European Journal of Commerce and Management Research (EJCMR) www.ejcmr.

org

Vol-2, Issue 5 May 2013

Indian Automobile Industry: An Investors Perspective

Aparna Mishra
Asst. Professor, Banarsidas Chandiwala Institute of Professional Studies Sector 11, Dwaraka, New Delhi 75, India. aparna@bcips.ac.in
Abstract The automobile industry, one of the core sectors, has undergone metamorphosis with the advent of new business and manufacturing practices in the light of liberalization and globalization. The sector seems to be optimistic of posting strong sales in the couple of years in the view of a reasonable surge in demand. The Indian automobile market is gearing towards international standards to meet the needs of the global automobile giants and become a global hub. A detailed analysis of Automobile industry has been covered under the research in respect of past growth and performance. In this context to have better understand of the Industry, Fundamental and Technical analysis tools have been used. An E.I.C (Economy, Industry, Company) approach has been followed under Fundamental Analysis. The Economy analysis covered effect of Recession, the impact of inflation, FDIs, Export, GDP etc. The Industry Analysis has been done with the help of five forces model, BCG Matrix, SWOT analysis, industry life cycle and the industry specific index. For Company Analysis, a comparative analysis of TATA Motors (as a leading company) with Maruti Suzuki (Indias largest Car manufacturer) has been observed bases on both financial and Non-Financial aspects. In the Technical Analysis, Share price analysis, moving average, moving average crossover, Bollinger bands and M.A.C.D. of both the company have been analysed by keeping TATA Motors as the leading company under consideration.

to 5 million by 2015 and more than 9 million by 2020. By 2050, the country is expected to top the world in car volumes with approximately 611 million vehicles on the nation's roads. The majority of India's car manufacturing industry is based around three clusters in the south, west and north. The southern cluster near Chennai is the biggest with 35% of the revenue share. The western hub near Maharashtra is 33% of the market. The northern cluster is primarily Haryana with 32%.Chennai, is also referred to as the "Detroit of India" with the India operations of Ford, Hyundai, Renault and Nissan headquartered in the city and BMW having an assembly plant on the outskirts. Chennai accounts for 60% of the country's automotive exports. Gurgaon and Manesar in Haryana form the northern cluster where the country's largest car manufacturer, Maruti Suzuki, is based. The Chakan corridornear Pune, Maharashtra is the western cluster with companies like General Motors, Volkswagen, Skoda, Mahindra and Mahindra, Tata Motors, Mercedes Benz, Land Rover, Fiat and Force Motor having assembly plants in the area. Aurangabad with Audi, Skoda and Volkswagen also forms part of the western cluster. Another emerging cluster is in the state of Gujarat with manufacturing facility of General Motors in Halol and further planned for Tata Nano at Sanand. Ford, Maruti Suzuki and Peugeot-Citroen plants are also set to come up in Gujarat. Kolkata with Hindustan Motors, Noida with Honda and Bangalore with Toyota are some of the other automotive manufacturing regions around the country. II. LITERATURE REVIEW Despite academic admonitions, use of technical trading rules is widespread. The finance section of any good bookstore offers a large selection of books purporting successful strategies based on trading rules. Many firms employ chartists in house or subscribe to chartist services through newsletters. Real-time charts and technical trading rules can even be monitored on the internet. Taylor and Allen [1992] Academics in economics and finance typically discount evidence of the usefulness of technical trading rules. The Efficient Markets Hypothesis provides the theoretical foundation with which technical trading rules are rejected. Market efficiency implies that market prices reflect the most

Index Terms - Automobile, Industry, Share Price, Moving Average, Fundamental & Technical Analysis .

I. INTRODUCTION The automotive industry in India is one of the largest in the world and one of the fastest growing globally. According to recent reports, India is set to overtake Brazil to become the sixth largest passenger vehicle producer in the world, growing 16-18 per cent to sell around three million units in the course of 2011-12. More than 3.7 million automotive vehicles were produced in India in 2010 (an increase of 33.9%), making the country the second fastest growing automobile market in the world. According to the Society of Indian Automobile Manufacturers, annual vehicle sales are projected to increase

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recently available information. Thus, in an environment of efficient markets, past price patterns cannot be used to forecast future returns. Technical trading rules, which provide the user with a signal of when to buy or sell an asset based on such price patterns, should not be useful for generating excess returns. The opportunity to make a profit is lost if the trader waits to receive the fundamental information, since he will not likely receive it until long after the price adjustment is complete, if at all. The Rendleman, Jones, and Latan [1982] finding that price movement starts before the earnings report is made public and continues to adjust after the reports are made public, lending credence to the technical traders story. For this paper, a model is developed and examined in which individual rational optimizing behavior leads to inefficiencies in an asset market which can be exploited through use of a technical trading rule. The objectives for this paper are to explore the profitability of select technical trading rules in the market and to determine the impact of the technical trading rules on the market. The approach examines the aggregate behaviour of heterogeneous agents. In the model, each trader individually selects the information source believed to be the most beneficial for the next period of trading. Much of the model is developed analytically, but the final analysis is accomplished through computer simulations. ( Goldbaum, 2000) Investors are not always rational in the way they set expectations. These irrationalities may lead to expectations being set too low for some assets at some times and too high for other assets at other times. Thus, the next piece of information is more likely to contain good news for the first asset and bad news for the second. Price changes themselves may provide information to markets. Thus, the fact that a stock has gone up strongly the last four days may be viewed as good news by investors, making it more likely that the price will go up today then down. A variant on the filter rule is the relative strength measure, which relates recent prices on stocks or other investments to either average prices over a specified period, say over six months, or to the price at the beginning of the period. Stocks which score high on the relative strength measure are considered good investments. (Aswath Damodaran 2010) With all these studies it has been concluded that to analyse the performance of any company the technical and fundamental analysis tools play a very important role. III. ANALYSIS OF AUTOMOBILE INDUSTRY Over a period of more than two decades the Indian Automobile industry has been driving its own growth through phases. With comparatively higher rate of economic growth rate index against that of great global powers, India has

become a hub of domestic and exports business. The automobile sector has been contributing its share to the shining economic performance of India in the recent years. A. Fundamental Analysis (E.I.C Approach) a. Economy b. Industry c. Company B. Technical Analysis A. FUNDAMENTAL ANALYSIS a. ECONOMY Economic analysis is the analysis of forces operating the overall economy of a country. Economic analysis is a process whereby strengths and weaknesses of an economy are analysed. - GDP and Automobile Industry In absolute terms, India is 16th in the world in terms of nominal factory output. The service sector is growing rapidly in the past few years. As the world economy slips into recession hitting the demand hard and the banking sector takes conservative approach towards lending to corporate sector, the GDP growth has upgraded to 7.1% for 2008-09 and 8.5% for the 2009-10 & 7.8% for the year 2010-11. Following is the graph showing a trend of Indian GDP trend in past 5years.The automotive industry in India grew at a computed annual growth rate (CAGR) of 12% over the past five years.

- Recession All the major auto companies enjoyed the high growth ride till the mid-2008. But at the end of the year, industry had to face the hard truth and witnessed the fall in sales compared to last year. In December 2008, overall production fell by 22 % over the same month last year. Global recession has hit the Indian auto industry, India is strong and growing industry but the impact of recession is evident now on industry as sales & growth of automobile companies have declined. Inflation

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Despite of negative inflation during those days (-.21% on 22Aug-09) an increasing trend of sales in auto sectorhas been seen. A moderate amount of inflation is important for the proper growth of an economy like India because it attracts more private investment. The growth rate of the automobile industry in the year 2010 was 31% also the industry has grown 23-24% in 2009 despite the slowdown in 2008-09 . - Foreign Direct Investment and Foreign Exchange Reserve: India is a country that has been able to restore investor confidence in its markets, even during the toughest of times. Increase in capital inflows, foreign direct investments (FDI) and overseas entities participation reflect the fact that Indian markets have fared well in recent times. FDI inflows rose by 36 per cent to US$ 23.69 billion during January-October 2011, while the cumulative amount of FDI equity inflows from April 2000 to October 2011 stood at US$ 226.05 billion, according to the latest data released by the Department of Industrial Policy and Promotion (DIPP). According to the weekly statistical supplement of the Reserve Bank of India (RBI), Indias foreign exchange reserves (forex) stood at US$ 293.54 billion for the week ended January 6, 2012. Foreign currency assets aggregated to US$ 259.80 billion and the value of gold reserves stood at US$ 26.62 billion for the week. Exports

The market at present seems to be the strongest growing market among all those automobile market present across the globe. The challenges, if tackled well by the Government, the Indian Automobile Industry will achieve the said AMP 2016 and will be the third largest market by 2020 and will be the worlds largest market by 2050. 2nd largest manufacturer of two wheelers. It is the 4th largest passenger car market in Asia as well as home to the largest motor cycle manufacturer 5th largest manufacturer of commercial vehicles and the largest manufacturer of tractors

(http://business.gov.in/Industry_services/automobile_industry. php) Auto sales growth for jan 2011- jan 2012

Automobile Exports
1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0

No. of units

(http://www.team-bhp.com/forum/indian-car-scene/115147january-2012-indian-car-sales.html) b. Industry Analysis Being one of the fastest growing sectors in the world its dynamic growth phases are explained by the nature of competition, Product Life Cycle and consumer demand. The industry is at the crossroads with global mergers and relocation of production centers to emerging developing countries.In 2013 the estimated growth rate of the automobile industry is 16%, The Indian automobile sector is far from being saturated, leaving ample opportunity for volume growth. Segmentation of Automobile Industry The automobile industry comprises of Heavy vehicles (trucks, buses, tempos, tractors); Passenger cars; Two-wheelers; Commercial Vehicles; & Three-wheelers.

20 06 07

20 07 08

20 08 09

20 09 10

20 10 11

Passenger Vehicle Commercial Vehicle

198,4 218,4 335,7 446,1 453,4 49,53 58,99 42,67 45,00 76,29 143,8 141,2 148,0 173,2 269,9

Three Wheelers

Two Wheelers 619,6 819,7 1,004 1,140 1,539 (http://www.siamindia.com/scripts/export-trend.aspx)

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(ii) Industrial Life Cycle In the pioneer phase, the product has not been widely accepted or adopted. Business strategies are developing, and there is high risk of failure. However, successful companies can grow at extraordinary rates. The Indian automobile sector has passed this stage quite successfully. In the growth phase, the product market has been established and there is at least some historical guide to ground demand estimates. The industry is growing rapidly, often at an accelerating rate of sales and earnings growth. Indian Automotive Industry is booming with a growth rate of around 15 % annually. The Auto Industry in India registered a production growth of 20.28 percent for April 2011 over same period last year. The industry produced 1,626,675 vehicles in April 2011 as against 1,352,354 in April 2010. According to figures released by the Society of Indian Automobile Manufacturers (SIAM), the overall growth in domestic sales in the month of April 2011 was 22.80 percent over same period last year. The growth rate of the automobile industry in India is greater than the GDP growth rate of the economy, so the automobile sector can be very well be said to be in the growth phase. c. Company Analysis (Maruti Suzuki & TATA Motors) (i) Profile of Maruti Suzuki Maruti Suzuki India Limited (MSIL), a subsidiary of Suzuki Motor Corporation (SMC), Japan, is the leader in passenger cars (PCs) and multipurpose vehicles (MPVs) in India, accounting for nearly 50 per cent of the total industry sales.MSIL is a public limited company and is listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited. SMC is the majority shareholder with 54.21% equity stake in the Company.The total income of the Company for 2009-10 stood at Rs. 29,623 billion. Maruti Suzuki has a strong balance sheet with reserves and surplus of Rs. 116.9 billion and debt equity ratio of 0.07 as on 31st March, 2010. Profile of Tata Motors Tata Motors Limited is India's largest automobile company, with consolidated revenues of INR 1, 23,133 crores (USD 27 billion) in 2010-11. It is the leader in commercial vehicles in each segment, and among the top three in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is the world's fourth largest truck and bus manufacturer.

Industrial Analysis of any industry can be done based on the following headings: (i). Five Forces Model (ii). Industrial Life Cycle (i) Five Forces Model Michael Porter identifies five forces that influence an industry. These forces are Degree of Rivalry: Despite the high concentration ratio seen in the automotive sector, rivalry in the Indian auto sector is intense due to the entry of foreign companies in the market. This instinct of the industry is primarily driven by technical capabilities acquired over years of gestation under the technical collaboration with international players. Threat of Substitutes: The threat of substitutes to the automotive industry is fairly mild. Numerous other forms of transportation are available, but none offer the utility, convenience, independence and value offered by automobiles. The switching cost associated with using a different mode of transportation, may be high in terms of personal time, convenience and utility. Barriers to entry: The barriers to enter automotive industry are substantial. For a new company, the start-up capital required to establish manufacturing capacity to achieve minimum efficient scale is prohibitive. Suppliers power: In the relationship between the industry and its suppliers, the power axis is tipped in industrys favour. The industry is comprised of powerful buyers who are generally able to dictate their terms to the suppliers. Buyers Power: In the relationship between the automotive industry and its ultimate consumers, the power axis is tipped in the consumers favour. This is due to the fairly standardized nature and the low switching costs associated with selecting from among competing brands.

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Tata Motors, the first company from India's engineering sector to be listed in the New York Stock Exchange (September 2004), has also emerged as an international automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain and South Africa. Among them is Jaguar Land Rover, a business comprising the two iconic British brands that was acquired in 2008. (ii) Financial Analysis RATIO ANALYSIS OF TATA MOTORS AND MARUTI SUZUKI EARNING PER SHARE

NET SALES

50,000.00 40,000.00 30,000.00 20,000.00 10,000.00 0.00

Tata Motors Maruti Suzuki

100 80 60 40 20 0 mar'11 mar'10 mar'09 mar'08 mar'07

Both the giants in the industry have shown an upward trend in the sales and the net revenue generated in the past 5 years. However, recession brought hurdles in the path of success in the year 2009 but both the giants recovered from it and made the highest sales in the year 2010. TATA MOTORS MARUTI SUZUKI QUICK RATIO

The quick ratio is a very stringent measure of solvency. Maruti is always showing a positive trend as its ratio is always greater than 1 except in 2008, while TATA motors was doing good till 2007, but the performance decreased from 2008 onwards as shortage of cash was there and current liabilities and provision increased by Rs800Cr.

EPS measures the profit available to the equity shareholders per share, that is, the amount that they can get on every share held. Till 2008 both the companies had a rising EPS but in 2009 both of them fall and the effect more on Tata motors as they bought two brands Ford Motors and fall in sales results in low EPS. 15 10 5 0 Tata Motors NET PROFIT RATIO

20 15 10 5 0 mar'11 mar'10 mar'09 mar'08 mar'07 Tata Motors Maruti Suzuki

mar'07

mar'11

mar'10

mar'09

mar'08

Maruti Suzuki

DEBT EQUITY RATIO

8 6 The trend shows that Tatas net profit margin is quite stable until it falls to 3.77 in 2009. While the net profit of Maruti Suzuki shows a negative trend from 2007 onwards.. Profit margins come down as recession hits economy badly hence sales get reduced and cost get increased very much. 4 2 0 mar'11 mar'10 mar'09 mar'08 mar'07 Tata Motors Maruti Suzuki

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DIVIDEND PER SHARE

20 18 16 14 12 10 8 6 4 2 0

share prices

The debt equity ratio of TATA motors is very high compared to that of Maruti. It means that a lot of debt is used by TATAs to finance its increased operations. Sometimes the cost of the debt financing may outweigh the return that the company generates on the debt through investment and business activities and can lead to bankruptcy.

Series1 4500 4000 3500 3000 2500 2000 1500 1000 500 0 Mar'06 sept'06 mar'07 sept'07 Mar'08 sept'08 Mar'09 sept'09 Mar'10 sept'10 Mar'11 sept'11 tata motots

Tata Motors Maruti Suzuki

In the case of Tata motors, as the market started recovering after December2008, the share prices started increasing but they again saw a decline, which may be attributed to the news of breach of JLR contract with Ford Motors which may cause Rs.3bl panelty. The sales of Tata motors decreased by 4% in June end 2009 which can be one more reason for the decline in stock prices of Tata motors. In the case of Tata motors, when the prices were decreasing during recession, the stock price even increased once, but the market then again followed its prior trend of declining prices.

Tata motors and Maruti Suzuki both the companies showed a positive trend in paying dividends till 2008, but the scenario changed in 2009 as both the companys dividend per share fell. According to graph TATAs dividend was much higher than that of Maruti, it always provided dividend of above 10 per share to its shareholders while maruti stick to below 5 per share. B. TECHNICAL ANALYSIS Technical analysts track price movements and trading volumes in various securities to identify patterns in the price behaviour of particular stocks, mutual funds, commodities, or options in specific market sectors or in the overall financial markets. Following is the Technical Analysis of TATA Motors & Maruti Suzuki to understand their pattern and behaviour of share prices in the market. a. Implication of DOW THEORY

Tata Motors & SENSEX

The Dow Theory addresses not only technological analysis and price action, but also price philosophy. Dow Theory is broken down into six basic tenets.

However, it has been seen that the movement of stock prices of Tata motors and SENSEX are more or less in the same direction. One thing which is very clear is TATA motors react very badly whenever there is a negative sentiments comes in market results SENSEX coming down. Different sets of coloured line in above chart prove this fact.

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line and then moving average line will easily cross the share price line. The moving (MACD) TATA MOTORS c. average convergence-divergence

In Tata motors, when the people stopped investing during recession, prices went down and after recession, when people came back to the market, prices also increased. b. Simple Moving Average (200 periods) MARUTI SUZUKI & TATA MOTORS

Above graph shows the MACD of TATA motors for the period of 6 months. The MACD is the difference between a 26-day and 12-day exponential moving average. A 9-day exponential moving average (EMA), called the "signal" (or "trigger") line is plotted on top of the MACD to show buy/sell opportunities. Here are three popular ways to use the MACD: crossovers, overbought/oversold, and divergences. Crossovers: Yellow area shows that there was situation when buy position occurred in the January starting till mid of Feb as MACD curve above EMA or Signal line shows a Buy situation, the investor either wants to buy the stock or hold it. Otherwise a sell position of TATA Motors most of the time Light Green area shows that investor wants to sell. The trend of buying is seems to be there or in coming few days and a selling or booking of profit could be seen hence MACD line could fall below EMA in coming time.

In the above chart Moving Average is an indicator that shows the average value of a security's price over a period of time. This Tool of 200 Periods tells about the position of share to buy or sell for a long period say for 9-12 months. A buy signal is generated when the security's price rises above its moving average and a sell signal is generated when the security's price falls below its moving average. Yellow area in the graph indicates Buy signal and Green area indicates Sell signal. In the near future both the companies show Buy signal as their security prices rises above its moving average. This shows that an investor can kept a hold position or can buy for longer period of time but in case of Maruti the moving average line is also rising which shows that Buy n hold position for very long period could be unprofitable a minor correction in the share price can bring down the share price

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MARUTI SUZUKI MACD

OVERBOUGHT, which means that stock has gone up too fast and when a stock is outside the lower band it is OVERSOLD. An oversold stock has gone down too fast. During the months of April, May, mid-July and mid-August the stock of TATA motors crossed the upper band which means that during these periods the prices rose very fast, while in mid of July the stock went below the lower band, i.e. The prices fell too fast and are susceptible to bargain hunting. The overbought and oversold stocks are apt to reverse course. Its also seen that the volatility increased to new highs after July because the bands started to widen. Its better to buy stocks when it touches the lower band, but in regards all other technical factors should be considered while buying.

Crossover: The above graph shows the MACD of Maruti Suzuki, here Yellow area shows the selling position as MACD line is below EMA line the Light Green area shows the buy position which occur last time in the end of July but now buy position for Maruti is created as EMA or signal line seems to be below MACD line and it will probably continue in near future. d. BOLLINGER BAND

MARUTI SUZUKI

Bollinger bands are used to measure a markets volatility. Basically, this little tool tells us whether the market is quiet or whether the market is LOUD! When the market is quiet, the bands contract; and when the market is LOUD, the bands expand.

TATA MOTORS

Initially the bands show slight slope and lie approximately parallel to each other, this means that the price of the stock is oscillating up and down between the bands through a channel. The stock also shows overbought many times during the six months but it did not show any oversold trend, therefore it becomes an important factor in determining the price trend as it tells that the prices have not fallen very fast in these six months. During June month the bands contracted very much which shows low volatility, but then onwards the bands started to widen which creates high volatility and looking at the future scenario it may be analysed that the stock will see a fall as at the end of august the band was overbought, because when price is trading near the upper or lower Bollinger band line, there is a possibility of trend reversal. IV. CONCLUSION

As most of the time the graph lies between the middle band and the upper band which shows an increasing price trend in the market and its called Riding the Band. When the stock is outside the upper end of the Bollinger band it is considered

Indian Automobile Industry is in the growth phase and the expected growth rate is 9-10% for FY2009-10 compared to last year growth rate which was just 0.7% and the above facts and figures in the study also support this truth.

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Indian Automobile has a lot of scope for both two wheelers and four wheelers due to development in infrastructure of the country and especially the rural sector in which demand of two wheelers have increased even in recession. The growth rate of Indian Automobile is so fast that by 2016 Indian Industry will be world 7 largest manufacturers in all sections. The Indian auto market is still untapped the majority of the people in country dont own a four wheeler and all the major auto companies are trying to increase their sales by several moves. Like TATA has launch NANO the peoples car and now TATA motors is also planning to come out with an electric car as well as hybrid car, moreover in two wheeler segment many companies like Mahindra and Mahindra grow even more than expectations. Being a developing economy there is lot of scope for growth and this industry still have to cross many levels so there is huge opportunities to invest in and this is proving as more and more foreign Companies setting up there ventures in India. By analyzing the industry on various parameters with the help of implementing Fundamental and Technical tools we came to know that this industry has a lot of potential to grow in future. So recommending to invest in Automobile Industry have no doubt is going to be a good and smart option because this industry is booming like never before not only in India but all around the world. The returns which came out of this industry were very impressive recently, as if we take an example of TATA motors it gives approx 90% return in a period of just 3 months while Maruti Suzuki shows always a buy and hold position because there is possibility of growth in future.

[7] Pingle, V. (2000). Rethinking the Developmental State: Indias Industry in Comparative Perspective, Oxford University Press, Delhi, pp. 85-121. [8] Piplai, T. (2001). Automobile Industry: Shifting Strategic Focus, Economic and Political Weekly, 36(30), pp. 2892-2897. [9] Sagar, Ambuj, D., & Chandra, Pankaj (2004, 05), Technological Change in the Indian Passenger Car Industry, BCSIA Discussion Paper 2004-05, Energy Technology Innovation Project, Kennedy School of Government, Harvard University. [10] Sambanandam, R., & Lord, K.R. (1995), Switching behaviour in automobile markets: a consideration sets model, Journal of the Academy of Marketing Science, Vol. 23 No. 1, pp. 57-65. [11] Sharma, Amit (2010, January 12), When mouse helps you in buying car, The Economic Times, p. 14. [12] Sharma, N., & Patterson, P.G. (1999), The impact of communication effectiveness and service quality on relationship commitment in consumer, professional services, Journal of Services Marketing, Vol. 13 No. 2, pp. 151-70. [13] Sharma, S. (2006). A Study on Productivity Performance of Indian Automobile Industry: Growth Accounting Analysis , Available at http://www.uq.edu.au/economics/ appc2004/ Papers/cs6C4.pdf. [14] SIAM (2006). The Indian Automobile Industry: Statistical Profile 2005-06. Society of Indian Automobile Manufacturers, New Delhi. [15] Sumantran, V. (2006). The Indian Auto Industry and the Role of Dealers, A Presentation at Federation of Indian Automobile Dealers. [16] The Hindu (2009, February 17), Auto Focus - The automobile segment is all poised for steady growth, The Hindu, p. 4.

V. REFERENCES
[1] Das, D. K. (2003). Quantifying Trade Barriers: Has Protection Declined Substantially in Indian Manufacturing, (ICRIER Working Paper No: 105) New Delhi, Indian Council for Research on International Economic Relations. Retrieved from http://www.icrier.org/pdf/wp105.pdf,retrieved June 2008. [2] ICRA (2011). Implications of an FTA with South Africa for the Indian Auto Industry, Automotive Component Manufacturers Association of India and Investment Information and Credit Rating Agency of India. [3] Kathuria, S. (1996). Competing through Technology and Manufacturing: A Study of the Indian Commercial Vehicles Industry, Oxford University Press, Delhi. [4] Ministry of Heavy Industries and Public Enterprises (2006a). Automotive Mission Plan 2006-2016: A Mission for Development of Indian Automotive Industry, New Delhi. [5] Mukherjee, Avinandan & Sastry, Trilochan (1996), Recent Developments and Future Prospects in the Indian Automotive Industry, Indian Institute of Management, Ahmedabad, India. [6] Narayanan, K. (2004). Technology Acquisition and Growth of Firms: Indian Automobile Sector under Changing Policy Regimes, Economic and Political Weekly, 39(6), 461-470.

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