Question

Why is the automobile industry is considered as one of the most important economic sectors in the world?

Answer 1

Dear Student,

The automobile industry is a wide range of companies and organisations involved in the design, development, manufacturing, marketing, and selling of motor vehicles, some of them are called auto makers. It is one of the world's most important economic sectors by revenue. India is also a prominent auto exporter and has strong export growth expectations for the near future.

• It caters to the requirement of equipment for basic industries like steel, non-ferrous metals, fertilisers, refineries, petrochemicals, shipping, textiles, plastics, glass, rubber, capital equipments, logistics, paper, cement, sugar, etc.
• facilitates the improvement in various infrastructure facilities like power, rail and road transport
• automotive is one of the largest industries showing impressive growth over the years and has been significantly making increasing contribution to overall industrial development in the country
• sales of passenger vehicles in India have more than doubled since 2001 to over 1.5 million units
• Not only are domestic sales expected to grow dramatically, but India will play a significant role in the global automotive market

Regards,