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The automobile sector is a major contributor to the global economy, a key engine of macroeconomic growth and stability and technological progress in developed and developing countries, covering numerous adjoining industries.
In India this industry is the 6th largest producer of automobiles in terms of volume and value. It has increased by 14.4 percent over the last decade, according to the Society of Indian Automobile Manufacturers (SIAM). With more than 35 car manufacturers, the industry contributes 7 percent to India's GDP and represents 7 to 8 percent of its total workforce. On average, more than 20 million vehicles of all types have been produced annually for many years.
The Government of India expects global light-duty vehicle sales in 2022 to be roughly stable (-0.7%) relative to 2021 and grow by 5.7% in 2023. This will result in sales of approximately 85.5 million units, well below the pre-pandemic peak of 95 million.
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Explore the major benefits of registering your business as a Private Limited Company.
The company and its members are treated as separate legal persons with distinct identities.
The company continues to exist even after death, insolvency, or resignation of shareholders or directors.
Members are liable only up to the unpaid amount on the shares held by them.
Shares can be transferred easily, making ownership transition simple and structured.
Foreign investors and entities can invest directly in a Private Limited Company.
Company information is publicly available, increasing transparency and trustworthiness.
Download our comprehensive guides to help you understand the business landscape in India and make informed decisions.
