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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Article Source: EzineArticles.com/expert/Rahul_K._Singh/714619
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