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Letter from Wall St: Dear PM, your politics can wait, India can't

Nothing is more important than dealing with the unfolding slowdown of the economy.


Jan 21, 2020, 02.51 PM IST



SIAM bullish about revival of automobile industry

"This is the worst downturn of the automobile industry in the last 20 years," SIAM deputy director Sugato Sen told reporters. "We hope that the year 2020 will be the year of revival of the Indian automobile industry. Sales are expected to go up as penetration of automobiles in India is very low," Sen added.

Auto sales at 20-year nadir in 2019: SIAM

In passenger vehicles, an easing in the pace of decline in December, though on a low base, and an i...

2019 witnesses worst-ever decline in auto sales: SIAM

As per data released by the Society of Indian Automobile Manufacturers (SIAM) on Friday...

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  • As per data released by industry body Society of Indian Automobile Manufacturers (SIAM), commercial vehicle sales in the year under review fell 15% to 854,759 units. Two-wheeler sales declined 14.19% to 18,568,280 units in 2019. While sales of scooters dropped 16.03% to 5,841,259 units, those of motorcycles fell 12.92% to 12,012,896 units.

    SIAM said that over 60 new launches and unveilings of vehicles are expected at the expo to be held from February 5-12, where China's Great Wall Motor Company and First Automotive Works will make their debut along with MG Motors India. Notable absentees from the expo will be Honda, Toyota, Ford, BMW, Audi, Lexus, Volvo and JLR .

    Addressing the 4th annual SIAM CSR Conclave here, the minister of state for heavy industries and public enterprises asked the auto industry for more suggestions, if any, before the finalisation of the Budget.

    In addition, ICE ( internal combustion engine) vehicles will also co-exist and will not be phased out. Compare this to his bold announcement a couple of years prior of India’s automobile industry needs to go all electric by the year 2030, an announcement which sent auto OEMs back to the drawing board as they scrambled to put in place their respective EV blueprints.

    Vehicle sales across categories remained in the negative zone for over a year now.

    The Indian auto and its component industry that manufactures a wide variety of products including engine parts, drive transmission and steering parts, body and chassis, equipment and electrical parts, etc, is considered to be the well-developed.

    Auto sales picked up pace in October as more and more headed out to purchase vehicles amid the festive season. Vehicle registrations at RTOs improved 4% over October last year. Inventory build-up at vehicle dealers eased across the board. Registration numbers of PV improved 11% in October, while those of two-wheelers improved 5%.

    Trade ministers of RCEP countries will discuss issues related to investment, e-commerce, rules of origin and trade remedies in a meeting in Bangkok on October 12.

    A slew of measures by the govt coupled with easing of liquidity conditions and revival in rural demand has kindled hopes of rise in sales of commercial vehicles. Data from SIAM showed sales of CVs declined 23% between April and Sept FY20.

    The government slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.

    Today, sustainable manufacturing has become an important strategic tool for auto companies to differentiate themselves from their competitors, experts believe.

    Society of Indian Automobile Manufacturers President Rajan Wadhera reiterated the demand for lowering of GST on autmobiles from 28 percent to 18 percent.

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