India’s famously closed automotive market is now slowly opening up after free trade agreements signed by first the UK and now the European Union promise to lower some of the formidable barriers erected to protect the country’s industry.
It is an important market because last year India sold so many cars it came within 100,000 units of beating Japan – the world’s third-biggest passenger car market. Sales of 4.49 million units, up 5.7% from the year before, established a new record for the country, according to the Society of Indian Automobile Manufacturers (SIAM).
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