INDIAN AUTOMOBILE INDUSTRY POISED FOR A BIG LEAP
The Indian automobile industry has truly switched gears in the past five years.
Thanks to the Indian buyer with expanding tastes and hungers that accompanies his spending power.
Customers these days are ready to spend more than ever before, and this has forced the manufacturers to revisit and rework their offerings.
"The customers, society and members at large expects large companies to play a responsible role. So we do believe what we are doing is ultimately going to benefit our company and our share holdres making us greater in the economy at large," said Anand G Mahindra, Vice Chairman and Managing Director of Mahindra and Mahindra Ltd who was speaking on the sidelines of the celebration of its 60th aniversary in New Delhi on Saturday (October 1, 2005).
Easy availability of finance at relatively low rate of interest and price discounts offered by the dealers and manufacturers have stirred the demand for vehicles and a strong growth of the Indian automobile industry.
"Maximum number of people can go for finance facilities and with easy repayment schedules and easy availability (of loans) is another factor contributing to the growth of automobile industry", said Amit Bhushan, a dealer.
The new age automobiles not only have sleek contours trussed up like eye candy, but also boast all the attendant trimmings: performance, reliability, affordability and, of course, better mileage.
Aiming to be a global player, the industry now has also made its roots deep in neighbouring countries like Sri Lanka and Bangladesh.
"We have always been present in the neighbouring countries as you know there have been upheavels in Nepal which has disrupted the market but we are very strong in Srilanka, we are making inroads in Bangladesh, so that will always be our focus" added Anand Mahindra.
The auto ancillary industry is estimated to have grown above 20 per cent in the past. The growth was led by the strong domestic growth posted by almost all the segments of the automobile industry and high growth in exports.
Auto companies in the country are also switching from importing components to sourcing them locally, creating the incentive to work closely with Indian firms to raise quality standards. Even foreign manufacturers have lately began sourcing automobile components from Indian OE manufacturers.
"We are actually going to take advantage of the outsourcing boom in auto parts through our MSAT that is Mahindra Supplies and Automobile Technology, which intends to be one of India's largest players in auto component export," added Mahindra.
According to UN report released globally , the value of Indian auto components industry increased from $2.4 billion in 1997 to $4.2 billion in 2001, even while emerging as a significant exporter.
The data obtained from ministry of commerce and industry, shows high growth obtained since 2001- 02 in automobile production continuing in the first three quarters of the 2004-05.
Thanks to the Indian buyer with expanding tastes and hungers that accompanies his spending power.
Customers these days are ready to spend more than ever before, and this has forced the manufacturers to revisit and rework their offerings.
"The customers, society and members at large expects large companies to play a responsible role. So we do believe what we are doing is ultimately going to benefit our company and our share holdres making us greater in the economy at large," said Anand G Mahindra, Vice Chairman and Managing Director of Mahindra and Mahindra Ltd who was speaking on the sidelines of the celebration of its 60th aniversary in New Delhi on Saturday (October 1, 2005).
Easy availability of finance at relatively low rate of interest and price discounts offered by the dealers and manufacturers have stirred the demand for vehicles and a strong growth of the Indian automobile industry.
"Maximum number of people can go for finance facilities and with easy repayment schedules and easy availability (of loans) is another factor contributing to the growth of automobile industry", said Amit Bhushan, a dealer.
The new age automobiles not only have sleek contours trussed up like eye candy, but also boast all the attendant trimmings: performance, reliability, affordability and, of course, better mileage.
Aiming to be a global player, the industry now has also made its roots deep in neighbouring countries like Sri Lanka and Bangladesh.
"We have always been present in the neighbouring countries as you know there have been upheavels in Nepal which has disrupted the market but we are very strong in Srilanka, we are making inroads in Bangladesh, so that will always be our focus" added Anand Mahindra.
The auto ancillary industry is estimated to have grown above 20 per cent in the past. The growth was led by the strong domestic growth posted by almost all the segments of the automobile industry and high growth in exports.
Auto companies in the country are also switching from importing components to sourcing them locally, creating the incentive to work closely with Indian firms to raise quality standards. Even foreign manufacturers have lately began sourcing automobile components from Indian OE manufacturers.
"We are actually going to take advantage of the outsourcing boom in auto parts through our MSAT that is Mahindra Supplies and Automobile Technology, which intends to be one of India's largest players in auto component export," added Mahindra.
According to UN report released globally , the value of Indian auto components industry increased from $2.4 billion in 1997 to $4.2 billion in 2001, even while emerging as a significant exporter.
The data obtained from ministry of commerce and industry, shows high growth obtained since 2001- 02 in automobile production continuing in the first three quarters of the 2004-05.
posted by Miles to walk before I sleep | 12:03 AM
1 Comments:
Happy Birthday!!
Post a Comment
<< Home