The Automotive Mission Plan 2006 aims at doubling the contribution of the automotive sector in GDP (gross domestic product) by taking the turnover to $145 billion in 2016, with a special emphasis on the export of small cars, multiple utility vehicles (MUVs), two wheelers and auto components.

In the last four months, the industry has suffered severe losses globally, with companies like General Motors declaring bankruptcy. 'However, India and China are the only markets that remained profitable,' Goenka said.

Achieving even 15-16 percent growth is not easy, he said. 'There has been a turnaround in the industry. The availability of finance and commodity prices coming down are some of the examples.'

So does a drought dent the growth of the industry? 'It will not have an effect in our growth till November. This is the time when the rabi crop comes out, we have to wait till then to see its impact,' he said.