India is the worlds fifth largest car manufacturer
Posted on: 11/Oct/2016 11:38:17 AM
This year India is the world`s fifth largest car manufacturer. India has overtaken its direct competitor and pushed it to the 6th place. Germany, China, America and Japan are in the first four places.
With over 25.7 lakh cars manufactured in 2016 till date, India has overtaken South Korea to stand fifth in the list of world`s largest carmakers. Reports from the Korean market suggest that India could retain this spot next year as well, since the industry there is facing a slump. This slump is attributed largely to the strike observed by the Hyundai - Kia labour unions that are demanding an increase in wages.
The auto sector in India constitutes almost seven per cent of the country`s economy. The Make In India campaign has also helped the industry grow robustly, and will provide employment to a total of 2.5 crore citizens by the end of this year.
