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The year 1991 marked a pivotal shift in India's economy and automobile industry. India liberalized its foreign direct investment policies under Finance Minister Manmohan Singh, making the country more open to global capital. This attracted international automakers like Hyundai and Honda to invest in India. The entry of these companies increased competition and modernized car models, changing tastes and the overall car landscape in the country. Hyundai and Honda have since become two of the largest car manufacturers in India, demonstrating how 1991 opened up major opportunities for foreign automakers.

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32 views1 page

Auto

The year 1991 marked a pivotal shift in India's economy and automobile industry. India liberalized its foreign direct investment policies under Finance Minister Manmohan Singh, making the country more open to global capital. This attracted international automakers like Hyundai and Honda to invest in India. The entry of these companies increased competition and modernized car models, changing tastes and the overall car landscape in the country. Hyundai and Honda have since become two of the largest car manufacturers in India, demonstrating how 1991 opened up major opportunities for foreign automakers.

Uploaded by

yagnik_suchak4
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© Attribution Non-Commercial (BY-NC)
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The year 1991 is the most important in the history of India, as well as Auto mobile

industries and other segments. In 1991 India accepted the global polices and FDI (Foreign
Direct Investment) to improve the National and per capita income of the country. The
Financial minister at that period was the present prime minister of India Dr. Man Mohan
Singh. He made agreements and policies globally and asked them to invest capital in Indian
market.

The policies and agreements were very flexible and attracted capitalists and Industrialists
and pleased them to invest their capital in Indian. Before 1991 the policies and agreements
were very rigid, India was allowing only less percentage from foreign. After 1991 Indian is
allowing 100 percent foreign investment in India.

In fact Indian market is the best forum to invest capital car manufacturers. Before 1991
India had very less number of cars and car makers, people used to import luxury cars from
international car makers. In 1991 there was a sudden shift, international automobile
manufactures entered Indian marked and dominated Indian brands like Ambassadors and
Premium Padminis.

The international car makers changed the taste of Indian customers by manufacturing with
superb quality cars. They created competitions and lead to give better car models day by
day. Power, interior, safety, exterior of the cars got modern designs and changed the
scenario of car models in India.

International auto makers like Hyundai and Honda invested capital in Indian market after
the year 1991. Hyundai is a South Korean brand which has seen a huge amount of success
in Indian market. Hyundai entered Indian market in 1998 and is currently second largest car
manufacturer after Maruti Suzuki in India.

Hyundai is the best example for to show, India is one the best Forums for car producers.
Even the Honda Motor Company is also best example to explain about the significance of
the year 1991. Honda is currently world's seventh largest can manufacturer which entered
Indian market in 1995, with Siel India Limited to foray into the domestic car market and is
one of the fast developing car manufacturers.

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