While many developed markets were not able to even reach the benchmarks set in a year ago period, developing economy like India has grown at the fastest pace in its exports in the past six years.

With a staggering 33.23% growth in the fiscal gone by, the Indian automotive market is well on its way to make a mark on the global charts.

Exports are also playing a major role in the same as passenger car exports from India touched 441,710 units in FY10 against 331,535 units in the previous financial year (source: SIAM) making India well poised to prove the right choice of various automakers of making the country as their small car hubs.

According to the SIAM President Pawan Goenka the growth in the exports segment was mainly coming from the scrappage program that was under effect in various European nations.

In fact, market leader Maruti Suzuki and Hyundai motors India were the ones who took maximum advantage of the same.

As Maruti registered an over two-fold jump in overseas sales at 146,156 units in 2009-10 against 68,835 units in the previous fiscal, Hyundai retained its pole position by exporting 285,658 units, 12.5% as compared with 253,344 units in the year-ago period.