With 6-7% contribution to India's GDP, the automobile industry is one of the key manufacturing sectors in India. India is currently the sixth largest passenger car producer in the world with an annual turnover of around 55 billion USD in FY 2013 and employs around 18.5 million people (directly and indirectly). In the last few years, the passenger vehicle industry faced the decade's worst slowdown. The Indian government introduced a range of measures such as cuts in customs and excise duty, stimulus package encouraging soft loans to compensate tight lending and softening of oil prices in order to boost consumer demand for automobiles.
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