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Auto sales slump 8 pc in January
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SME Times News Bureau | 10 Feb, 2020
Cheaper lending rates in the country along with the government's booster
via tax cuts seem to have had little effect on vehicle sales in
January, with car sales decreasing by over 14,531 units, or slightly
over 8 per cent, compared to January last year.
According to
Rajan Wadhera, President of industry body Society of Indian Automobile
Manufacturers (SIAM), which gives out the auto sales numbers, the
overall slump in vehicle sales in India was due to the "rising cost of
vehicle ownership and slower growth in GDP".
Barring three-wheelers, all other segments showed de-growth.
Vehicle
sales across segments have been declining for over a year now. SIAM
sales data last month compared with that of January 2019 showed that
domestic passenger vehicle sales slipped 6.2 per cent to 262,714 units.
The decline in car sales stood at 8.1 per cent, and two-wheelers 16.06
per cent.
Sales of commercial vehicles, an indicator of
industrial health in the economy, slipped by 14.04 per cent to 75,289
units last month, while the vehicle sales across categories registered a
de-growth of 13.83 per cent to 17,39,975 units from 20,19,253 units in
January 2019, SIAM said.
However, Wadhera said, they were hopeful
that recent government announcements on infrastructure and rural
economy would support growth of vehicle sales, especially in the
commercial and two-wheeler segments.
"We are looking forward to
the early announcement of an incentive-based scrappage policy in the
context of the recent assurances by the government," Wadhera said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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