New Delhi: In major auto markets like China, Europe and Brazil, the slowdown has offered India an opportunity to attract foreign investments.
Nevertheless, infrastructural improvement along with ease of doing business, and better policies are required to ensure this sector`s growth, says JD Power, a US-based global marketing information services firm. The slowdown may have affected the Indian market for some time, but long-term growth seems to be on track with a forecast of reaching seven million vehicles by 2020, feels JD Power.
This is a correction from the nine million it had forecast earlier, but is not amiss among global automobile trends. JD Power Asia Pacific Executive Director Mohit Arora expressed a similar view point saying, “Another issue is the improvement of infrastructure, which is a key for the growth of the automotive sector.”
JD Power and Associates Senior Vice-President (Global Automotive) John Humphrey said, “Western Europe and Japan are saturated, China is slowing, people are pulling out from Russia and there are lot of issues in Brazil. So there are lot of hopes from India with people showing renewed interest in the auto-sector of the country.”
