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1. ADVANTAGES OF ABSORPTION COSTING IN AUTOMILE BUSINESS DRIVERS
2. ADVANTAGES OF ABSORPTION COSTING IN AUTOMILE BUSINESS DRIVER

Footnote 2 India is the largest tractor manufacturer, second largest two-wheeler manufacturer, second largest bus manufacturer, fifth largest heavy truck manufacturer, sixth largest car manufacturer, and eighth largest commercial vehicle manufacturer.

India was the sixth largest producer of automobiles globally with an average annual production of about 29 million vehicles in 2017–2018, of which about 4 million were exported. This sector has grown on account of its traditional strengths in casting, forging and precision machining, fabricating (welding, grinding, and polishing) and cost advantages (on account of availability of abundant low-cost skilled labor), and significant foreign direct investment (FDI) inflows.

ADVANTAGES OF ABSORPTION COSTING IN AUTOMILE BUSINESS DRIVER

Being deeply integrated with other industrial sectors, it is a major driver of the manufacturing gross domestic product (GDP), exports, and employment.

ADVANTAGES OF ABSORPTION COSTING IN AUTOMILE BUSINESS DRIVERS

The Indian automobile industry – comprising of the automobile and the automotive components segments – is one of the key drivers of economic growth of India. The chapter also analyzes India’s national policy in light of these developments. To meet the future needs of customers (including the electrical vehicles) and stay ahead of competition, manufacturers are now catching up on upgradation, digitization, and automation.

In 2017, India became the world’s fourth largest automobile market, and the demand for Indian vehicles continues to grow in the domestic and international markets. This chapter analyzes the roles of government policy, infrastructure, and other enabling factors in the expansion of the automobile and automotive component sectors of India. The automobiles produced in the country uniquely cater to the demands of low- and middle-income groups of population which makes this sector stand out among the other automobile-producing countries. The growth of this sector has been on the back of strong government support which has helped it carve a unique path among the manufacturing sectors of India. The automobile industry is one of the most important drivers of economic growth of India and one with high participation in global value chains.