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| Topic: |
Business
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| Number of pages / Number of words: |
6 / 1644 |
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The commercial vehicle segment clocked a growth rate of 22%. M&HCV segment has grown by 23% whereas LCVs grew by over 21%.
Two Wheeler segment as a whole during the year 2004-05 grew by over 15%. Backed by Government's initiative on rural roads and better connectivity with major towns and cities, improved agricultural performance, upward trend of purchasing power in the hands of rural people, the two wheeler industry was able to achieve the record performance of crossing 6 million two wheelers with exact sales standing at 6,208,860 during the year 2004-05...
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This extra-ordinary growth that the Indian automotive industry has witnessed, is a result of a two major factors namely, the improvement in the living standards of the middle class, and an increase in their disposable incomes.
Moreover, the liberalization steps, such as, relaxation of the foreign exchange and equity regulations, reduction of tariffs on imports, and refining the banking policies, initiated by the Government of India, have played an equally important role in bringing the Indian Automotive industry to great heights...
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