Growth of Automobile Industry
Factors like rising interest rates and hike in fuel prices, among other factors, have affected the growth of the automobile sector, thereby showing marginal growth during the recent months.
As per the information received from the Society of Indian Automobile Manufacturers Association (SIAM), the production and export data of recent months is as under:-
In Apr. 2011-Feb.2012 Passenger Cars UVs Vans
Production 2,257,505 329,287 216,486
Growth rate (%) 2.59% 16.57% 10.40%
Domestic Sales 1,786,249 326,824 212,881
Growth rate (%) 0.31% 14.66% 10.01%
Exports 450,439 4,606 1,803
Growth rate (%) 16.21% 34.40% (-)18.60%
Various steps have been taken in pursuance of the Automotive Mission Plan (2006-16) and the new Foreign Trade Policy provides additional incentives which will expectedly boost the sales and export of vehicles in the country.
The above information was given by the Minister for Heavy Industries & Public Enterprises Shri Praful Patel in a written reply in the Lok Sabha today.