According to a report in Reuters, the carmaker has ambitious plans for the market including the launch of newly designed subcompact cars in line with growing demand for more room and functionality.

"India may be the last big white sheet of paper in the automotive industry," Stefan Jacoby, GM's chief of international operations, told Reuters.

He added: "We're pretty optimistic. We see growth potential in India, and believe there's a good opportunity for the Chevrolet brand to take share in this market. There's more prosperity and buying power. Vehicles selling for $5,000-$8,000 will more and more disappear in India."