IS THE SLOWDOWN IN THE INDIAN AUTOMOTIVE SECTOR A CULTURAL PHENOMENON?

Abstract

The Auto sector is the key sector for any major economy in the world. It not only promotes growth but also contributes to innovation and research and development. The Coronavirus Pandemic has affected every sector and Auto Industry is no exception with lockdowns imposed with no deadlines. The Automakers are finding it hard to survive with sales constantly dipping and global supply chain problems. This Research Paper using secondary sources of data projects the huge potential and challenges the Indian Automotive sector faces. It also states threats to companies and buying habits that influence Indian Consumer like Pollution and fuel, government interference, rising income of Indians, stiff competition in the market, infrastructure and export opportunity present for Automakers in India as compared to the world. Furthermore, it compares the Indian Automotive sector with that of developed countries and contrasts buying vs leasing. It also mentions why Indians prefer more two-wheelers as compared to cars in the US UK to commute to work. The Paper also talks about the contribution of startups in the Indian Automotive sector. Last but not the least, the Paper ends with suggestions on what the government and companies can do to maximize their potential and make India the Automobile manufacturing hub of the world. To sum up, it questions whether the slowdown in the Indian Automotive Sector caused by the Coronavirus Pandemic is really a Cultural Phenomenon for better not only for Indians but for the whole World?