The slowdown in the domestic economy calls for an adequate response from both the Central Bank and the government. The Reserve Bank of india (RBI) has gone for a repo rate by an unconventional 35 bps in its last policy meet. With the focus now on the government and a clamor on for a fiscal stimulus, Finance Minister Nirmal Sitharaman on Friday, August 23, announced a comprehensive package of measures to boost the economy.
The automobile industry is the pillar of the Indian economy, contributing 7.5 percent to the country’s GDP. The overall manufacturing sector contributes around 17 percent, and within the sector, the share of the automobile industry stands at 49 percent. The industry employs around 8 million people directly or indirectly.
However, the automobile industry is facing major headwinds both at the global and domestic level. As per projections, the global economy is expected to grow at 2.6 percent in 2019 compared to 3 percent in the previous year. Furthermore, the government's push for electric vehicles, and the imposition of BS-VI standards from April 2020, have left potential buyers confused. As per the latest data, passenger vehicles sales registered a declining growth rate consecutively for nine months and passenger vehicles sales declined by 31 percent YoY in July’19.
Skoda Octavia's next generation sketches revealing Skoda’s biggest selling Octavia sedan will be moving to an all-new generation for 2020. New design sketches released by the Czech car maker reveal the car’s overhauled exterior and preview the model due to be revealed and hit showrooms next year.
- Urbanite brand to be a new division under Bajaj Auto & will spawn electric scooters
- After RTC, cabs to go on strike
- Actor Rajkummar Rao brought home Harley-Davidson Fat Bob, priced from Rs. 14.69 lakh
- Auto sector continues to be on slide due to low consumer demand
- Jawa 90th Anniversary Edition launched in India at Rs.1.73 Lakhs
- Mercedes-Benz delivered over 200 cars on the occasion of Dussehra and Navratri
- 8000 Indians only need Electric Cars
- Priced between Rs. 15 and Rs. 17 lakh, Nexon EV will be launched in FY 2020
- Maruti Suzuki S- Presso launched in India
- MG Hector is open for bookings once again for a limited period
- Benelli India has started pre-booking of the retro-classic Imperiale 400
- Maruti Suzuki anticipates Sales to exceed in September
- Scooters India developed five prototypes of EVs but it is yet to get regulatory clearance for them
- GST rate cut for auto sector from 28 to 18%
- Maruti Suzuki S-Presso will be available in Std, LXi, VXi and VXi+ variants