Govt should take steps to revive auto industry’s growth; keen to work with ministries for smooth shift to BS-VI: SIAM

Domestic passenger vehicle sales dropped by 17.07% in April as weak customer sentiment led by liquidity crunch, uncertainty revolving elections and high product prices hit sales.

Press Trust of India May 24, 2019 18:48:40 IST
Govt should take steps to revive auto industry’s growth; keen to work with ministries for smooth shift to BS-VI: SIAM
  • SIAM expects the government to accord priority industry status to the auto industry

  • The sales declined for the sixth straight month in April to 2,47,541 units

  • All major segments, including two-wheelers, witnessed a decline in sales in April

New Delhi: Auto industry body SIAM on 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 the 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.

Govt should take steps to revive auto industrys growth keen to work with ministries for smooth shift to BSVI SIAM

Representational image. AFP.

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 ministries concerned for a smooth transition to BS-VI, he added.

Domestic passenger vehicle (PV) sales dropped by 17.07 percent 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 percent.

All major segments, including two-wheelers and commercial vehicles, witnessed a decline in sales in April.

Updated Date:

also read

Union Budget 2022: From widening tax base to growth-related announcements, what we want from FM Sitharaman
Business

Union Budget 2022: From widening tax base to growth-related announcements, what we want from FM Sitharaman

If India is going to break into the next generation of economic reform, there is a dire need for bold steps both on the expenditure and revenue sides

Union Budget 2022-23: Understanding the government's annual financial statement
Business

Union Budget 2022-23: Understanding the government's annual financial statement

The Union Budget by the government presents an overall picture of the financial position of the Government of India, including that of Indian Railways

Union Budget 2022: Parliament's Budget Session to start from 31 January, full schedule here
Business

Union Budget 2022: Parliament's Budget Session to start from 31 January, full schedule here

The Budget Session in Parliament will be held in two phases — first from 31 January to 11 February and the second from 14 March to 8 April