Displacing South Korea from its spot, India has now become world’s fifth largest car marker.
India this year manufactured over 25.7 lakh cars till date while South Korea production decreased by more than one lakh vehicles. The decrease is amounted to strike by the Hyundai -Kia labour unions in the country which are demanding higher wages. Germany, Japan, the USA and China occupied the first four positions.
India is expected to maintain its position next year also due to slump in South Korea’s industry.
Reports from the Korean market observed that the industry is facing a slump, which has resulted in a dramatic fall in both its domestic and export markets. Last year, South Korea manufactured 45.5 lakh cars while India had produced 41.2 lakh.
Auto sector in India make sup seven percent of the nation’s economy and witnessed a steady growth over a period of time.
Further, it is reported that ‘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.