AMAR KUMAR REPORT FINAL.pdf

Research Project Report
On
INDUSTRY ANALYSIS DESK RESEARCH AUTOMOBILE
SECTOR (TWO WHEELERS)
Submitted for the partial fulfillment of the Award
Of
Master of Business Administration
DEGREE
(Session :2022- 2023)
SUBMITTED BY
AMAR KUMAR
2102720700007
UNDER THE GUIDANCE OF
DR. VIBHAV MATHUR
Department of Master of Business Administration
GNIOT-MBA Institute, Greater Noida
AFFILIATED TO
DR. A.P.J. ABDUL KALAM TECHNICAL UNIVERSITY (FORMERLY
UTTARPRADESH TECHNICAL UNIVERSITY), LUCKNOW

CERTIFICATE
This is to certify that the work which is being presented in this report entitled
“INDUSTRY ANALYSIS DESK RESEARCH AUTOMOBILE SECTOR
(TWO WHEELERS)” is an authentic record of the student carried out under my
supervision. The statements made by the candidate are correct to the best of my
knowledge.
Dr.Raj Kamal Upadhyaya Name of Supervisor: VIBHAV SIR
Head, Department of MBA Designation: PROFESSOR
Date:-26-05-23
(Seal of the Department/ College)

STUDENT DECLARATION
I “AMAR KUMAR” hereby declare that the work which is being presented in this
report entitled “INDUSTRY ANALYSIS DESK RESEARCH AUTOMOBILE
SECTOR (TWO WHEELERS)” is an authentic record of my own work carried
out underthe supervision of DR. VIBHAV MATHUR.
The matter embodied in this report has not been submitted by me for the award
of any otherdegree/ Diploma/ Certificate.
Department of MBA Name of Student: - AMAR KUMAR
Date:-26-05-23

ACKNOWLEDGEMENT
It is my pleasure to be indebted to various people, who directly or indirectly
contributed in the development of this work and who influenced my thinking,
behavior, and acts during the course of study.
I am thankful to Dr. Vibhav mathur SIR for his support, cooperation, and
motivation provided to me during the training for constant inspiration, presence and
blessings.
I also extend my sincere appreciation to Dr. Vibhav mathur SIR.who provided his
valuable suggestions and precious time inaccomplishing my project report.
Lastly, I would like to thank the almighty, parents, Director and HOD of the institute
for their moral support and my friends with whom I shared my day- to-day
experience and received lots of suggestions that improved my quality of work.
.
AMAR KUMAR

Table of Contents Page no.
Unit 1: Industry Analysis-the Basics 1
1.1 Introduction to Automobile Industry 2
1.2 Introduction to Two wheeler Industry 3
1.3 Players in Industry 5
1.4 Nature of competition 6
1.5 Market Share 8
1.6 Classification of Players into Leaders, Challengers, Niche 10
1.7 Positioning and Differentiation strategies 11
1.8 Geographical spread across the country 13
1.9 Professional trade bodies of the industry 15
Unit 2: Promoters and Managements Ethos 17
2.1 Background Promoters of players in industry 18
2.2 Management ethos and philosophy 21
2.3 Brief profiles of CEO 26
2.4 CSR Activity 29
Unit 3: External Environment 36
3.1 Controlling Ministry and Regulatory Framework 37
3.2 India’s Automotive Policy and Status of Regulations 40
3.3 Key National and Global Issues 41
3.4 Key initiatives by the Government to promote the industry 42
Unit 4: Financials 44
Unit 5: Recent Development 48
5.1 Impact on Automobile Industry due to Fiscal Policies 49
5.2 Global Market for Import and Export 52
5.3 Mergers and Acquisitions 54
5.4 Technological development 55

1
Unit: 1
Industry Analysis-the Basics

2
1.1 Introduction to Automobile Industry
India currently ranks among the top five automotive markets in the world and is the
world’s largest two-wheeler market. The industry accounts more than 7% of the country's GDP
and provides employment to 29 million people and contributes 13% to excise revenue. To put
things in perspective, India is the world’s largest tractor manufacturer, largest two- wheeler
manufacturer, second largest bus manufacturer, fifth largest heavy truck manufacturer, sixth
largest car manufacturer and eighth largest commercial vehicle manufacturer. The two
wheelers segment holds 81% market share which is the leader of the Indian Automobile market
owing to a growing middle class and a young population. Moreover,the companies growing
interest in exploring the rural markets further aided the growth of sector. Besides this the overall
Passenger Vehicle (PV) has 14 % market share. Along with this India is a prominent auto
exporter and has strong export growth expectations for the near future. In year 2017 automobile
exports grew by 13.01 %. In addition, initiatives by the Govt.Of India and the major automobile
players in the Indian market are expected to make India a leader in the 2 Wheeler and 4 Wheeler
market in the world by 2020.

3
Total production volume grew at a CAGR of 5.56 per cent between FY12-17.
Source: https://www.ibef.org/industry/india-automobiles.aspx
Two-wheelers and passenger vehicles dominate Indian auto market .Over 67 per cent of export
volumes comprised of two-wheelers, followed by 22 per cent for passenger cars.
Number of automobile sold in India (in millions)
25
20
15
10
5
0
FY12 FY13 FY14 FY15 FY16 FY17
% share of each segement in total production volume (FY 17)
Commercial Vehicle
Passenger Vehicle
Three Whellers
Two Wheelers
0 10 20 30 40 50 60 70 80 90

4
1.2 Introduction to Two wheeler Industry
Two-wheelers are one of the most versatile forms of transportation. The adaptive ability of a
motorised two-wheeler can be characterised by its usage. Its use could vary from being used
just for commute from point A to Point B. Quickly transport small packages of goods through
the cramped bazaar streets. A fast ride to catch the school/college bus, or even a brief trip to
purchase vegetables. The sheer pleasure of riding a motorbike with the wind blowing on your
face, while on a pleasure ride is one of the most compelling reason to own a two-wheeler.
In India, the three top reasons for ownership of a two-wheeler are:
 low cost of ownership and maintenance
 compact size and
 ease of learning and use
Under the provisions of the Motor Vehicle Act, 19881
, the eligibility for a Learners’ License
for a motor vehicle of 50 cc of engine capacity without gear is 16 years, and Permanent License
is 18 years and above. In India, one can witness commuters across all age groups using
motorised two-wheelers. Owing to the growing population and ever increasing traffic

5
congestion in the urban cities, two-wheelers are the most popular and convenient choice for
transport.

6
1.3 Players in Industry
 Hero MotoCorp
 Honda
 TVS
 Bajaj
 Suzuki
 Yamaha
 KTM
 Royal Enfield
 Piaggio, Vespa, Moto Guzzi and Aprilia
 Kawasaki
 Benelli
 Ducati
 MV Augusta
 Hyosung
 Triumph
 Harley Davidson
 Mahindra 2 wheelers

7
1.4 Nature of competition
Now a days it seems like Indian two wheeler market is over crowded with the number of
offerings in almost all segments, starting from that of 100 cc commuters going all the way up
to extravagant cruisers, yet there are some segments which have been complete with the
existence of rival like figures shown below:

8
1.5 Market Share ( Q2 17-18)
Two-wheelers grew 12 per cent in Q2FY18 over the same period last year.
Source: https://auto.economictimes.indiatimes.com/news/industry/auto-industry-witnesses-positive-sales-in-jul-sept-
2017/61046068
Comparison of two wheeler manufacturer sales of Q2 2017-18 and Q2 2016-17:
MANUFACTURER Q2 2017-18 Q2 2016-17
Bajaj Auto 583,997 579,545
H-D Motor Company India 853 1,070
Hero MotoCorp 19,76,270 17,76,381
HMSI 16,68,019 14,35,313
India Kawasaki Motors 439 322
India Yamaha Motors 22,64,66 229,535
Mahindra Two Wheelers 5,695 13,425
Piaggio Vehicles 20,092 6,987
Royal Enfield 199,422 163,821
Suzuki Motorcycle India 132,589 88,000
Triumph Motorcycles India 199 255
TVS Motor Company 797,100 699,563
2 Wheelers manufaturer Sales of Q2 2017-18
Suzuki Motorcycle
India
2%
Royal Enfield
4%
Mahindra Two
Wheelers
0%
TVS Motor
Company
14%
Bajaj Auto
11% Bajaj Auto
Hero MotoCorp
HMSI
India Yamaha
Motors
4%
Hero MotoCorp
35%
India Yamaha Motors
Mahindra Two Wheelers
Royal Enfield
Suzuki Motorcycle India
HMSI
30% TVS Motor Company

9
In the two-wheeler segment, Hero MotoCorp retained its market share of 35 per cent and
increased its sales volumes to 1,976,270 units in Q2 FY18 from 1,776,381 units in the same
period in the previous year. The company recently surpassed a record 75 million two-wheelers
in cumulative sales since its inception.
Honda Motorcycle and Scooter India, meanwhile, improved its sales to 1,668,019 units
(1,435,313 units) as well as its market share to 29.73 per cent (28.74 per cent).
Bajaj Auto’s market share was, however, down to 10.41 per cent from the earlier 11.61 per
cent in Q2 FY17, while its sales increased to 583,997 units (579,545 units).
Whereas Royal Enfield, Mahindra 2 Wheeler, Suzuki, Yamaha, Harley Davidson, Kawasaki,
Triumph have the least market share.

10
1.6 Classification of Players into Leaders, Challengers, Niche
Product or Brand positioning is what comes to mind when your target market thinks about your
product/brand compared to your competitor’s products/brands. Having a competitive
advantage is necessary for a firm to compete in the market. But what is more important is
whether the competitive advantage is sustainable. A company must identify its position relative
to the competition in the market. By knowing if it is a leader, challenger, follower or nicher,
it can adopt appropriate strategies to compete. Product positioning is a crucial ingredient in the
buying process and should never be left to chance. It’s your opportunity to influence the
market’s perception of your products.
Different players in the industry are classified into different categories as follows:
• Hero MotoCorp
• Honda (HMSI)
Leaders
• TVS
• Bajaj
Challenger
• Royal Enfield
• Suzuki
• Yamaha
• Mahindra 2
Wheelers
Followers
• Triumph
• Ducati
• Kawasaki
• Harley Davidson
Niche

11
1.7 Positioning and Differentiation strategies of key players branding
strategies
Bajaj
 Discover India with the power of 1 L petrol positions,
Bajaj as a fuel efficient bike with a greater mileage
“Discover the undiscovered India”
 Pulsar mania ,“Thrill has a new name Pulsar mania” punch line of “Definitely Male” ,
“Distinctly Ahead” positioning pulsar to be a masculine
 Dominar as “Dominates the night” & “Hatti maat palo”
Hero MotoCorp
 Fill it. Shut it. Forget it Campaign, Campaign focused on the mileage
 Desh ki Dhadkan Advertisement campaign.
 Hero bikes as the heartbeat of the entire nation uniting everyone
,Hum me hai hero campaign, Advertisement tries to prove that
we all are born super start

12
Yamaha
 YES Yamaha Advertisement, YES stands for Yamaha extended services this
advertisement portrays Yamaha as common man’s racing bike
 Celebrity endorsements
 Use of songs for advertisement “Ruk Jaana Nahin” has been used as the background
score
Honda
 Extended Warranty
Protect your vehicle with unique Honda Shield Extended Warranty
and enjoy up to half a decade of vehicle warranty
 Annual Maintenance Contract
Annual Maintenance Contract is the part of Honda Shield Program to provide
maintenance benefits to our customers.
 Road Side Assistance

13
1.8 Geographical spread across the country
Yamaha: India Yamaha Motor Private Limited (IYM) manufacturing facilities comprise of 3
State-of-the-art Plants at Surajpur (Uttar Pradesh), Faridabad (Haryana) and Kanchipuram
(Tamil Nadu). The infrastructure at these plants supports production of two-wheelers and parts
for the domestic as well as overseas markets.
Hero MotoCorp: Hero MotoCorp has five manufacturing facilities based at Dharuhera,
Gurgaon, Neemrana, Haridwar and Halol under Green Field stage. These plants together have
a production capacity of 76 lakh+ 2-wheelers per year. Hero MotoCorp has a sales and
service network with over 6,000 dealerships and service points across India
Honda (HMSI): The first factory of HMSI is spread over 52 acres including a covered area of
about 100,000 sq. meters in Manesar, District Gurgaon, Haryana with an annual capacity of
1.65 million units. To meet the ever increasing demands of the products, Honda has started
operations of its second plant in Tapukara, District Alwar, Rajasthan. Expanding to full
operations , Honda production capacity has jumped 30% year on year to 2.8 million per annum
in FY 12- 13.
Honda’s third plant at Narsapura Industrial Area near Bengaluru, Karnataka is equipped to
manufacture 1.2 million units. Utilizing production technologies refined at Manesar &
Tapukara plants as starting point, the 3rd plant is employed with state-of-the-art manufacturing,
automation and environment friendly technologies to deliver quality products.
On February17 2016, Honda inaugurated the “World’s largest only scooter plant" at Vithalapur
Gujarat with annual capacity of 1.2 million units. The new plant will employ approximately
3000 people within first 2 years of commercial production.
Suzuki Motorcycle: Suzuki Motorcycle have installed our manufacturing plant in Gurgaon
(Haryana) having the annual capacity of 540,000 units. Total land area of the facility at
Gurgaon is 37 acres out of which the present plant is constructed in an area of 10 acres of land.
The remaining area is left for land development and future expansion.

14
TVS motors: The company has four manufacturing plants, three located in India (Hosur in
Tamil Nadu, Mysore in Karnataka and Nalagarh in Himachal Pradesh) and one in Indonesia at
Karawang.

15
1.9 Professional trade bodies of the industry
1. ACMA:
The Automotive Component Manufacturers Association of India (ACMA) is the apex
body representing the interest of the Indian Auto Component Industry. Its membership of
over 780 manufacturers contributes more than eighty five per cent of the auto component
industry's turnover in the organised sector. ACMA is an ISO 9001:2008 Certified
Association.
ACMA's charter is to develop a globally competitive Indian Auto Component Industry
and strengthen its role in national economic development as also promote business through
international alliances. The Auto Component industry in India, with a strong positive
multiplier effect, is one of key drivers of India's economic growth. The well-developed
Indian auto component industry manufactures a wide variety of products including engine
parts, drive transmission and steering parts, body and chassis, suspension and braking parts,
equipment and electrical parts, besides others.
In FY 2015-16, the Indian auto-component industry registered a turnover of
2,55,635crore (USD 39 billion) growing by 8.8 per cent, surpassing the Automotive
Mission Plan 2006-16 target. The CAGR of the industry stood at 6 per cent over a period
of six years.
For exchange of information and especially for co-operation in trade matters, ACMA has
signed Memoranda of Understanding with its counterparts in Argentina, Brazil, Canada,
Egypt, France, Germany, Hungary, Iran, Italy, Japan, Kazakhstan, Malaysia, Mexico,
Nigeria, Pakistan, Russia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Taiwan,
Thailand, Tunisia, Turkey, UK, USA and Uzbekistan.
2. SIAM :
IT is an important channel of communication for the Automobile Industry with the
Government, National and International organisations. The Society works closely with all
the concerned stake holders and actively participates in formulation of rules, regulations
and policies related to the Automobile Industry.

16
With its regular and continuous interaction with international bodies and organizations
it aims to facilitate up gradation of technical capabilities of the Indian Industry to match the
best practice worldwide.
SIAM also interacts with worldwide experts to assess the global trends and
developments shaping the Automotive Industry. It has been actively pursuing issues like
Frontier Technologies viz. Telematics: Promotion of Alternative Fuels including Hydrogen
Energy for automotive use through cell vehicles and Harmonisation of Safety and Emission
Standards etc.
Dissemination of information is an integral part of SIAM'S activities, which it does
through various publications, reports, seminars and conferences.
SIAM provides a window to the Indian Automobile industry and aims to enhance
exchanges and communication expand economics, trade and technical cooperation between
the Automotive Industry and its international counterparts.
3. FADA:
The Federation of Automobile Dealers Associations (FADA) is an apex national body
representing Automobile Dealers of India. It was founded in 1964 by four regional Auto
Trade Associations to protect and promote the Indian retail automobile market. It is now a
registered body under the Companies Act 1956.
The four founder members of FADA are:
 The Automobile Dealers Association of Maharashtra, Mumbai
 The Motor Industries Association, Kolkata.
 The Automobile Traders Association, Delhi.
 Motor Vehicles & Allied Industries Association, Chennai.
FADA has as its members - dealers of passenger cars, commercial vehicles and two/three
wheelers. These members deal in sales, servicing of vehicles and sale of spare parts as well.
They also arrange finance and trade-ins. In some cases they also sell used cars.
Other than automobile dealers, FADA has representatives of vehicle manufacturers, tyre
manufacturers, insurance and finance sectors and other allied industries and trade, as
supporting members.

17
Unit: 2
Promoters and Management Ethos

18
2.1 Background Promoters of players in industry:
Yamaha
Yamaha Motor made its initial foray into India in 1985 as a joint-venture. In August 2001, it
became a 100% subsidiary of Yamaha Motor Co., Ltd, Japan (YMC). In 2008, Mitsui & Co.
Ltd. entered into an agreement with YMC to become a joint-investor in India Yamaha Motor
Private Limited (IYM).
IYM is highly customer-driven and has a country-wide network of over 2,200 customer touch-
points including 500 dealers. Presently, its product portfolio includes Sports models such as
YZF-R15 version 2.0 (149 cc), YZF-R15S (149 cc); Blue-Core Technology enabled models
such as FZ-S FI (Fuel-Injected, 149 cc), FZ FI (Fuel-Injected, 149 cc), Fazer FI (Fuel-Injected,
149 cc), SZ-RR version 2.0 (149 cc), Saluto (125 cc), Saluto RX (110 cc), Fascino (113 cc),
Cygnus Alpha (113 cc), Cygnus Ray Z (113 cc), Cygnus Ray ZR (113 cc) as well as imported
models comprising of MT-09 (847cc), VMAX (1,679 cc), YZF-R1M (998 cc) and YZF-R1
(998 cc).
The other Yamaha Motor Group Companies in India include:
 Yamaha Motor India Pvt. Ltd. (YMI)
 Yamaha Motor India Sales Pvt. Ltd. (YMIS)
 Yamaha Motor Research & Development India Pvt. Ltd. (YMRI)
Suzuki Motorcycle India, Private Limited (SMI) is the wholly owned Indian subsidiary of
Suzuki, Japan. It was the third Suzuki automotive venture in India, after TVS Suzuki (1982-
2001) and Maruti Suzuki (1982).In 1982 the joint-venture between Suzuki Motor Corporation
and TVS Motor Company incorporated and started production of two wheeler in India. In 2001,
after separating ways with TVS motor company, the company was re-entered as Suzuki
Motorcycle India , Private Limited (SMI) in 2006 ,The company has set up a manufacturing
facility at Gurgaon, Haryana having the annual capacity of 5,40,000 units.
Hero MotoCorp
Hero Motocorp Ltd., formerly Hero Honda, is an Indian motorcycle and scooter manufacturer
based in New Delhi, India. The company is the largest two-wheeler manufacturer in the

19
world, and also in India, where it has a market share of about 46% in the two-wheeler category.
The 2006 Forbes list of the 200 World's Most Respected Companies has Hero Honda Motors
ranked at #108. On 31 March 2013, the market capitalisation of the company was 30,800 crore
(US$4.7 billion).
Hero Honda started its operations in 1984 as a joint venture between Hero Cycles (sometimes
called Hero Group, not to be confused with the Hero Group food company of Switzerland) of
India and Honda of Japan. In 2010, when Honda decided to move out of the joint venture, Hero
Group bought the shares held by Honda. Subsequently, in August 2011.In
June 2012, Hero MotoCorp approved a proposal to merge the investment arm of its parent Hero
Investment Pvt. Ltd. with the automaker. This decision came 18 months after its split from
Hero Honda.
"Hero" is the brand name used by the Munjal brothers for their flagship company, Hero Cycles
Ltd. A joint venture between the Hero Group and Honda Motor Company was established in
1984 as the Hero Honda Motors Limited at Dharuhera, India. Munjal family and Honda group
both owned 26% stake in the Company.
During the 1980s, the company introduced motorcycles that were popular in India for their fuel
economy and low cost. A popular advertising campaign based on the slogan 'Fill it – Shut it –
Forget it' that emphasised the motorcycle's fuel efficiency helped the company grow at a
double-digit pace since inception. In 2001, the company became the largest two-wheeler
manufacturing company in India and globally. It maintains global industry leadership to
date. The technology in the bikes of Hero Motocorp (earlier Hero Honda) for almost 26 years
(1984–2010) has come from the Japanese counterpart Honda.
Honda Motorcycle (HMSI)
Honda is the world’s largest manufacturer of two Wheelers , Recognized the world over as the
symbol of Honda two wheelers , the ‘Wings’ arrived in India as Honda Motorcycle and Scooter
India Pvt. Ltd. (HMSI ), a 100% subsidiary of Honda Motor Company Ltd., Japan ,in 1999.
Since its establishment in 1999 at Manesar, District Gurgaon, Haryana, Honda has lived up to
its reputation of offering the highest quality at the most reasonable price. Despite being one of
the youngest players in the Indian two-wheelers market, Honda has become the largest two
wheeler manufacturer as well as the second largest two-wheelers company in India.
Honda is also the fastest growing company in country today. With a host of facilities under its
wings, the first factory of HMSI is spread over 52 acres including a covered area of about

20
100,000 sq. meters in Manesar, District Gurgaon, and Haryana with an annual capacity of 1.65
million units. To meet the ever increasing demands of the products, Honda has started
operations of its second plant in Tapukara, District Alwar, and Rajasthan. Expanding to full
operations , Honda production capacity has jumped 30% year on year to 2.8 million per annum
in FY 12- 13.
Honda’s third plant at Narsapura Industrial Area near Bengaluru, Karnataka is equipped to
manufacture 1.2 million units. Utilizing production technologies refined at Manesar &
Tapukara plants as starting point, the 3rd plant is employed with state-of-the-art manufacturing,
automation and environment friendly technologies to deliver quality products.
On February17 2016, Honda inaugurated the “World’s largest only scooter plant" at Vithalapur
Gujarat with annual capacity of 1.2 million units. The new plant will employ approximately
3000 people within first 2 years of commercial production.
TVS motors
TVS Motor Company is the third largest two-wheeler manufacturer in India, with a revenue of
13,363.43 Cr INR (2016-17). The company has an annual production capacity of 3.2 million 2
wheelers & 1.2 Lakh 3 wheelers. TVS Group spans across industries like Automobile,Aviation,
Education, Electronics, Energy, Finance, Housing, Insurance, Investment, Logistics,Service
and Textiles. Has over 90 Companies under the umbrella.
TVS Motor Company Ltd (TVS Motor), a member of the TVS Group (Revenue around INR.
40,000 Cr in 2015-16), is the largest company of the group in terms of size and turnover.
A Vehicle for Everyone
TVS Motor currently manufactures a wide range of two-wheelers. Take your pick from mopeds
to racing inspired motorcycles.
Motorcycles: (Apache Series, Victor, StaR City+, Sport, Max4R)
Scooters : (Ntorq, Jupiter, Wego, Scooty Zest 110, Scooty Pep +)
Mopeds : (XL 100, XL 100 Comfort and XL 100 Heavy Duty)

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2.2 Management ethos and philosophy.
Yamaha ethos and philosophy
The Yamaha Philosophy expresses the philosophical framework of the Yamaha Group
and consists of five elements: the Corporate Slogan, Corporate Philosophy, Customer
Experience, Yamaha Way (mindset and manners), and Yamaha Quality (criteria for
quality).Three of these, the Corporate slogan, Corporate Philosophy and Customer Experience,
describe the Yamaha Group’s reasons for existence, and represent the fundamental principles
that form the foundation of the Yamaha Group. In order for Yamaha to achieve this ideal, the
Yamaha Way and Yamaha Quality must be adopted and practiced by all employees, and drawn
from for daily inspiration and guidance.
Yamaha Core Competencies
Customer #1
We put customers first in everything we do. We take decisions keeping the customer in
mind.
Challenging Spirit
We strive for excellence in everything we do and in the quality of goods & services we
provide. We work hard to achieve what we commit & achieve results faster than our
competitors and we never give up.
Team-work
We work cohesively with our colleagues as a multi-cultural team built on trust, respect,
understanding & mutual co-operation. Everyone's contribution is equally important for
our success.
Frank & Fair Organization
We are honest, sincere, open minded, fair & transparent in our dealings. We actively
listen to others and participate in healthy & frank discussions to achieve the
organization's goals.

22
Suzuki Motorcycle India ethos and philosophy
Suzuki was one of the first Japanese ‘big four’ motorcycle companies (Honda, Kawasaki,
Suzuki and Yamaha) to bring its high-end bikes onto Indian shores back in 2008, following a
change in regulations the year before.
“For Suzuki, the market in India is very important, not only in automobiles but for motorcycles
too because it provides endless opportunities for future growth,” says Satoshi. “The market is
young but it is growing quickly, and with so many customers we need to lay a strong foundation
to build on. This means making local connections and establishing a strong motorcycle
culture.”
SMIPL now produces two-wheelers best suited for Indian customers out of its manufacturing
plant in Gurgaon, which has an annual capacity of 540,000 units. Satoshi explains that he’s
fully committed to creating products that meet customer demand by using Suzuki’s dynamic
technological advantage and excellent human resources.
In April 2017, SMIPL reached a milestone in producing three million two-wheelers at its
Gurgaon factory, and Satoshi is confident about further reinforcing SMIPL’s position in the
market.
Hero MotoCorp ethos and philosophy
The Hero Group philosophy is: "To provide excellent transportation to the common man at
easily affordable prices and to provide total satisfaction in all its spheres of activity." Thus
apart from being customer-centric, the Hero Group also provides its employees with a fine
quality of life and its business associates with a total sense of belonging.
"Engineering Satisfaction" is the prime motive of the Hero Group and it has become a way of
life and a part of the work culture of the Group. This is what drives the Group to seek newer
vistas, adopt faster technology and create quality driven products to the utmost satisfaction of
customers, partners, dealers and vendors.
Honda ethos and philosophy
The Honda Philosophy, bequeathed to the Company by its founders Soichiro Honda and Takeo
Fujisawa, is composed of Fundamental Beliefs (Respect for the Individual and The Three Joys),
the Company Principle and Management Policies. The Philosophy forms the values shared by

23
all Honda Group companies and all of their associates and is the basis for Honda's corporate
activities.
Moving beyond words alone, Honda incorporates the Philosophy into educational programs
for its associates and gives it life by turning it into action, from everyday business activities to
management decision-making, so that every person in the Company can responsibly continue
putting the Philosophy into practice.
Additionally, Honda engages in corporate activities under the concept of "Free and Open,
Challenge, Co-evolution" - that is, the concept of bringing into play Honda's corporate culture
of "taking up the challenge without fear of failure, free from the prejudice of preconceived
ideas, and with a foundation of teamwork based on trust."
Society's expectations toward Honda continue to evolve with the times. As a responsible global
company, Honda will undertake the resolution of problems while listening to the voices of its
diverse stakeholders so as to meet their expectations and earn their trust.
Respect for the Individual
Initiative
Initiative means not to be bound by preconceived ideas, but think creatively and act on
your own initiative and judgment, while understanding that you must take responsibility
for the results of those actions.
Equality
Equality means to recognize and respect individual differences in one another and treat
each other fairly. Our company is committed to this principle and to creating equal
opportunities for each individual. An individual’s race, sex, age, religion, national origin,
educational background, social or economic status have no bearing on the individual’s
opportunities.
Trust
The relationship among associates at Honda should be based on mutual trust. Trust is
created by recognizing each other as individuals, helping out where others are deficient,
accepting help where we are deficient, sharing our knowledge, and making a sincere effort
to fulfill our responsibilities.
The Three Joys
The joy of buying
The joy of buying is achieved through providing products and services that exceed the
needs and expectations of each customer.
The joy of selling

24
The joy of selling occurs when those who are engaged in selling and servicing Honda
products develop relationships with a customer based on mutual trust. Through this
relationship, Honda associates, dealers and distributors experience pride and joy in
satisfying the customer and in representing Honda to the customer.
The joy of creating
The joy of creating occurs when Honda associates and suppliers involved in the design,
development, engineering and manufacturing of Honda products recognize a sense of joy
in our customers and dealers. The joy of creating occurs when quality products exceed
expectations and we experience pride in a job well done.
TVS ethos and philosophy
We are committed to being a highly profitable, socially responsible, and leading manufacturer
of high value for money, environmentally friendly, lifetime personal transportation products
under the TVS brand, for customers predominantly in Asian markets and to provide fulfilment
and prosperity for employees, dealers, and suppliers.
Vision Statement
Driven by the customer: TVS Motor will be responsive to customer requirements consonant
with its core competence and profitability. TVS Motor will provide total customer satisfaction
by giving the customer the right product, at the right price, at the right time.
The Industry Leader
TVS Motor will be one among the top two two-wheeler manufacturers in India and one among
the top five two-wheeler manufacturers in Asia.
Global overview: TVS Motor will have profitable operations overseas especially in Asian
markets, capitalizing on the expertise developed in the areas of manufacturing, technology and
marketing. The thrust will be to achieve a significant share for international business in the
total turnover.
At the cutting edge: TVS Motor will hone and sustain its cutting edge of technologyby constant
benchmarking against international leaders.
Committed to Total Quality: TVS Motor is committed to achieving a self-reviewing
organization in perpetuity by adopting TQM as a way of life. TVS Motor believes in the

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importance of the process. People and projects will be evaluated both by their end results and
the process adopted.
The Human Factor: TVS Motor believes that people make an organization and that its well-
being is dependent on the commitment and growth of its people. There will be a sustained effort
through systematic training and planning career growth to develop employees' talents and
enhance job satisfaction. TVS Motor will create an enabling ambience where the maximum
self-actualisation of every employee is achieved. TVS Motor will support and encourage the
process of self-renewal in all its employees and nurture their sense of self-worth.
Responsible Corporate Citizen: TVS Motor firmly believes in the integration of Safety, Health
and Environmental aspects with all business activities and ensures the protection of employees
and environment including development of surrounding communities. TVS Motor strives for
long-term relationships of mutual trust and interdependence with its customers, employees,
dealers, and suppliers.

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2.3 Brief profiles of CEO
India Yamaha Motors
Mr. Hiroyuki Yanagi has been Chairman of Yamaha Motor Co. Ltd. since January 2018. Mr.
Yanagi served as Chief Executive Officer of Yamaha Motor Co. Ltd. since March 2010 until
January 2018 and served as its president and Chief General Manager of Motorcycle Business
Operations since January 2012 until January 2015. Mr. Yanagi joined Yamaha Motor Co., Ltd.
in 1978 and served as its Executive Officer since 2007 and Senior Executive Officer since
2009. Mr. Yanagi served as Executive General Manager of Manufacturing center and Senior
Executive Officer of Yamaha Motor Co. Ltd. since March 2009 until March 2010. He served
as Senior General Manager of Motorcycle Business Section - Motorcycle Business Operations
at Yamaha Motor Co. Ltd. Mr. Yanagi served as Executive Officer of SyS Operations of
Motorcycle of Yamaha Motor Co. Ltd. Mr. Yanagi has been an Outside Director of Yamaha
Corporation since 2011. He has been Representative Director of Yamaha Motor Co., Ltd. since
2010.
Mr. Takashi Terabayashi served as the Managing Director of India Yamaha Motor Pvt. Ltd.
and served as its Deputy Managing Director until August 2014.
Mr Satoshi Uchida (Managing Director): Satoshi joined Suzuki
Motor Company in 1983, directly after graduating from a degree in
law and politics at the University of Kyoto in Japan, and his first
international assignment was in 1988 when he worked as the general
manager of the motorcycle sales department in Spain. After six years
he transferred to the domestic automobile unit, and then, in 1998,
relocated to France to take on a new challenge as the vice president of the Suzuki subsidiary
there. In 2003 Satoshi returned to the Japanese head office to manage the motorcycle export
operations, and was then put in charge of Suzuki Philippines, where he was able to make a
substantial improvement in production. “In 2009 I succeeded in achieving a 50-per-cent growth
in terms of sales when compared to the previous year,” he says proudly.

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Hero MotoCorp
Pawan Munjal (Pawan Kant Munjal) is an Indian belonging to
the promoter family of Hero group. Pawan is the third child of
(father) Brijmohan Lall Munjal and (Mother) Santosh Munjal.
He is 61 years old and currently serves as the Chairman,
Managing Director & CEO of Hero Motocorp. India Today
magazine ranked him #49th in India's 50 most powerful
people of 2017 list. Mr. Munjal is the Chairman, Managing Director & CEO of the Company.
He is responsible for growth and strategic planning for the entire Group. A graduate in
Mechanical Engineering, Mr. Munjal has been instrumental in bringing about technological
and managerial excellence in the Company's operations. He has been the Chairman of several
Committees of CII.
He is also on the board of Indian School of Business. An avid golfer, Mr. Munjal is Past
Chairman of the Asian PGA Tour Board of Directors and the Past President of Professional
Golfers Association of India (PGAI). Under his guidance, Hero MotoCorp launched the Hero
Indian Sports Academy (HISA) in collaboration with Laureus Foundation to provide equal
opportunities in sports to various communities and to reward talent in the country.
Mr Minoru Kato will assume charge as the new President & CEO
of Honda Motorcycle & Scooter India Pvt. Ltd. from 1st April
2017, replacing Mr. Keita Muramatsu.
Born in 1965, Mr Minoru Kato started his career in Honda Japan
from 1988 in production control division of automobile
operations at Saitama plant. From 1994 to 1998, he moved to
motorcycle operations at Japan headquarter where he was
involved in planning and subsequently domestic sales.
In 2001, Minaru Kato held the position of Manager at Honda Thailand. Four years later, he
gained more experience of Asia Oceania region by taking over the same responsibility in Honda
Indonesia. In 2007, he returned to Japan in business planning division of motorcycle operations.
Later in October 2011, he shifted base to U.K as the CEO of Honda Motor Europe Co., Ltd.

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And most recently, Mr Minoru Kato held position as the CEO of Honda Vietnam Co., Ltd.
from April 1st, 2014.
In his 29 years of rich experience within Honda, Mr Kato brings with him domain expertise
from production control to motorcycle planning, sales across Europe and Japan, and South East
Asia.
TVS
Venu Srinivasan - Chairman and Managing
Director, TVS Motor Company, India; Former
President of Confederation of Indian Industry (CII)
Persona:
Hard work, persistence and self-belief make the man
Venu Srinivasan. With the success of TVS, he has shown the nation how an Indian company
can grow to be a company of global quality and recognition and manufacture products that can
match or even exceed the best in the world by adopting the right work ethos and successful
work culture.
Despite being the grandson of the TVS founder T.V.Sundaram Iyengar, Venu Srinivasan began
his career as a mechanic in his own garage during vacations and put in long, gruelling hours of
preparation for his task ahead. In 1979 Venu Srinivasan an engineer and an MBA from Purdue
University (USA) took over as the CEO of Sundaram-Clayton. The same year TVS Motor
Company was born, and under Venu Srinivasan's persistent and diligent work grew to be the
third largest two-wheeler manufacturing unit in India.
A perfectionist and a visionary, Venu Srinivasan pioneered the TQM (Total Quality
Management) concept based on the Japanese model, long before most enterprises in India did.
His obsession with excellence and quality bore rich dividends with Sundaram Clayton and TVS
Motor Company winning the global quality benchmark - the Deming Application Prize in 2002.
Soon more awards and honors followed.

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2.4 CSR Activity
India Yamaha Motors
Corporate Social Responsibility (CSR) is strongly connected with the principles of
sustainability; an organization should take decisions based not only on financial factors, but
also on the social and environmental consequences. Therefore, it is the core corporate
responsibility of India Yamaha Motor Private Limited (hereinafter referred to as "the
Company") to practice its corporate values through its commitment to grow in a socially and
environmentally responsible way, while meeting the interests of its stakeholders.
The Company is vigilant in its enforcement towards corporate principles and is committed
towards sustainable development and inclusive growth. The Company constantly strives to
ensure strong corporate culture which emphasizes on integrating CSR values with business
objectives. It also pursues initiative related to quality management, environment preservation
and social awareness. Arising from this the focus areas that have emerged are Education, Health
Care, Sustainable Livelihood, Infrastructure Development, and Espousing Social Causes.
To attain its CSR objectives in a professional and integrated manner, followings are the
activities which shall be carried out by the Company, in accordance with the provisions of
Section 135 of the Companies Act, 2013 (hereinafter referred to as "the Act"), Schedule VII of
the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014 (hereinafter
referred to as "the Rules"):
 Eradicating hunger, poverty and malnutrition, promoting preventive health care and
sanitation and making available safe drinking water;
 Promoting education, including special education and employment enhancing
vocational skills especially among children, women, elderly and the differently abled
and livelihood enhancement projects;
 Promoting gender equality, empowering women, setting up homes and hostels for
women and orphans; setting up old age homes, day care centers and such other facility
for senior citizens and measures for reducing inequalities faced by socially and
economically backward groups;

30
 Ensuring environmental sustainability ecological balance, protection of flora and fauna,
animal welfare, agroforestry, conservation natural resources and maintaining quality of
soil, air and water;
 Protection of national heritage, art and culture including restoration of buildings and
sites of historical importance and works of art, setting up public libraries; promotions
and development of traditional arts and handicrafts; sports and Olympics sports;
 Measures for the benefit of armed forces veterans, war widows and their dependents;
 Training to promote rural sports, nationally recognized sports, Paralympics sports and
Olympics Sports;
 Contribution to the Prime Minister's National Relief Fund or any other fund set up by
the Central Government for socio-economic development and relief and welfare of the
scheduled castes, the schedules tribes, other backward classes, minorities and women;
 Contribution to funds provided to technology incubators located within academic
institutions which are approved by the Central Government;
 Rural development projects;
 Any other project, welfare activity in line with the aims and objectives specified above
and within the ambit of the provisions of Section 135 of the Act read with the Rules,
and duly approved by the Board of Directors of the Company;
As a part of CSR strategy, in line with the aims and objectives specified above, the scope of
CSR activities would cover the following areas:
 Education;
 Health;
 Drinking Water/ Sanitation;
 Environment;
 Community Development and Social Empowerment;
 Generation of employment opportunities and livelihood;
 Any other activity as may be identified by Board of Directors.
The Company focuses primarily on the following projects:

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 Community Development: The Company is committed to improving the wellbeing of the
local community by implementing social projects in the areas around its operations.
 Education: The Company will upgrade infrastructure and focus on academic
performance of Government Schools. The Company will also promote co-curricular,
cultural and local and nationally recognized sports activities amongst the school
children and youth of the local communities.
 Vocational skills for youth and women: The Company will impart vocational skills
to the youth and women in the community to enhance their employability.
 Sanitation: The Company will improve the overall living condition of the communities
by upgrading solid and liquid waste management practices. The Company will also
undertake mass awareness campaigns in the community.
 Environment Sustainability: The Company will work towards environmental
sustainability through water conservation and forestation in the local communities.
 Rural Development Projects: The Company will undertake rural development
projects based on the community needs such as development of common community
infrastructure, upgradation of health centres, safety on roads etc.
 Skill Development:
 Up gradation of Government Vocational and Technical Training Institutes: The
Company will improve quality of training by upgrading infrastructure, overall
development of students and staff, providing industry exposure to students and staff
and offering industry oriented add-on courses in the Government Industrial Training
Institutes (ITIs) to make students industry ready. The Company will also upgrade ITI
Teacher’s Training Institute and the Government Polytechnics.
 Skill Enhancement in Automobile Trade:The Company will enhance skills of youth
studying automobile trade at Industrial Training Institutes and Polytechnic (government
and private) to enhance their employment opportunities in automobile sector. The
project will include upgradation of training facilities, training the trainers, providing
study material and practical training.
 Humanitarian Relief: The Company will support relief efforts during natural
calamities in India directly or by contributing to the Prime Minister’s National Relief
Fund.
 CSR Capability building of Personnel: The Company will build capability of own
personnel as well as of implementing agencies by way of training, participation in

32
conferences and through experience sharing programmes. Expenditure on capability
building will be well within the limit prescribed in the CSR Rules.
Hero MotoCorp
At Hero MotoCorp, the principles of CSR are integral to the way we conduct our business. We
believe in 'Manufacturing Happiness' through our various factories, where man, machine and
nature work together in harmony to minimize environmental impact and develop a healthy
ecosystem. Our efforts focus on activities that enhance environmental capital, support rural
development and education, facilitate healthcare, create sustainable livelihoods and promote
sports and road safety awareness. We Care is our CSR Umbrella, under which we have four
flagship programmes – Happy Earth, Ride Safe India, Hamari Pari and Educate to Empower,
that are aimed at fulfilling the CSR vision to have a Greener, Safer and Equitable world.
CSR VISION
To have a Greener, Safer and Equitable World. Greener and Happy Earth Environment
Sustainability, Sanitation & Hygiene Programs aimed at creating a Greener and Cleaner World.
Aims at bringing change in our environment for, literally, making
our world a happy place to live in. Happy Earth is focused to
address environmental degradation, climate change or global
warming, which is the greatest threat we have ever faced.
Ride Safe
A Road Safety initiative that aims to make Indian Roads safer by
spreading awareness about traffic rules and regulations.
A 360 degree initiative on making Indian Roads safer to
drastically reduce fatalities. We are setting up Road Safety
Riding schools across India and plan to do campaigns on ground,
on air, on social media, and in schools to educate the masses &
empower them to make a tangible difference. This initiative is
supported by the Ministry of Road Transport & Highways,
Government of India.

33
Equitable: Supporting Girl Child and School Student Education
programs with high focus on Social and Community Development.
An effort to specifically empower the women of tomorrow – a concentrated
initiative targeted towards the girl child aged 6+ from the underprivileged
sections of the society to help and support them in their holistic development.
1. Title and applicability
 The document describes the Corporate Social Responsibility Policy (“CSR policy”) of
Honda Motorcycle and Scooter India Pvt. Ltd. (“HMSI” or “the company”). It includes
HMSI’s vision, mission and other relevant attributes of Corporate Social Responsibility.
 The CSR policy shall be guided by HMSI’s corporate philosophy of respect for the
individual and the society at large.
 The CSR policy has been formulated in accordance with Section 135 of the Companies Act
2013 and the CSR Rules 2014 and the relevant amendments / notifications / circulars.
 The CSR policy shall apply to all CSR programs of HMSI
2. Vision and Mission
HMSI is committed to build a sustainable business with strong social relevance and a
commitment to inclusive growth and contribute to the society by supporting causes on various
concerns including road safety, healthcare, environmental sustainability, promoting education,
promoting sports and other rural development activities.
In pursuance of our vision that HMSI desires to be a ‘Company which society wants to exist’,
we are dedicated towards fulfilling the social objectives through various CSR activities. The
Company shall make its endeavour to positively impact and influence the Society for its
sustainable development.
3. Purpose
The Companies Act, 2013 has brought greater emphasis on CSR with rules that provide
guidance on minimum CSR spend, focus areas, implementation mechanism and reporting to
the shareholders of the company.

34
HMSI CSR Policy has been designed keeping in view the company’s business vision, its CSR
vision and long-term social objectives that the company wants to achieve. HMSI CSR Policy
has been created with the purpose to outline its CSR focus areas, review mechanism, execution
process and reporting mechanism.
TVS motors
The policy lays down the guidelines and mechanism for undertaking socially useful programs
for welfare & sustainable development of the community at large along with the Company’s
philosophy for setting down its responsibility as a corporate citizen is titled as the ‘T V
SUNDRAM IYENGAR & SONS PRIVATE LIMITED (“The Company”) - CSR Policy’.
PREAMBLE
The concept of Corporate Social Responsibility has gained prominence from all avenues.
Organizations have realized that Government alone will not be able to get success in its
endeavour to uplift the under privileged part of the society. . It is the continuing commitment
by business to behave ethically and contribute to economic development of the society at large
and building capacity for sustainable livelihoods.
This policy shall apply to all CSR initiatives and activities taken up by the Company for the
benefit of different segments of the society, specifically the deprived and underprivileged. T V
Sundram Iyengar & Sons Private Limited has been carrying out corporate social responsibility
activities for decades and serving the community they operate in.
OBJECTIVE / GOALS This CSR policy aims the following objectives / goals:
 To make CSR a key business process for sustainable development for the Society
 To directly or indirectly take up programmes that benefit the communities in vicinity
wherever the Company operates and results, over a period of time, in enhancing the quality
of life & economic wellbeing of the local populace.
CSR POLICY The Company aims at spending a defined portion of its net profit for the
betterment of Indian society through:
 Providing financial and other assistance to students for basic and higher education who
belong to socially economical weaker sections.

35
 Supporting efforts for community health, providing healthcare and medical facilities in
slums and areas inhabited by weaker sections.
 Supporting efforts for providing drinking water and sanitation facilities at schools, colleges
etc.
 Taking proactive measures for the well-being of society, as per needs.
PLANNING & IMPLEMENTATION
Identification of Thrust Areas and Strategic Initiatives: For purposes of focusing Company’s
CSR efforts in a continued and effective manner, the following four Thrust Areas have been
identified:
 Healthcare and Medical facility
 Education and Literacy Enhancement
 Drinking water and Sanitation
 Contribution to the Prime Minister’s National Relief Fund
The Company will contribute for above thrust areas by itself or through specialized agencies
or trusts or societies etc.

36
Unit: 3
External Environment

37
3.1 Controlling Ministry and Regulatory Framework:
The body that is primarily responsible for setting emissions and efficiency standards is the
Ministry of Road Transport and Highways (MoRTH). Further detail regarding India’s
regulatory bodies can be found on the India Regulatory Background page. Other regulatory
agencies responsible for fuel and environmental regulations are below.
 Central Pollution Control Board (CPCB)
 Ministry of Petroleum and Natural Gas (MoPNG)
 Ministry of Environment and Forest (MoEF)
 Bureau of Indian Standards (BIS)
REGULATORY AGENCIES
The function and mission of individual agencies and regulatory bodies are as follows:
BUREAU OF INDIAN STANDARDS (BIS)
The Bureau of Indian Standards (BIS) was created by acts of Parliament on November 26 1986
and April 1 1987, which renamed while broadening the scope and power of the former Indian
Standards Institution (ISI). The BIS deals with the following activities:
 Formulation of standards of national interest and harmonization of national standards
with international standards
 Product certification
 Certification of imported products
 Hallmarking of jewelry
 Management System Certification (IS/ISO)
 Laboratory Services
 Awareness programs and training services
CENTRAL POLLUTION CONTROL BOARD (CPCB)
The Central Pollution Control Board (CPCB) was created in September 1974 under the Water
(Prevention and Control of Pollution) Act and strengthened by the Air (Prevention and Control
of Pollution) Act of 1981. Under the MoEF, the CPCB, in conjunction with the State Pollution
Control Boards (SPCB), aims to ensure the quality of water from streams and wells by
preventing and controlling water pollution and to improve the quality of air by preventing,
controlling, or abating air pollution. The CPCB spearheads the National Air Monitoring

38
Program (NAMP) which monitors and collects data on air quality in India and identifies sources
of pollution for the purpose of meeting air quality standards. Other functions of the CPCB
include:
 Advising the central government on issues relating to water and air pollution
 Issuing water and air quality standards in conjunction with SPCBs
 Collecting and publishing data relating to the abatement of air and water pollution
 Creating guidelines for the treatment and disposal of sewage and smoke stack effluents
 Organizing and coordinating the SPCBs and resolving disputes among them
MINISTRY OF ENVIRONMENT AND FOREST (MOEF)
The Ministry of Environment and Forest (MoEF) is primarily concerned with the health of
India’s natural resources such as lakes and rivers, biodiversity, forests, and wildlife. According
to their website, “the Ministry is guided by the principle of sustainable development and
enhancement of human well-being.” The Ministry also serves as India’s representative agency
for international environmental dialogue. Generally, the MoEF is entrusted with the following
objectives:
 The preservation of wildlife and forests
 The prevention and control of pollution
 Afforestation and habitat restoration
 Environmental protection and ensuring the welfare of animals
 Governing the Central Pollution Control Board (CPCB)
MINISTRY OF PETROLEUM AND NATURAL GAS (MOPNG)
According to their official website, the Ministry of Petroleum and Natural Gas (MoPNG) is
“entrusted with the responsibility of exploration and production of oil and natural gas, their
refining, distribution and marketing, import, export, and conservation of petroleum products
and Liquified Natural Gas.” The Ministry is concerned with the following areas of work:
 The exploration and use of petroleum and natural gas resources
 Production, supply, distribution, marketing, and pricing of petroleum and natural gas
resources including petroleum products
 Additives and blending of petroleum products
 Public sector projects falling within related topics
 Planning, development and control of, and assistance to all industries falling under the
Ministry

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MINISTRY OF ROAD TRANSPORTATION AND HIGHWAYS (MORTH)
The Ministry of Road Transport and Highways (MoRTH) is concerned with the creation and
administration of policies and research surrounding road transport and highways in India. It’s
purpose is to increase the efficiency of road transport in India. It is comprised of two wings,
with separate responsibilities:
 Roads Wing:
 The development and maintenance of national highways
 Providing technical and financial support to states for road development projects
 The development of standard specifications and the collection of information for India’s
roads and bridges
 Transport Wing:
 The taxation of motor vehicles
 Enforcement of mandatory insurance of motor vehicles
 The administration of government acts relating to road transport, such as the Motor
Vehicles Act of 1988
 The promotion of road safety

40
3.2 India’s Automotive Policy and Status of Regulations:
Auto Policy 2002
 Automatic approval for 100 per cent foreign equity investment in auto component
manufacturing facilities.
 Manufacturing & imports are exempt from licensing & approvals.
NATRiP
 Set up at a total cost of US$ 388.5 million to enable the industry to adopt & implement
global performance standards.
 Focus on providing low-cost manufacturing & product development solutions.
Dept. of Heavy Industries & Public Enterprises
 Created a US$ 200 million fund to modernise the auto components industry by
providing an interest subsidy on loans & investment in new plants & equipment.
 Provided export benefits to intermediate suppliers of auto components against the Duty
Free Replenishment Certificate (DFRC).
Automotive Mission Plan 2016-26 (AMP 2026)
 AMP 2026 targets a 4-fold growth in the automobiles sector in India which includes
the manufacturers of automobiles, auto components & tractor industry over the next 10
years.
 It is expected to generate an additional employment of 65 million.
FAME Scheme
 The scheme is aimed at incentivising all vehicle segments i.e. 2 Wheeler, 3 Wheeler
Auto, Passenger 4 Wheeler Vehicle, Light Commercial Vehicles and Buses. It covers
hybrid & electric technologies like Mild Hybrid, Strong Hybrid, and Plug in Hybrid &
Battery Electric Vehicles. The scheme has been extended to March 2018 from March
2017.
Union Budget 2018–19
 Budget 2018-19 imposed a surcharge of 10 per cent on aggregate duties of customs on
imports, replacing education and secondary and higher Education Cess, which is
expected to boost domestic manufacturing.
 Reduction of tax to 25 per cent for companies with turnover up to Rs 250 crore (US$
38.62 million) was also announced in Union Budget.

41
3.3 Key National and Global Issues:
 With the automotive supply chain straining to meet growing demand, manufacturers
must improve their capacity planning and management.
 Decreasing oil price causes increasing global demand which could affect demand
supply balance.
 Global competition reaches out to innovations leading combustion engines which could
cause pollution issue harming environment.
 Whilst different regions of the world are setting different regulations, at different times,
the overall message and targets are clear, and the automobile industry needs to
drastically curb the amount of emissions it produces.

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3.4 Key initiatives by the Government to promote the industry:
The Government of India’s Automotive Mission Plan (AMP) 2006–2016 has come a long way
in ensuring growth for the sector. Indian Automobile industry is expected to achieve a turnover
of $300 billion by the year 2026 and will grow at a rate of CAGR 15 per cent from its current
revenue of $74 billion.
Government has drafted Automotive Mission Plan (AMP) 2016-26 which will help the
automobile industry to grow and will benefit Indian economy in the following ways:-
 Contribution of auto industry in the country’s GDP will rise to 13 per cent, currently
which is less than 10 per cent
 More than 100 million jobs will be created in the economy
 Companies will invest around US $80 billion as a part of their capital expenditure.
 End of life Policy will be implemented for old vehicles
Some of the other government initiatives are listed below:
Electric cars in India are expected to get new green number plates and may also get free parking
for three years along with toll waivers.#
The Ministry of Heavy Industries, Government of India has shortlisted 11 cities in the country
for introduction of electric vehicles (EVs) in their public transport systems under the FAME
(Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles in India) scheme.
ENVIRONMENTAL ASPECTS:
A survey shows that environmental issues top the list of challenges facing the automotive
industry, outranking cost reduction for the first time in 14 years. The survey was conducted by
DuPont and the Society of the Automotive Industry. A total of 53 percent of the respondents
said that a basket of environmental factors such as fuel economy, CAFÉ, and emissions or clean
air regulations are the top challenges versus 32 percent who cited cost. The survey, released
April
"While cost reduction remains very important, the automotive industry's emphasis is on the
environment and the demands that it puts on innovation," said Chris Murphy, director --
Americas, for DuPont Automotive. "In the results, environmental considerations are driving
system and vehicle design and development and are a differentiator in the consumer
marketplace. Automotive designers and engineers are working with suppliers like DuPont to
address these issues and to design and develop cost-effective, fuel-efficient vehicles with
reduced environmental impact."

43
The annual survey was conducted by Consumer Insights, Inc. Key findings include:
• Fifty-four percent of respondents say that fuel-efficient vehicles with reduced environmental
impact are important to consumers. Forty-one percent say enhanced safety and 37 percent say
improved comfort and convenience are important to consumers.
• For the fifth consecutive year, alternatively powered vehicles are predicted to have the
greatest impact on the industry. Sixty percent selected alternatively powered vehicles in 2008,
while 15 percent selected safety features and 16 percent selected electrical/electronic advances.
• Fifty percent of respondents see diesel engine technology as a key focus to help achieve 2020
efficiency regulations (35-mpg in United States and sub-120g/km carbon dioxide in Europe),
while 46 percent say hybrid-electric powertrains, and 42 percent say extensive use of
lightweight materials.
• In 10 years, vehicles will run on bio-based diesel fuel (27 percent); petroleum-based diesel
(20 percent), and E85 (20 percent). Only 18 percent predict gasoline will dominate.
What is needed is a resource-efficient model for this sector, which would include:
 Design of automobiles integrating design for environment aspects,
 Adoption of clean and resource efficient technologies in manufacturing of automobiles,
 Extending the lifetime of a vehicle,
 Scientific and safe methods for recycling end of life vehicles,
 A regulatory environment conducive to promoting innovation for new mobility,
 Promoting clean fuel technology for motorized modes,
 Strengthening infrastructure and access for public transport, and
 Support energy efficient and green modes of transport.

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TVS Motor Company has reported a revenue growth of 18.2 per cent for the quarter ended
September 2017. Revenue excluding excise duty/GST grew to Rs 4,098 crore in the quarter
ended September 2017 from Rs 3,465.7 crore in the quarter ended September 2016. The
company’s Profit before Tax (PBT) registered a growth of 26.8 per cent to Rs 296.8 crorein the
second quarter of 2017-18 from Rs 234 crore in the second quarter of the previous financial
year. Profit after Tax (PAT) increased by 20.2 per cent to Rs 213.2 crore in the quarterunder
review from Rs 177.4 crore in the corresponding period last year. During the quarter ended
September 2017, the overall two-wheeler sales of the company including exports grew by 16.1
per cent to 9.23 lakh units in the quarter ended September 2017 from 7.95 lakh units in the
quarter ended September 2016. Motorcycles sales grew by 9.9 per cent to 3.65 lakh unitsin the
quarter ended September 2017 from 3.32 lakh units registered in the second quarter of 2016-
17. Scooter sales increased to 3.28 lakh units in the second quarter of 2017-18 from 2.29lakh
units in the second quarter of 2016-17 registering a growth of 43.2 per cent. The company
exported 1.48 lakh units of two and three wheelers in the quarter under review as against 1.12
lakh units in the second quarter of 2016-17, registering a growth of 32.1 per cent. Three
wheelers sales registered a growth of 23.8 per cent to 25,248 units in the quarter under review,
against 20,401 units in the second quarter of 2016-17.

46
Profit & Loss account of TVS Motor Company
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13
12 mths 12 mths 12 mths 12 mths 12 mths
Income
Sales Turnover 13,190.06 12,232.12 10,813.86 8,652.09 7,732.88
Excise Duty 1,054.75 988.25 715.64 690.24 667.88
Net Sales 12,135.31 11,243.87 10,098.22 7,961.85 7,065.00
Other Income 173.37 51.31 32.61 31.49 -67.00
Stock Adjustments 58.73 -70.53 92.07 -9.65 -32.70
Total Income 12,367.41 11,224.65 10,222.90 7,983.69 6,965.30
Expenditure
Raw Materials 8,969.29 8,005.63 7,448.53 5,709.42 5,113.28
Power & Fuel Cost 90.62 88.29 91.29 79.81 90.45
Employee Cost 745.64 664.23 585.42 476.11 407.13
Selling and Admin Expenses 288.81 317.71 0.00 0.00 0.00
Miscellaneous Expenses 1,242.61 1,346.74 1,460.75 1,208.76 1,012.41
Total Expenses 11,336.97 10,422.60 9,585.99 7,474.10 6,623.27

47
Hero MotoCorp
Revenue of the company for the FY17 is Rs. 31,368 crore
HERO MOTOCORP Balance sheet:
Standalone Balance Sheet ------------------- in Rs. Cr. -------------------
Sources Of Funds
Total Share Capital 39.94 39.94 39.94 39.94 39.94
Equity Share Capital 39.94 39.94 39.94 39.94 39.94
Reserves 10,071.35 7,904.81 6,501.39 5,559.93 4,966.30
Networth 10,111.29 7,944.75 6,541.33 5,599.87 5,006.24
Secured Loans 0.00 0.00 0.00 0.00 302.16
Total Debt 0.00 0.00 0.00 0.00 302.16
Total Liabilities 10,111.29 7,944.75 6,541.33 5,599.87 5,308.40
Application Of Funds
Gross Block 6,857.99 5,926.16 4,697.98 3,761.52 4,427.29
Less: Accum. Depreciation 2,462.40 2,089.42 1,785.29 1,518.27 1,356.31
Net Block 4,395.59 3,836.74 2,912.69 2,243.25 3,070.98
Capital Work in Progress 0.00 0.00 712.55 854.11 62.09
Investments 5,889.85 4,266.37 3,154.11 4,088.77 3,623.83
Inventories 656.31 672.98 815.49 669.55 636.76
Sundry Debtors 1,561.87 1,282.80 1,389.59 920.58 665.00
Cash and Bank Balance 15.40 131.36 159.25 117.50 181.04
Total Current Assets 2,233.58 2,087.14 2,364.33 1,707.63 1,482.80
Loans and Advances 1,710.19 1,545.04 1,378.02 1,203.54 1,401.95
Total CA, Loans & Advances 3,943.77 3,632.18 3,742.35 2,911.17 2,884.75
Current Liabilities 4,468.66 3,512.75 3,180.69 2,903.12 2,893.39
Provisions 114.31 883.19 799.68 1,594.31 1,439.86
Total CL & Provisions 4,582.97 4,395.94 3,980.37 4,497.43 4,333.25
Net Current Assets -639.20 -763.76 -238.02 -1,586.26 -1,448.50
Total Assets 9,646.24 7,339.35 6,541.33 5,599.87 5,308.40

48
Unit: 5
Recent Developments

49
5.1 Impact on Automobile Industry due to Fiscal Policies:
India’s 2016 Union Budget has resulted in some great and some not so great announcements
that affect the auto sector and more importantly, affect the end consumer in India. As always,
the Indian Government in power at the centre has announced 10,000 kilometres of new roads
both on the national highway and the state highway level and improvement and upgradation of
50,000 kilometres of roads that already exist. This policy both in terms of figures and direction
is identical to the announcement that the Finance Minister Arun Jaitley made last year too.
The extra roads, especially in rural and semi-urban areas though will have a positive effect on
motoring in those parts. The two wheeler, commercial and tractor segment for example will
definitely see a push in the right direction with more people getting access to motorable roads.
Sadly, as most are privy too, urban road networks in every major city around the country
continue to deteriorate and get more and more congested with every passing year and no
realistic announcement to improve the traffic and road quality situation in these cities has been
announced.
Of course, like with every year, cars are even more expensive than before. All cars will now
have an additional infrastructure tax that will be levied. Small petrol, CNG and LPG cars will
have an additional 1% of infra tax whereas smaller diesel cars under a smaller cubic capacity
will get a 2.5% infrastructure tax. Diesel and petrol cars with a higher cubic capacity will be
charged with a 4% infrastructure tax making them even more expensive than they are today.
On top of all of this, any car costing more than Rs 10 lakh in India will be charged with an
additional 1% tax. These additional taxes is because the government believes that all cars above
the Rs 10 lakh price point are luxurycars and thus are applicable for an even higher tax structure
than the rest.
As expected, most industry tycoons and business heads have spoken out publicly against this
move. Most have spoken about how these new taxes will not only reduce demand but will hurt
the auto industry in general even though the industry is one of the largest employers and capital
generators in the country.
On the positive side, the government is showing some inclination towards electric mobility
with a push to making Lithium Ion batteries cheaper to help out electric cars, bikes and other
forms of electric transport. However, this is still a far cry from what the current government
should have done to boost electric and hybrid cars.

50
To wrap it up, cars will be more expensive than they ever were before with even more taxation
levied on the car buying audiences to help fill government coffers. Two wheelers, commercial
vehicles and tractors will remain unchanged and unaffected in terms of this new pricing
structure and will have better rural, urban and suburban roads to ply on. All in all, as the markets
reacted by dropping down over 600 points, not a very positive budget from the current Indian
government.
The two wheeler segment is on a demand recovery path after encountering bumps in the past
five months due to post-demonetisation liquidity crisis; and inventory correction measures
undertaken by OEMs for the transition from BS III to BS IV norms.
According to rating agency ICRA report, the industry witnessed a de-growth in both the key
product segments – motorcycles and scooters during the last five months (Nov-Mar 2017) of
the fiscal, resulting in year-on-year (Y-o-Y) compression of 6.5%. In contrast the industry had
posted a strong double-digit Y-o-Y growth across all the product segments between April to
October 2016. On an annual basis this has led to the slowing down of growth in the domestic
two-wheeler industry to a relatively modest 6.9% during FY2017.
On the pick-up in demand and the changing demand outlook, Subrata Ray, Senior Vice
President and Group Head- Corporate sector ratings, ICRA says, “Among the various two-
wheeler product segments, both scooters and motorcycles were significantly impacted by the
demonetisation exercise, while mopeds continued to report growth on their low base. The new
fiscal has also started off on with a growth of 7.3% in April 2017, with the impact of
demonetisation wearing off and both major product segments gradually reporting an uptick in
their growth rates.”
While scooters maintained their double-digit growth during FY2017, it slowed down to 11.4%
by the end FY2017, as compared to 23.7% reported during the first 7M FY2017. However
scooters have posted a 25.3% Y-o-Y volume growth in April 2017. While the 90-125cc sub-
segment continues to account for the major proportion of domestic scooter volumes, supported
by the wider variety of product offerings, the lower and higher displacement categories have
also reported healthy growth.
As for motorcycle segment third and fourth quarter were weak when it showed a volume de-
growth of 6.5% and 4.2% respectively. Motorcycles have exhibited flat volumes during the
first month of FY2017. The entry sub-segment of motorcycles (75-110 cc) has grown the
slowest, majorly impacted due to the relatively high rural dependence for sales. Comparatively

51
the 110-125 cc sub-segments and the premium segment have reported encouraging volumes
and have also grown during Mar-Apr 2017.
As the demonetisation impact wanes off and overall demand recovers, ICRA expects domestic
two wheeler volumes to grow by 8-10% during FY2018. Expectations of improved farm
sentiments will follow two seasons of good crop, forecasts of normal south west monsoons and
benefits from rural employment guarantee schemes are likely to trickle in. Besides pent up
demand consequent to the deferment of purchases during Q3 and Q4 FY2017 augur well for
demand revival on the rural front. On the other hand, urban sentiments are expected to draw
support from staggered pay revision for state Government employees and pensioners as well
as muted CPI inflation.

52
5.2 Global Market for Import and Export:
The Indian two-wheeler industry exported over 23.39 lakh units between April 2016 – March
2017, registering a decline by 5.78 percent over FY 2015-16. Major export markets like Africa
and Latin America continued to stagger under high inflation and currency devaluation.
Indian arm of Japanese two-wheeler manufacturer Honda Two-Wheelers (HMSI) continued to
register a positive momentum as the company’s exports witnessed 41.72 percent year-on-year
increase. The company exported a total of over 2.83 lakh units during last financial year as
against 2 lakh units in FY 2015-16. HMSI also remains India’s top scooter exporter from the
country and about 36 percent of company’s overall exports are scooters. HMSI surpassed
Hero’s export numbers by over 1.30 lakh units to become the third largest two-wheeler exporter
from India. Hero MotoCorp exported 180,391 units last financial year.
Evaluating export market share, the largest two-wheeler exporter Bajaj Auto has seen a decline
in market share from about 63 percent in 2010-11 to 52 percent in FY 2016-17.
Hero Motocorp exports have declined 8 percent from previous 9 percent during FY 2010-11.
HMSI has raised its export activities after parting ways from Hero in 2010 and since then its
exports market share has gone up from 7 percent to current 12 percent. TVS has also gained its
export market share to 16 percent in last five years.
Suzuki Motorcycles have gained over 3 percent of export market share and it has exported
72,116 units last financial year.
In 2013, since the launch of Continental GT, Royal Enfield seems to have become more of a
focused exporter. The company believes that there are many markets with decent demand of a
mid-sized motorcycle and have started venturing into them. The Chennai based motorcycle
manufacturer exported 15,383 units. Royal Enfield exports to over 50 countries with top
markets being Colombia, Indonesia and Thailand.
Yamaha Motor India has exported over 1.71 lakh units in FY 2016-17, registering a growth of
11.09 percent. Harley Davidson India exported 5,561 units and Italian two-wheeler maker
Piaggio Vehicles about 5,305 units from its plant in Pune.

53
Overall, about 12 percent of the total two-wheelers manufactured in India were exported to
international markets, the year also saw highest ever exports of scooters at above 2.93 lakh
units.
Top Ten Two-Wheeler Exporters in FY 2016-17
Rank Company FY 2016-17 FY 2015-16 YoY Growth
1 Bajaj Auto 1,218,541 1,459,295 -16.50%
2 TVS Motor Company 364,112 358,515 1.56%
3 Honda Motorcycles & Scooters India 283,163 200,145 41.72%
4 Hero MotorCorp 180,391 210,239 -14.20%
5 India Yamaha Motor 171,622 154,485 11.09%
6 Suzuki Motorcycles India 72,116 65,001 10.95%
7 Mahindra two wheelers 23,079 18,043 27.90%
8 Royal Enfield 15,383 9,363 31.60%
9 Harley Davidson India 5,561 5,241 6%
10 Piaggio Vehicles 5,305 866 512%

54
5.3 Mergers and Acquisitions:
TVS Motor joins hands with BMW for new series of motorcycles
India’s fourth largest two-wheeler maker TVS Motor Company Ltd has joined hands with
BMW Motorrad to develop and manufacture a new series of motorcycles that will cater to the
sub-500cc segment. The bulk of India’s motorcycle market falls in that category where Hero
MotoCorp, Bajaj Auto and Honda Motorcycle & Scooter India, followed by TVS, happen to
be the key players. Motorcycles with high-powered engines happen to be the space where
global firms dominate but it covers only a small portion of the local market. As per the
agreement, both companies will offer their own vehicle derivatives, which will be sold through
their own distribution channels in India and across the globe.
“With BMW Motorrad, we see an ideal long-term strategic partner who shares our core values
– focus on quality, engineering prowess, innovation and customer satisfaction. We intend to
leverage each other’s strengths to deliver a new series of products, offering cutting-edge
technology for our customers,” said Venu Srinivasan, chairman of TVS Motor.
“In view of changing motorcycle markets, demographic developments and increasing
environmental demands, we are expanding our product range so as to tap into fresh growth
potential. This means in future, we will be able to offer vehicles in smaller capacity classes in
addition to the BMW Motorrad core segments,” said Stephan Schaller, president of BMW
Motorrad.
Mahindra two wheelers ltd. merge with Peugeot motocycles:
Mahindra Two Wheelers Ltd. (MTWL) has completed the necessary formalities for the
acquisition of 51 per cent stake in Peugeot Motocycles (PMTC), France. MTWL has infused
Euro 15 million into PMTC to finance projects implemented through the partnership and has
also bought shares held by PSA allowing it to take the 51 per cent stake, a press release said.
PMTC (a.k.a. Peugeot Scooters), a player in urban mobility in Europe for 116 years, is the
oldest motorized two-wheeler manufacturer in the world. Its range covers scooters and mopeds
from 50-400 cc, including the Metropolis - the three wheeled scooter in the European market.
Triumph Motorcycles & Bajaj Auto tie up:
The new range of Triumph-Bajaj small capacity motorcycles will target Royal Enfield, KTMS,
Husqvarnas and other motorcycles in the 250 cc-700 cc segments. The standalone Triumph
brand will focus on the 700 cc+ segment, but will assemble most of its motorcycles in India
rather than importing it. The Triumph-Bajaj partnership is aiming to sell 100,000 motorcycles
in the 250 cc-700 cc segment, which means that it’s planning to give Royal Enfield a tough
fight. Bajaj Auto is encircling Royal Enfield through multiple brands. It has the Bajaj Dominar
on the lower end and the KTM Duke and RC range on the higher end.
Bajaj will soon introduce the Husqvarna brand in India, which will serve as a sporty, retro-
modern brand. The Triumph-Bajaj range of motorcycles, coming in 2020, will push Bajaj’s
plans to challenge Royal Enfield further ahead. Retro-motorcycles are getting more popular
than ever in India.

55
5.4 Technological development:
ShiftFX Electronic Shift Transmission
With the sudden surge in interest towards cars with automatic transmission, it is only a matter
of time before motorcycle manufacturers start to offer similar transmissions in their products.
In fact, companies like Yamaha and Honda already offer bikes with semi or fully automatic
transmission. However, it is extremely difficult to convert a bike with manual transmission to
automatic transmission. This could change due to the work done by Biperformance
Development Corporation or BDC. The company, based out of Waterloo, has devised a
revolutionary electronic transmission system named Shift FX EST or Electronic Shift
Transmission.
Brain One- The performance tracker for your Bike
The Brain One is a tracking system that is easy
to use and can be easily integrated with
motorcycles. one can use the data collected to
hone biking skills or compare performance with
friends during your weekend track day. Usually,
only high end motorcycles like the Yamaha
R1 come with advanced Data acquisition systems to capture useful data, which will in turn be
used to tune the bike accordingly. The thing is, such a complex system cannot be integrated
into an entry level or mid-level motorcycle. This is where the Brain One makes a lot of sense.
The device makes use of multiple sensors to track relevant performance data. The sensors
include an accelerometer, gyroscope, magnetometer, barometer, microphone, GPS and Wi-Fi
as well.
Ride-by-wire technology
Motorcycles are evolving rapidly, with more and more rider
focussed technology making its way into modern bikes.
Notable rider aids like Cruise control system, Traction control
system and ride mode selectors have made riding safer and
enjoyable. These systems are made possible by Ride-by-Wire

56
technology. Ride-by-wire tech is generally found in all high-end bikes that offer all these rider
aids.
Smart Turn System
The turn indicator is one of the
most underrated safety featureon
a motorcycle. Proper use of
indicators can go a long way in
reducing the number of rear
ended collisions on the road.
Sometimes, we forget to cancel
the indicators after completing a
turn. This is when things get dangerous. In order to prevent this, a new safety system called the
Smart Turn System has been developed for motorcycles.
Slipper Clutch
A Slipper Clutch is a special type of clutch used in
performance bikes to mitigate the effects of engine
braking during aggressive down shifting. A Slipper
clutch tries to avoid this situation. A Slipper Clutch is a
device which allows the clutch to freewheel in one
direction. Imagine riding a cycle. When you stop
pedalling, you hear a whirring sound from the sprocket. This is precisely what the slipper clutch
aims to do for motorcycles. Now consider the same situation. You are about to take a corner
and speed and you downshift aggressively. The rear wheel tries to drive the power train. Due
to the Slipper Clutch partially disengages the clutch. Thus, the gearbox and the engine are
spared from catastrophic damage.
Motorcycle Airbag Vest
Helite, a company based in the UK, has developed a revolutionary safety vest called the Turtle
for motorcycle riders. This is by no means any ordinary riding vest, but rather a cutting-edge
vest with an airbag built into it. This jacket incorporates what Helite calls as “Turtle
Technology” as it protects the wearer from physical injury just like a turtle’s shell. The airbag

57
vest is coupled with a back protector. The combination allows the vest to work just like a
helmet, with a hard layer outside, and soft layer inside. The layer-like configuration results in
better resistance towards sharp and pointy objects that a rider may encounter during a crash,
such as broken motorcycle parts, glass shards, fences, or poles.
Motorcycle Stability Control
Motorcycle Stability Control is an electronic
system that prevents a motorcycle from losing
control in any possible situation, be it when
accelerating or decelerating in a straight line, or
while cornering. This system, pioneered by
Bosch, employs the use of an advanced Anti-lock
Braking System along with a lean-angle sensor.
The system constantly monitors and analyses acceleration, lean angles, and braking of the
motorcycle it is fitted to. When it senses impending wheel lock-up when braking in a corner, it
intervenes by automatically adjusting acceleration, and by distributing and applying the right
amount of braking force to each wheel, thereby preventing loss of control, and in the process,
mitigating a potentially fatal crash.

58
References
 Shobha Mathur & Deepanshu Taumar (October 12, 2017), Complete Analysis: Auto
industry Retrieved from
https://auto.economictimes.indiatimes.com/news/industry/auto-industry-witnesses-
positive-sales-in-jul-sept-2017/61046068
 March, 2018, Automobile Industry India Retrieved from
https://www.ibef.org/industry/india-automobiles.aspx
 April 11, 2017 Two Wheeler Retrieved from
http://www.spareaze.com/two-wheeler-industry-india/
 Future bike technology Retrieved from
http://www.choosemybike.in/technology
 Ronak Shah (April 13, 2017), Top 10 two-wheeler exporters from India in FY17:
Honda dethrones Hero MotoCorp Retrieved from
https://auto.economictimes.indiatimes.com/news/two-wheelers/motorcycles/top-10-2-
wheeler-exporters-from-india-in-fy17-honda-dethrones-hero-motocorp/58165702

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