India is commemorating its 75th year of independence this year. During this period, India has increasingly acquired a significant place in the expanding global economy. India is already the fifth-largest economy in the world, behind the United States of America (USA), China, Japan, and Germany, with a nominal Gross Domestic Product (GDP) of USD 3.25 trillion. This rise was facilitated by the growth of the services sector and some sectors of the manufacturing industry, e.g., software, drugs and pharmaceuticals, automobiles, etc.
The Covid-19 pandemic caused widespread gloom and doom for the global as well as the Indian automotive industry, despite the industry being recognized as a ‘sunrise industry.’ Economists, planners, and policy makers have been greatly worried because of the coronavirus pandemic and the subsequent lockdowns that triggered major headwinds for the Indian economy. In this process of deceleration, there were also issues of the tech-led disruptions from cab aggregators, fluctuations in interest rates and reduced liquidity in NBFCs.