General Market Information
India's economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries and a multitude of support services. Government controls have been reduced on foreign trade and investment, and privatization of domestic output is proceeding steadily. The economy has posted an excellent average growth rate of 7 percent in the decade since 1997, reducing poverty by about 10 percentage points. India is capitalizing on its large numbers of well-educated people skilled in the English language. India’s economy, the third-largest in Asia, is expected to grow 5.3 percent this fiscal year. Resolute economic reforms and structural change were among the factors that contributed to it. In addition, with the help of international investments, major advances were made in the privatisation of India's government-owned enterprises.Economic expansion has helped New Delhi continue to make progress in reducing its federal fiscal deficit. Easier conditions for imports and exports also contributed to India's leading position on the South Asian market.
India - a wide range of industries
In recent years there has been a marked rise in the number of international industrial concerns setting up a base in India. The automotive industry is well represented among them. In this sector, the subcontinent is one of the biggest growth markets in the Asian region, despite the late international opening in 1992. With only 18 cars per 1,000 people India has a very low density and the long term prospects are very promising. The auto component industry, in tandem with the vehicle industry, is today an integral part of the global automotive value chain. Apart from OEM consumption of components, the aftermarket in India also continues to grow at a rapid pace. (www.gtai.de, www.vda.de ).
Focus on New Delhi
New Delhi, a metropolis with 1,1 billion inhabitants, is one of India’s leading economic centres. It is the Indian capital and seat of government, as well as the most important hub in the subcontinent's automotive network. This energetic city has a modern exhibition centre and all the facilities associated with an important centre for business and trade. New Delhi also hosts a wide range of national and international events and conferences.