How the liberalisation and direct foreign investment have made a rapid growth in the automobile industry of India ? Explain.

(i) The coming in of new and contemporary models stimulated the demands for vehicles in the market after the liberalisation.
(ii) It led to the healthy growth of the industry including passenger cars, two and three wheelers.
(iii) Foreign direct investment brought in new technology and aligned the industry with global developments.
(iv) The industry had experienced a quantum jump in less than 15 years.
(v) At present there are 15 manufacturers of passenger cars, 9 of commercial vehicles, 14 of the two and three wheelers.

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