In 1982, Maruti Udyog and Suzuki signed a historical joint venture which changed the landscape of the Indian automobile sector forever. Nearly four decades later, in 2019, India is set to become the 4th largest automobile market in the world. It produces about 4.5 million vehicles annually (80% passenger and 20% commercial). The industry employs more than three crore people and contributes more than 7% to the overall GDP of India.  

Cut to 2022, the industry is recovering from a torrid two-year period of material shortages, flagging customer demand and underutilized production capacity due to Covid. According to SIAM, 2021 was the worst performing year for Indian automobile sales in a decade, with only 17.51 million units sold.