Indian Automobile Industry Poised to take the World stage
front page ET Saturday September 1, 2018 carries the Headline “ With 8.2% Growth, Economy begins FY19 on a High Note”. Positive news indeed which should bring cheer to all. A more detailed probing of the news reveals that the Indian Economy grew at its fastest in 2 years and was propelled by double digit growth in manufacturing at 13.5%. From a 7.7% GDP in FY-16 Q1 to 8.2%in FY-19 Q1 this is a sign that all longed for namely “ Acche Din round the Corner”. It is heartening that India’s growth for the quarter is well above that of China and seems we are maintaining our status as the World’s Fastest Growing Economy.
Given the above I am compelled to go on a nostalgic trip down memory lane and bring out some statistics of how modestly we started and are now as front runners:
1897- The first car that plied on Indian roads.
1901-The first Indian to own a car in 1901 was Jamshedji Tata.
1930’s- India was an Importer
1940’s India started manufacturing
1942, Hindustan Motors manufactured the first automobile in India before independence.
1952-The automobile sector formally came into being when the Government appointed its first tariff commission with the aim of indigenizing this industry. Introduction of passenger cars in the country
1950’s to 1960’s saw trade restrictions which hampered the growth of the Automobile Industry.