Auto Industry Records Positive Growth
May 12, 2010 7:29 am
Auto Industry Records Positive Growth
A variety of factors, including the stimulus package, lower interest rates, implementation of the 6th pay commission and new model launches, are amongst the growth driver for the industry.
The automobile industry in India reported an overall 26.41% growth in sales in 2009-10 and emerged as the second fastest growing market in the World after China. As per the cumulative production data released by Society of Indian Automobile Manufacturers (SIAM), the Industry could manage a huge 25.76% growth over the same period of last year. The passenger vehicles production crossed 2 million whereas two wheelers production crossed the mark of 10 million.
According to the figures released by SIAM, total vehicles sales in India in the last fiscal was at 1,22,92,770 units compared to 97,24,243 units in the previous financial year. It was one of the best years for growth for the Automobile industry.
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