Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera has
said in a press release that the sales report coming out from various companies
for the month of August 2019 has been very dismal with over 30% erosion of
sales for Passenger Vehicles. The Commercial Vehicle and Two wheeler sales are
also significantly negative indicating that the market has still not responded
to the various measures initiated by the Finance Minister last month.
series of announcements on credit availability and reducing the cost of credit
that were made do not seem to have percolated down to the NBFCs which support
the bulk of finance for the automotive industry. The consumer sentiment also
continues to be low and there is clearly a trust deficit in lending money to
the dealers, the SIAM president maintained.
this while, the Industry has pulled out all stops in offering attractive deals
and discounts to the consumers. However, the ability of the industry to provide
large discounts is limited and this only highlights the need for Government to
consider reducing the GST rates from 28% to 18% which would significantly
reduce the cost of vehicles and in turn create demand.
is also an urgent need to come out with an integrated Incentive based scrappage
policy covering all segments of the auto industry as promised by the Finance
Minister, Wadhera said.
the festival season is around the corner, it is imperative that these decisions
are taken quickly and announced without delay so that the industry could hope
for a better festival season that could harbinger a recovery in the industry,
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