Chevrolet IndiaA Complete SLEPT Analysis

Submitted to: Submitted by:Mr Sachin Jain Animesh BariarLecturer, LSB Roll no- A15Lovely Professional University Sec- 326

Index

1. Declaration Page no: 32. Acknowledgement Page no: 43. Preface Page no: 54. Introduction: Automotive Industry Page no: 65. SLEPT Analysis: Automotive Industry Page no: 7 6. Introduction: GM(Chevrolet India) Page no: 87. Environmental Analysis Page no: 98. Competitor Analysis Page no: 99. SLEPT Analysis GM(Chevrolet India) Page no: 1110. SWOT Analysis GM(Chevrolet India) Page no: 1211. Porter’s five forces analysis Page no: 1412. Facts & Figures Page no: 1613. Relation with India Page no: 1914. Page no: 1815. Page no: 2016. Bibliography Page no: 23

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DECLARATION

I, Animesh Bariar student of Lovely Professional University have

completed the Project on:

Chevrolet India: A SLEPT Analysis with the mention of impact of various environmental

elements on its functioning

The information given in this project is true to the best of my

knowledge.

(ANIMESH BARIAR)

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ACKNOWLEDGEMENT

First of all I would like to thank the Lovely University and take the opportunity to do this project as a part of the M.B.A.

Many people have influenced the shape and content of this project, and many supported me through it. I express my sincere gratitude to Mr. Sachin Jain for assigning me a project on Business Environment, which is an interesting and exhaustive subject.

He has been an inspiration and role model for this topic. His guidance and active support has made it possible to complete the assignment.

I also would like to thank my Friends who have helped and encouraged me throughout the working of the project.

Last but not the least I would like to thank the Almighty for always helping me.

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PREFACE

This project is undertaken to fulfil the project work component of the M.B.A programme in 1st Semester. My project guide from L.P.U is Lect. Mr Sachin Jain.

This term paper is based on the analysis of Indian economic development or change in the Indian economy after the introduction of the concept of Organic Farming in India.

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Automotive Industry

The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2007, more than million motor vehicles, including cars and commercial vehicles were produced worldwide.

In 2007, a total of 71.9 million new automobiles were sold worldwide: 22.9 million in Europe, 21.4 million in Asia-Pacific, 19.4 million in USA and Canada, 4.4 million in Latin America, 2.4 million in the Middle East and 1.4 million in Africa. The markets in North America and Japan were stagnant, while those in South America and Asia grew strongly. Of the major markets, Russia, Brazil and China saw the most rapid growth.

In 2008, with rapidly rising oil prices, industries such as the automotive industry, are experiencing a combination of pricing pressures from raw material costs and changes in consumer buying habits. The industry is also facing increasing external competition from the public transport sector, as consumers re-evaluate their private vehicle usage.

The United States is the world’s largest consumer market for light vehicles, passenger cars and light trucks. The United States auto industry is dominated by the Big Three or General Motors, Ford Motors and Daimler/Chrysler. These three account for roughly a little over half of the production of cars and light trucks in the industry. What has currently started to happen in the recent years is that the Big Three are starting to lose market share to other rivals within the industry. In 2006 the Big Three accounted for 41.5% of light vehicle sales when compared to the top three foreign companies which accounted for 36.6% (Toyota, Honda, & Nissan). Overall the Big Three account for 54.9% of the U.S. market in 2006. This was down from 58.2% in 2005, 60.1% 2004 and 61.8% in 2003. This trend is expected to continue but to taper off in the coming years.

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Factors affecting the Automotive Industry (SLEPT Analysis)

1. Political

Laws and government regulations have affected this industry since the 1960s. Almost all of the regulations come from consumers increasing concerns for the environment and the concern for safer automobiles.

2. Economic

The automobile industry has a huge impact on every country’s economy. According to various studies this industry is the major user of computer chips, textiles, aluminum, copper, steel, iron, lead, plastics, vinyl, and rubber. The study also showed that for every autoworker there are seven other jobs created in other industries. These industries include anything from the aluminums to lead to vinyl.

3. Socio cultural

Today’s society judges people on the type of car you drive. Society does not like to admit to this but it is very true. Manufactures know this happens and targets their markets by these thoughts. Anyone who drives a nice vehicle is thought to be wealthy. No one wants to be seen driving an unattractive piece of junk because of what other people will think of him or her. Consumers also just feel better when they are driving a nice or new car, if makes them feel better about themselves.

4. Technology

The internet has affected just about every industry in the world and has also had a huge impact on the automobile industry. A study was conducted by J.D. Power and Associates in 2002 and involved more 27,000 new vehicle buyers. The study showed that 60% of the buyers referred to the internet before making their purchases and out of that 60%, 88% went to the auto websites before going and taking a test drive. Business-to-business marketplaces have given the industry many opportunities because of the internet, such as more efficiency and lower cost.

5. Demographics

For many years now, the baby boomers generation has been the main target market for just about every product. As their generation is getting ready to retire and spend less money, the automakers are looking at the younger generations. Right now, the focus is starting to turn towards the baby boomers children (Generation X) who are in their mid 20’s and 30’s. According to Analysts, five years from now Gen X will account for at least 30% of vehicle sales.

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6. Global

General Motors, Ford Motor Company, Daimler Chrysler, BMW, Volkswagen, Volvo, Toyota, Mazda, and Nissan Motor Company come together to create a new trade association created the Alliance of Automobile Manufacturers. The organization was to replace the American Automobile Manufactures Association that only consisted of American manufacturers, the goals of the associations were to work together on public policy matters of common interest to provide credible industry information and data, and seek consistent global regulatory standards

General Motors (Chevrolet India)

General Motors Corporation (GM) is a multinational automobile manufacturer founded in 1908 and headquartered in the United States. GM is the world's largest automaker as measured by global industry sales and has been the global sales leader for the last 77 years. As of 2008, General Motors employs about 266,000 people around the world. It manufactures its cars and trucks in 35 different countries and sells them under the brands of Buick, Cadillac, Chevrolet, GM Daewoo, GMC, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall, and Wuling. As of 2008, General Motors is the ninth largest publicly traded company in the world. In recent years the company has endured significant financial turmoil, including a 38 billion dollar loss in 2007.

GM needs a sense of urgency regarding revising a strategic plan that incorporates the next generation of vehicles. In today’s global economy and highly competitive auto industry GM has no time to procrastinate. As stated, GM has just too much at risk in not becoming an industry leader in alternative fuel technology. Fuel-economy legislation is sparking the race. This is a critical time in auto industry with many threats, but opportunities as well. The next several years will redefine GM.

Vision Statement

The GM vision is as follows: GM’s vision is to be the world leader in transportation products and related services. GM will earn our customers’ enthusiasm through continuous improvement driven by the integrity, teamwork, and innovation of GM people.

The proposed new vision for GM is as follows: For GM to become the automotive industry leader in alternative fueled vehicles and providing superior quality products that global consumers call to mind when they think of quality and innovation.

My vision for GM is to be the industry leader in innovation, and where all other industry competition strives to imitate.

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Mission Statement

The current GM mission statements are as follows: Drive improvements in market share, revenue, brands, people, responsiveness, and cost effectiveness through the implementation of global common metrics and best practice sharing.

The new proposed mission statement will be as follows: GM will become an industry leader, not a follower. To regain lost market share that was lost to foreign competition, and once again be the auto industry leader in sales and market share in today’s global market.

Values Statement

The auto industry just like the global economy is going through tremendous change, due to rising fuel prices, and environmental worries, such as global warming. GM must use these threats as opportunities, and take advantage of changing consumer buying habits. GM needs to change consumer perception of the company, from a dull, poor quality, vehicles to innovative, quality, and environmentally friendly company. To do this GM must portray an image that states that GM values what the consumer wants and what the environment needs. Listen to what consumers are saying directly and indirectly about GM’s current products, and create innovative, green, vehicles that turn consumers into customers. At the same time provide GM stakeholders pride and financial incentives to remain with GM.

Environmental Analysis

GM and the entire auto industry are currently challenged with the perfect storm. The auto industry is being hit by a weak US and global economy, rising fuel prices, and social and political environmental concerns and issues. In order to overcome these potential threat, GM should consider mass producing a range of alternative fueled vehicles, i.e. fuel cell, electric, and hybrid.

Competitor’s Analysis

The major competitors of General Motors are domestic companies like DamilerChrysler & Ford Motor and foreign companies like Toyota Motor & Honda Motor.

Damiler Chrysler

As the number two auto manufacturer in total revenues DaimlerChrysler has positioned itself as an industry leader, with this come many strengths. The DaimlerChrysler umbrella covers many well-known brands such as Dodge, Chrysler, Mercedes Benz, and

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Jeep. This means DaimlerChrysler has strong brands that are recognizable in almost every part of the world.

Ford Motor Company

Ford Motor Company is a global company with two core businesses: Automotive and Financial Services. The Automotive business consists of the design, development, manufacture, sale and service of cars, trucks and service parts. Ford has been focusing on cutting costs to increase margins more than its competitors. It has used reverse engineering in the development of their products. Thus Ford has been an innovator in the auto industry.

Honda Motor Company

Honda motor company is not your average Japanese car manufacturer. Originally know for motorcycles, Honda has managed to elude the dominate keiretsu system in Japan and become one of the dominant automobile manufactures in the world. There are many strengths to Honda. Honda has a reputation for producing high quality products from cars to motorcycles. Honda has won many awards for initial quality and customer satisfaction. Their automobiles are reliable and generally fuel efficient. Their research has afforded them competitiveness in innovative products.

Toyota Motor Corporation

The Toyota Motor Corporation was incorporated in 1937 and has many strengths being one of the industry leaders in the automotive industry. Toyota has three major brands underneath the company umbrella; Toyota, Lexus, and Scion. By having these three distinct brands, it lets the company reach many sectors of the globe in a choice of vehicle for customers. Toyota has traditionally also been the leader in Total Quality Management or TQM. By using the Kaizen theory of continuous improvement, Japan caught up the U.S. auto makers during the 1980s.

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Factors affecting GM: Chevrolet India (SLEPT Analysis)

• POLITICALLegislation

o Environmento Company Carso Competition

Taxes and DutySubsidies

• ECONOMIC– Excess Capacity– Economies Of Scale– Diversification– Mergers and strategic alliances

• POLITICAL– Legislation

o Environmento Company Carso Competition

Taxes and Duty– Subsidies

• SOCIAL– Environment– Car Culture– Fashions and taste– Redundancies

• TECHNOLOGICAL– E-Commerce– Safety– Plant efficiency– Gizmos

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SWOT Analysis

Strengths

1. Large Market ShareAlthough GM's market share in the US has dropped it is still very much competitive at 26 percent. They also have an increasing share in the Chinese market. With the right decisions there is no reason for GM to not become the automotive leader it once was.

2. Global ExperienceAs explained above even with GM's recent decline they still have the market share and the experience to bounce back. They have been a worldwide company for nearly a century now and have established themselves as the global leader for most of them. If you recall I mentioned above that a current opportunity for GM is to expand globally and as we can see they already have the experience to do so. It is just a matter of the correct planning and proper implementation of those plans that will decided whether or not GM's goals are achieved.

3. Variety of Brand NamesGM as I mentioned has been the automotive leader for the majority of the last century. A large reason for that is the wide variety of quality brand names that appeal to all target markets. The current GM brands include: Chevrolet, GMC, Cadillac, Buick, Pontiac, Saturn, Hummer, Saab, Daewoo, Opel, and Holden.

4. GMAC Customer Financing ProgramSince its establishment in 1919 it has proven to be GM's most reliable source of revenue.

5. OnStar Satellite TechnologyDeveloped in 1996 OnStar currently has over 3 million subscribers and is standard on all GM vehicles. This technology allows the vehicles to be tracked in the event of an emergency or theft. It also allows the driver and or passengers the ability to communicate with OnStar personnel at the click of a button.

Weaknesses

1. Behind on Alternative Energy MovementThis is GM's biggest weakness. The alternative energy/hybrid trend has begun to take place in the automotive industry and GM has been one step behind the competition in terms of alternative energy vehicles. This has led to many problems including loss of market share and a decrease in company profit. In order for any automotive company to be successful from this point forward they must be Hybrid friendly and fuel efficient.

2. Poor Organizational StructureAs we can see in exhibit 1 of the case GM's organizational structure seems to be too vertically integrated. This causes a lack of communication between employees from top to bottom and may have played a part in GM falling behind on the alternative energy movement.

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3. Stagnant ProfitabilityLooking at GM's profit we see that they are certainly struggling with respect to the size of their company. Their profit margin was about 1.5% and the ROE has dramatically decreased over the recent years dropping to 10% in 2004. This is a situation that shareholders will not be pleased with.

4. Overly Dependent on US marketGM has become too dependent on the US market and must take advantage of the opportunity to expand globally. The competition is becoming too strong to focus on just one country.

5. Overly Dependent on General Motors Acceptance Corporation (GMAC) FinancingGM has become too dependent on its financing program. Granted it is a great strength for GM, however they once again cannot rely solely on financing in order to turn profit, especially if they want to compete with Honda and Toyota who are rapidly growing.

6. Poor Credit StatusGM's credit status has like everything else has been steadily declining. Their current ratio is just barely above 1 and their acid test is even lower. Although, I don't see them getting denied based on their credit at this point, the seriousness of the matter is certainly apparent.

Opportunities

1. Alternative Energy MovementIt is obvious that GM was behind its competition with regards to the research and development of hybrid vehicles. However hybrid technology is still very much new giving GM the opportunity to once again become the automotive industry's leader in innovation and technology.

2. Continuing to Expand Globally.Recently GM saw an increase in the Chinese automotive market, which proves their needs to be more emphasis put on foreign markets. If GM can infiltrate these markets and successfully grow along with their continuing focus on the US market they will be headed in a positive direction.

3. Low Interest RatesWith the right marketing strategy the low interest rates have the potential to generate an immediate increase in sales.

4. Develop New Vehicle Styles and ModelsThis is an opportunity that will never be satisfied, meaning that GM should always be attempting to develop the automotive world's most popular vehicles, and as we know, what is in today will be out tomorrow.

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Threats

1. Rising Fuel PricesWith GM being a large producer in both trucks and SUV's, sales have drastically decreased due to the lack of fuel efficiency. The rise in fuel prices has played a significant role in creating the opportunity for development of both hybrid and more fuel efficient vehicles. As you will find with most threats, an equal opportunity will usually emerge as is the case here with GM's opportunity mentioned above.

2. Growth of CompetitorsGM no longer has the luxury of being the known leader in the automotive industry and faces the reality that they are in serious trouble. As I mentioned earlier Toyota took the first step in the direction of hybrid technology and has since drastically grown and become the questionable automotive frontrunner to start the 21st century.

3. Pension Payouts.Part of this threat is their own doing and the other is simply unavoidable. GM is responsible for providing generous pension benefits to its employees, which at the time seemed like a great idea, however they are now experiencing problems as more and more people begin to collect.

4. Increased Health Care CostsGM, like many large companies with quality employee health care benefits, is experiencing a large financial hit that only gets worse as time continues.

5. Rising Supply Costs, i.e. SteelOnce again this threat affects the entire automotive industry and forces each company to cut manufacturing and production costs as much as possible, without taking away from the quality of the product.

Porter’s Five-Forces Analysis

The competitive structure of an industry is another important component of identifying factors that are a threat to diminish profitability. One of the most efficient ways to assess competitive issues is to consider Michael Porter's five-force analysis. Porter (1980, 1985) has highlighted five such factors: (1) rivalry between existing competitors, (2) threat of entry by new competitors, (3) price pressure from substitute or complementary products, (4) bargaining power of buyers, and (5) bargaining power of suppliers.

1. Rivalry between existing competitors

With the rise of foreign competitors like Toyota, Honda and Nissan in the 1970's and 80's, rivalry in the American auto industry has become much more intense. Firms compete on both price and non-price dimensions. The price competition erodes profits by drawing down price-cost margins while non-price competition (e.g., new car rebates and interest free loans) drives up fixed cost (new product development) and marginal cost (adding product features). One of the other reasons there is such high rivalry is that there is a lack of differentiation opportunities. All the companies make cars, trucks or SUVs.

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The competitors are compared to one another constantly. In recent years there has been significant market share variation, another indication of rivalry and its very strong threat to profits.

2. Threat of entry by new competitors

The presence of new firms in an industry may force prices down and put pressure on profits. There are, however, barriers to entry that tend to protect established firms. One would expect the production of automobiles to require significant economies of scale, an important barrier to entry. The new entrant would have to achieve substantial market share to reach minimum efficient scale, and if it does not, it may be at a significant cost disadvantage. While the evidence suggests that economies of scale in the auto industry are substantial, there are also indications that large size may not be as important as commonly assumed. Nevertheless, entry would represent a large capital investment to any new firm and the body of research still indicates that economies of scale represent a substantial barrier to entry. Consequently, entry is currently a weak threat to profitability.

3. Price pressure from substitute or complementary products

While five-forces do not directly consider demand, it does consider two factors that influences demand ― substitutes and complements. Although new cars generally are slightly price elastic, suggesting few real substitutes (e.g., bus and rapid transit), the demand for a particular model is highly sensitive to price because of the availability of close substitutes for a given model. A change in the price of a complementary product (e.g., gasoline, batteries, and tires) could have a significant impact on the demand for automobiles. The rising price of gas, an important complementary product, is likely to affect some firms more than others depending upon the vehicle composition. Recent rising fuel prices are likely to have a greater impact on the big three (GM, Ford Motor and Daimler-Chrysler) whose most profitable models are energy inefficient pick-up trucks and sports utility vehicles. On balance, the overall impact on "industry" profitability from substitutes and complements is weak to moderate.

4. Bargaining Power of Buyers

Buyer power refers to the ability of individual customers to negotiate prices that extract profit from the seller. Individual consumers have some influence over price within a given dealership, but little power over manufacturers. Customers can easily, and with little cost, switch to other auto dealers. Furthermore, customers now have access to market information (prices and costs) from the Internet that enhances their negotiating power. But when you have many individual customers, each representing a small proportion of total sales, they will have little bargaining power with manufacturers and therefore pose a weak threat to industry profit.

5. Bargaining Power of Suppliers

Auto manufacturers require inputs-labor, parts, raw materials and services. The cost of these inputs can have a significant effect on profitability. Whether the strength of suppliers is weak, moderate or strong depends on how much bargaining power they can exert. The auto manufacturers have large supplier networks that appear to exert little

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bargaining power. Nevertheless, the United Auto Workers (UAW), the only supplier of labor, has historically exerted a great deal of leverage over the benefits and wages provided by the big three. Because of this historical dominance by the UAW and the uncertain results of their current negotiations with the big three, one has to characterize supplier power, at least in this segment of the American market, as a strong threat to profits.

The following table summarizes the results of a five-forces analysis of the automobile industry.

Five-Forces Analysis

FORCE THREAT TO PROFIT

Internal Rivalry Strong

Entry Weak

Substitutes and Complements Weak to Moderate

Buyer Power Weak

Supplier Power Strong

Some important Facts and Figures

1) GM has cut its payroll drastically, by 45.8 percent in the U.S. alone since 2000. In fact, GM is far from the largest employer in the industry. With 252,000 employees worldwide, GM ranks fifth overall behind Volkswagen (373,400 employees,) Renault/Nissan (316,121 employees,) Toyota (316,121 employees) and Daimler (272,382 employees). Yet GM sold more vehicles worldwide last year than any other automaker.

2) 9.3 million people worldwide bought GM vehicles last year. That’s more vehicles than any other automaker in the world sold. And in the U.S., which is the world’s largest market, GM sold more vehicles than any other manufacturer in 2007, and it has sold more than any other automaker to date in 2008.

In 2008, the Chevy Malibu was named North American Car of the Year, and the Cadillac CTS was Motor Trend’s 2008 Car of the Year. In 2007, the Saturn Aura

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and Chevy Silverado won North American Car and Truck of the year. Those awards are given and judged by automotive journalists.

Customers have responded just as enthusiastically as the critics. Although total U.S. vehicle sales are down almost 15% so far this year (through October), a number of GM cars and crossovers have enjoyed significant sales increases:

a. Chevy Malibu +39% b. Pontiac Vibe +36% c. Pontiac G6 + 4% d. Cadillac CTS +15% e. Saturn Aura +7% f. GMC Acadia +2% g. Buick Enclave +88%

3) What happens to the U.S. auto industry matters on Main Street.

From plants to parks. From dealerships to driveways. From gas stations to grocery stores. What happens in the automotive industry affects each and every one of us. In fact, the collapse of the U.S.-based auto industry wouldn’t just impact the nearly 355,000 Americans directly employed by the Big Three. One out of every 10 people in America is employed in a service that is related to the U.S. auto industry. If a plant closes, so does its suppliers, the local stores, the hot dog vendors, and the local restaurants.

The effect would be devastating in ways of which you never have thought:

Nearly 3 million jobs would be lost in the first year alone – with another 2.5 million to follow over the next two years

Personal income in the United States would drop by more than $150.7 billion in the first year

The cost to local, state, and federal governments could reach $156.4 billion over three years in lost taxes, and unemployment and health care assistance

Domestic automobile production would more than likely fall to zero – even by international producers, due to supplier bankruptcies

The credit crisis that is affecting us all is wounding the U.S. auto industry in many different ways. Carmakers can’t get loans to restructure and to produce new advanced technology vehicles. Suppliers and dealers can’t get loans for routine business, and customers can’t get loans for new cars.

4) Clearly, GM faces unprecedented challenges related to uncertainty in global financial markets and weakening economic fundamentals in key regions. But bankruptcy protection is not an option GM is considering.

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Bankruptcy would not be in the interests of our employees, stockholders, suppliers or customers.

5) GM officials routinely discuss issues of mutual interest with other automakers. As a policy, we don’t confirm or comment publicly on those types of private discussions, which in many cases do not lead anywhere.

6) GM chose to do its early hybrid development on transit buses, where the fuel savings per vehicle are substantial. Since 2003, more than 1,000 buses using the GM-Allison hybrid system have been put in service, and another 1,700 are on order.

GM introduced a Saturn Vue hybrid for the 2007 model year, and one of GM’s first 2-mode hybrid models, the 2008 Chevy Tahoe Hybrid, was named Green Car of the Year for 2008. GM’s hybrid sales reached 1,975 in September 2008. According to Edmunds, this moves GM into third place in the U.S. hybrid market, just a few vehicles behind Honda.

And the GM hybrid lineup will continue to grow. By the middle of next year, GM will have nine hybrid models for sale in the U.S. GM intends to offer 15 hybrid models by 2012.

7) GM sells cars and trucks in every major market in the world, and it is clear to us that oil alone cannot fuel the world’s rapidly growing vehicle fleet. That’s why GM is aggressively pursuing a broad range of advanced propulsion technologies.

These include:

Improved internal combustion powertrains, which can squeeze more miles from each gallon of gasoline or diesel;

Flex-fuel vehicles and investments in advanced biofuels; An expanding fleet of hybrid vehicles — nine hybrid models by mid-2009; Electrically-driven vehicles like the Chevy Volt, which is scheduled to go into

production in 2010; Advanced fuel cell vehicles, which are currently undergoing fleet tests.

There is no one-size-fits-all answer. Different countries and different customers will require different solutions. We are committed to being a global leader in providing these solutions.

GM Chairman and CEO Rick Wagoner outlined this strategy at the 2006 Los Angeles Auto show.

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Chevrolet is not new to India – tracing Chevrolet in our sub continent

Maharajas, freedom fighters and the common man – the Chevrolet has ferried them all. The bowtie has been an integral part of India’s automotive landscape from the early twenties till today.

Chevrolet came to India in 1928. An office was set up in Bombay with an assembly plant constructed in Sewree. General Motors (GM), Chevrolet’s parent company, was the first automobile company to open an assembly plant in India.

Production started in 1928 with the National Series AB Touring. The AB series came with Chevrolet’s well proven and reliable 171 cubic inches, 24.7hp four-cylinder engine. It featured Chevrolet’s first four-wheel mechanical brakes and wooden wheels. In the first year of production, 13,903 GM cars and trucks were built at Sewree, including products from other GM brands.

The Chevrolet brand quickly proved trustworthy and dependable. As a result, a large amount of Chevrolets were imported between 1918 and 1928. The Chevrolets imported during these years mainly consisted of small four-cylinder Tourers, because they delivered the most impressive fuel economy and were simple to run. Even the Nawab of Hyderabad – considered the richest man in the world at the time – used Chevrolet Tourers as official cars.

In 1930, the Indian market became even more competitive as Ford introduced the popular Model A, whose all-steel body made it a great success. Chevrolet replied with a revolutionary six-cylinder engine that developed 46 horsepower. And it was this very car that gave Chevrolet its highest sales in India in 1931.

Sadly, the years 1952-53 marked the end of an era for the Indian automobile industry. The ‘socialist’ Government forced General Motors India to shut shop, along with other foreign car companies.

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