New delhi sources stated that the ongoing slowdown in india’s automobile market is transient and government intervention can drive a turnaround in the coming quarters, especially during the festival season, said a top executive of hyundai Motor india Ltd. With automobile sales on the decline for about a year, companies have been urging the government to either reduce the goods and services tax (GST) on automobiles, or offer some other financial relief to revive demand.
“The festival season might be a great opportunity for hyundai and all other OEM’s (original equipment manufacturers) in terms of recovery of demand and revival. In many areas, the customer sentiment is subdued and we are preparing interesting customer communication programs," said Seon Seob Kim, managing director and chief executive, hyundai Motor india.
Wholesale dispatches of passenger vehicles fell 31% from the year earlier in July to 200,790 vehicles, according to the Society of Indian Automobile Manufacturers. It was the sharpest drop since the 35% fall in December 2000. July also witnessed the ninth straight drop in monthly wholesale passenger vehicle sales.
GST rate cut for auto sector from 28 to 18% The GST Council meeting scheduled on September 20 will be keenly watched by India Inc as its outcome could prove to be a deciding factor in charting the direction of the economy. Experts believe measures announced by Finance Minister Nirmala Sitharaman over the last one month are not enough to drive an economy
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