249 11.47 1,66,413 28.71 3,66,724 38.36

2005-06 13,09,300 8.24 76,08,697 16.58 10,61,290 17.65 62,08,860 15.75 1,75,752 5.61 5,13,169 39.93

2006-07 15,45,223 18.02 84,66,666 11.28 11,43,076 7.71 70,52,391 13.59 1,98,452 12.92 6,19,644 20.75

2007-08 17,77,583 15.04 80,26,681 –5.20 13,79,979 20.73 78,72,334 11.63 2,18,401 10.05 8,19,713 32.29

2008-09 18,38,593 3.43 84,19,792 4.90 15,49,882 12.31 72,49,278 –7.91 3,35,729 53.72 10,04,174 22.50

2009-10 23,57,411 28.22 105,12,903 24.86 15,52,703 0.18 74,37,619 2.60 4,46,145 32.89 11,40,058 13.53

2010-11 29,87,296 26.72 133,76,451 27.24 19,51,333 25.67 93,70,951 25.99 4,44,326 –0.41 15,31,619 34.35

2011-12 31,46,069 5.31 154,27,532 15.33 25,20,421 29.16 117,90,305 25.82 5,08,783 14.51 19,75,111 28.96

2012-13 32,33,561 2.78 157,21180 1.90 26,29,839 4.34 134,09,150 13.73 5,59,414 9.95 19,56,378 –0.95

2013-14 30,87,973 –4.50 168,83,049 7.39 26,65,015 1.34 137,97,185 2.89 5,96,142 6.57 20,84,000 6.52

Source: Author’s Compilation from SIAM statistical profile 2001-02,2010-11,2014-15 SIAM Statistics

The IUP Journal of Business Strategy, Vol. XIII, No. 3, 2016

 Figure 4: Production Trend of All Vehicles

2,50,00,000 30

2,00,00,000 CAGR 25
12.30% 20

% Change
1,50,00,000
In Numbers

15
1,00,00,000 10
5
50,00,000 0
0 –5
20 4
1

20 5

20 9
20 3

20 1
8

2
2

20 7
20 6

20 0
-0
-0

-0

20 3
-0
-0

-1

4
-0

-1
-0

-0
-0

-1

-1

-1
03
00

04

08
02

10
07

11
01

06
05

09

12

13
20

20
20
20

20
Year

Production YOY Linear (Production)

Note: Figures 4 to 7 are compiled from SIAM Statistical Profile.

Figure 5: Production Trend Segment-Wise

180,00,000
160,00,000
140,00,000
120,00,000
In Numbers

100,00,000
80,00,000
60,00,000
40,00,000
20,00,000
0
20 13
20 6

4
20 2
20 1

20 8

20 10

20 1
20 07
20 05
20 4
20 2

20 3

-0

-1
20 9

-1
-0

-0

-1
-0
-0

-0

-
-0

-
-
-

12
05

13
11
00

07

09
10
06
04
03
01

02

08
20

Year

Passenger Vehicles Two-Wheelers

Progress Card of the Indian Automobile Industry 57

 Figure 6: Sales Trend Segment-Wise

160,00,000
140,00,000
120,00,000
In Numbers

100,00,000
80,00,000
60,00,000
40,00,000
20,00,000
0
20 1

20 11
20 -07

20 2

20 3
20 03

20 05

20 -09
20 2

20 8
20 4

20 0
20 06

4
-0

-1

-1
-0

-0
-0

-1

-1
-
-

-
00

10
06

11

12
02

04

08
01

07
03

09
05

13
20

Year
Passenger Vehicles Two-Wheelers

Exports of Both the Segments

India is a prominent exporter of both automobiles and auto components to major auto markets
like South Asian neighbors, European Union, Middle East and North America. The major
automobile players in the Indian market are expected to make India a leader in the two-wheeler
and four-wheeler market in the world by 2020 for the near future with the support of government
initiatives. As per the statistical data provided by SIAM, in April-March 2015, the overall
automobile exports grew by 14.89% over the same period last year. Passenger vehicles and two-
wheelers grew by 4.42% and 17.93% respectively during April-March 2015 over the same period
last year. For the segment-wise export trend, please see Figure 7 and for YOY growth, see Table 4.

Figure 7: Export Trend Segment-Wise

25,00,000
20,00,000
In Numbers

15,00,000
10,00,000
5,00,000
0
–5,00,000
20 8

20 13
20 09
20 01

20 2

20 2
20 0
20 3

20 1
20 07
20 04

20 06
20 05

4
-0
-0

-1
-1
-0

-1

-1
-
-
-

-
07

12
08
-

-
00

-
01

11
09
02

10
06
03

05
04

13
20

Year
Two-Wheelers Passenger Vehicles

58 The IUP Journal of Business Strategy, Vol. XIII, No. 3, 2016

Conclusion
The empirical analysis of both the major segments gives a clear picture of the robust growth
of production, sales and exports over the study period. Be it CAGR or YOY growth, both the
analyses are having consistent and similar results showing an upward trend in growth in the
automobile industry. The results are in line with the work of Saripalle (2012). Also with the
change in government from UPA to NDA, the Make in India program of the government
will be the key driver for the growth of the automobile industry. The rising demand,
demographic profile and the changing landscape in the global automotive industry have
fueled such a growth. The potential is immense and growth opportunities will just multiply
in the next decade. Thus, it is truly going to be the sunrise industry of India.
Limitations and Suggestions for Future Research: The auto ancillary companies were
excluded from the study and the focus was only on automobile companies. In addition to
time, there are certain firm-specific variables and GDP and inflation rate which are kept
out of the purview of the present work. Secondary data used for the study were collected
from outside sources, and drawback of the formation in database of secondary data also
applies to the data analysis.
Also a comparative study of pre- and post-liberalization regarding the sales production and
export can give a broader view of the actual growth in the automobile industry. There is future
scope to do comparative time series analysis and auto ancillary industries can be included. 

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2. BMI-Business Monitor International – www.bmiresearch.com

60 The IUP Journal of Business Strategy, Vol. XIII, No. 3, 2016

 3. Department Of Industrial Policy & Promotion: Government of India, Ministry of Policy
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Reference # 33J-2016-09-03-01

Progress Card of the Indian Automobile Industry 61

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