The impressive and sustained growth of India's automobile industry
in recent years has catapulted it into the league of the world's
top-seven producers of four-wheelers. In the past decade, its
exports have surged more than 25 percent a year on average. The
turning point was arguably the 1991 policy of economic
liberalization, but the impact of the reforms might have been
subdued, if the Government of India had not played a pivotal role
in the industry's evolution. This apparent "paradox" may be the key
to understanding why the industry has adjusted so quickly to
globalization, even though economic reforms began relatively late.
This study identifies the main thrusts of policy regimes for the
automobile sector since 1947, which began in an overregulation mode
in the early period of independence. Nonetheless, the government
consciously attempted to create and sustain favorable "innovation
systems" at national, regional, and sectoral levels. Especially
since 1991, many policy initiatives have benefited the industry and
helped it reach the growth path it is following today.
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