Auto sales fall almost 19% in Dec due to demonetisation
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. ...
Auto industry to grow by 22% after roll out of vehicle scrappage policy
Deepak Kumar The Indian automobile sector is expected to grow by 22% once the vehicle scrappage policy is fully implemented, Road, Transport and Highway Minister Nitin Gadkari said on Tuesday. “We will bring an elaborate scrappage policy. In the first phase, 15-year-old commercial vehicles will be eligible for scrapping. These vehicles account for 65% of the pollution,” Gadkari said at the Society of Indian Automobile Manufacturers (SIAM) annual session in New Delhi. Stressing the point he said the Road and Transport Ministry has already made a presentation to the Ministry of Finance three days ago but underscored that the policy will be incorporated in a sequential manner, according to which commercial vehicles over 15 years old will be scrapped. The policy is aimed ...
EcoSport is the top exported car from India in FY16
The Dollar Business Bureau Ford India’s EcoSport SUV smashed the records and emerged as the top exported car from India in financial year 2015-16. Registering a 51 percent growth in its exports, 83,325 units of Ford’s SUV have been shipped. EcoSport was fourth most exported model in FY2015. Nissan Micra Hatchback, which was the top exported model in FY2015, slid down to second position recording 75,456 units of exports. One percent decline was also observed in the exports of Nissan Micra. According to the Society of Indian Automobiles Manufacturers (SIAM) data, Vento Sedan of Volkswagen is the top third exported model from India. The German automotive maker exported 63,157 units recording 13 percent rise in its exports. Maruti Suzuki’s Alto bagged fourth position in the ...
Make in India, auto industry to push aluminium production in India
The Dollar Business Bureau Aluminium production in India is expected to see a significant rise due to growing demand for the metal triggered by “Make in India” as well as revival of the country’s automobile industry. Experts say that the demand for the metal will increase significantly, especially in infrastructure and automobile sectors. In the recent past, several aluminium manufacturers have rolled out their plans to expand the production capacity to meet the future demand. NALCO, a public sector unit (PSU) and one of the largest aluminium producers, has announced an investment of Rs 5,540 crore to set up a 1 million tonnes alumina refinery at Damanjodi town of Koraput district in Odisha. “With a view to boost the ancillary and ...
New scheme to focus on ecosystem of electric and hybrid vehicles
The Dollar Business Bureau To address the challenges faced by the eco-friendly transport system, the government has decided to promote the usage of electric and hybrid vehicles in the country. The government has come up with a scheme— FAME-India (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India—to encourage people to use eco-friendly mode of transport. The FAME-India scheme aims at streamlining the entire ecosystem of electric and hybrid vehicles and is expected to increase the sale of such vehicles in the market. This was stated by the Minister of State in the Ministry of Heavy Industries and Public Enterprises G M Siddeshwara on Tuesday. For the implementation of the scheme notified in March this year, the government has allotted ...
