Even as the last two fiscal years brought a slump in demand across the auto market, India’s growth prospects are still seen by many automakers edging towards the unlimited threshold.
Besides the political stability brought by the election of the latest Prime Minister, with analysts forecasting the economy to rise again this fiscal year, the automakers also rely on a rising middle-class. That base of potential customers is now large, well-schooled and tapping an emerging entrepreneurial tradition that shapes a very dynamic culture.
“India represents a great opportunity for Chevrolet,” GM CEO Mary Barra said. “With a relatively small vehicle population and rapidly growing, young middle class, India is expected to become one of the world’s three largest markets by 2020. GM is working to better understand the Indian market so we can give Indian customers what they deserve – safe, high-quality Chevrolet vehicles with exceptional designs that exceed expectations,” she added.
Barra, alongside several other board members went on a three-day “fact-finding” trip to India, including a head on encounter with India’s new Prime Minister, Narendra Modi. Tim Solso, non-executive chairman of the GM Board; Stefan Jacoby, executive vice president and president, GM International; Chuck Stevens, GM executive vice president and chief financial officer and the local head of the Indian unit – Arvind Saxena, accompanied her on her visits with employees at factories, suppliers and government officials.