New Delhi, July 2
The automotive industry in India grew at a computed annual growth rate (CAGR) of 11.5 percent over the past five years, the Economic Survey 2008-09 tabled in parliament Thursday said.
“The industry has a strong multiplier effect on the economy due to its deep forward and backward linkages with several key segments of the economy,” a finance ministry statement said.
The automobile industry, which was plagued by the economic downturn amidst a credit crisis, managed a growth of 0.7 percent in 2008-09 with passenger car sales registering 1.31 percent growth while the commercial vehicles segment slumped 21.7 percent.