Search Result for : Automobile Sector

The Dollar Business Bureau Bauxite production in India is likely to increase to 49.4 million tonnes by 2021 from 22.08 million tonnes in 2016, according to a report.   The production of bauxite in the country is estimated to be 26.1 million tonnes in 2017, an increase of 18 compared to last year 2016, the report by BMI Research said. The production of the metal is likely to reach to 49.4 million tonnes in 2021, the report said.  “We forecast Indian bauxite production to grow from 26.1 million tonnes in 2017 to 49.4 million tonnes in 2021, averaging an annual growth rate of 17.5% during 2017-2021, significantly higher than the annual average 3.9% growth over 2012-2016,” the Research report said.  The growth of bauxite production in ...

The Dollar Business Bureau  Japanese auto major Honda Cars India Ltd (HCIL) is keen on sharpening its strategy and strengthening its brand as a ‘premium player’ across various segments prior to the expansion of automobile market it is expecting from 2020. “It is important to grow volumes. However, the priority is to reinforce the brand. While the current market volume and growth is good, we believe real motorisation or real expansion of the market will be seen in the middle of 2020-2030,” Yoichiro Ueno, President and CEO, HCIL said on Friday.  “Establishing the foundation for that period is more important than just chasing volumes,” he added. Though the Japanese auto major is working towards establishing a 'premium' brand, it wants to retain its position ...

The Dollar Business Bureau This February, for the 32nd consecutive month, Japan registered a current account surplus. Information released by Japanese finance ministry shows that the country generated a $25.26 billion current account surplus during February 2017, showing year on year growth. After a slowdown in the beginning of the year due to the Lunar New Year season, Japanese exports rebounded and strengthened the trade balance to $7.3 billion in February, reversing a deficit in the month of January. While exports inched up 11.3% y-o-y to $56 billion approximately, imports stood at around $49 billion, growing marginally y-o-y at 1.2%. Since 2010, this has been the largest monthly trade surplus registered by Japan. These strong trade parameters are under threat from rising energy ...

PTI Steel makers like Tata Steel and Visa Steel have sought removal of import duty and clean energy cess on coking coal and giving thrust to domestic infrastructure forecasting tepid global demand next year."Steel industry has suffered an increase in input costs due to high coking coal prices this year. Almost all the coking coal requirement is met through imports. Therefore, import duty on coking coal should be removed," Tata Steel India Managing Director T V Narendran told PTI."Exemption from clean environment cess is also required as there is no substitute reducing agent for steel making unlike power generation," he added.Visa Steel also echoed the same demanding that coking coal should be duty-free from the current 2.5 per cent."The import duty on raw ...

The Dollar Business Bureau  French automobile manufacturer Renault expects that the company’s sales in India to rise by 8% in 2017, with the country becoming its eighth largest market globally driven by the successful entry-level small segment car model Kwid.  Groupe Renault, which witness a record worldwide sales of 31,82,625 units surging by 13.3% in 2016, recorded a sales growth of 145.6% in India.  “In India, Renault kept its position as best-selling European automotive brand, with sales up by 145.6%. Kwid registrations totalled 1,05,745. India rose five places to become the groups eighth-biggest market worldwide,” Renault said in a statement.  The company’s sales globally were growing for the fourth year in a row, it added.  “In the Africa/ India/Middle-East market, Renault’s registrations increased by 36.4%, providing ...

The Dollar Business Bureau   Prime Minister Narendra Modi’s demonetisation drive has considerably impacted India’s automobile sector growth in December, as total vehicle sales in India fell by its sharpest in 16 years, by 18.66%. According to the industry analysts, the demonetisation initiative has generated weak sentiments amongst the domestic consumers, resulting in the industry’s weakest automobile sales since December 2000. Last month, automakers sold 12,21,929 vehicles, comprising of passenger and commercial vehicles as well as two and three-wheelers. In December 2000, total automobile sales were down 21.81%, according to data released by the Society of Indian Automobile Manufacturers. The only vehicle segment that registered a positive growth in December was light commercial vehicles (LCVs), which grew 1.15%, said Vishnu Mathur, Director General, SIAM. ...

The Dollar Business Bureau The demonetisation has affected almost every sector in the country. The rapidly-growing automobile sector in India has witnessed a drop of around 5% in the month of November, the first in this year.  All the vehicle segments posted a decline, be it commercial vehicles, two-wheelers, or three-wheelers. This was the sharpest decline in the past 3.5 years. The sector had last witnessed a drop of 7.75% in March 2013. However, in December 2015, the sector posted a drop, when the volumes declined by just 0.17%.  According to the data by Society of Indian Automobile Manufacturers (SIAM), around 1.56 million units of vehicles were sold in the local market in November, a drop of 5.48% compared to 1.65 million units in the same ...

The Dollar Business Bureau Indian automobile industry has approached the government to consider a rupee-based payment system for trading with African nations since, as it said, the sector faced hurdles in the dollar denominated pay out from these countries.  “We have approached the Ministry of Commerce for rupee trade with African countries as we are facing a challenge in dollar trade in these big export markets like Algeria and Nigeria,” said Sugato Sen, Deputy Director of Society of Indian Automobile Manufacturers (SIAM). Sen said since some African countries cannot make payments in dollars, Indian automobile industry is witnessing a limited trade with these nations. He urged the Ministry of Commerce to negotiate rupee trade terms with these countries. The industry has also asked for ...