Auto Industry in India
Auto industry body SIAM Friday expressed hope that the new government would take initiatives to revive growth in all consumer goods, including automobiles. "With the new government in place, I am hopeful that India will soon be on the path of economic growth, leading to revival of the demand cycle for all consumer goods including automobiles," Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera said in a statement.
SIAM expects the government to accord priority industry status to the auto industry, he added.
Echoing similar sentiments, SIAM Director General Vishnu Mathur said: "As of now, the industry is going through a difficult period with a slowdown in demand across all segments. We hope that initiatives by the new government will help revive the demand."
The industry also looks forward to working with all concerned ministries for a smooth transition to BS-VI, he added. Domestic passenger vehicle (PV) sales dropped by 17.07 per cent in April, the steepest fall since October 2011, as weak customer sentiment led by liquidity crunch, uncertainty revolving elections and high product prices hit sales.
The sales declined for the sixth straight month in April to 2,47,541 units as against 2,98,504 units in the year-ago month. It is the worst dip in PV sales since October 2011, when sales had dropped by 19.87 per cent.
All major segments, including two-wheelers and commercial vehicles, witnessed a decline in sales in April.