The administration today stated that the fabrication of passenger cars dropped slightly by around 1% y-o-y to around 15.9 lakh vehicle units from the month of April to the month of November this year owing to factors such as slow monetary development and soaring rates of interest.
Mr. Praful Patel, Minister of Heavy Industries and Public Enterprises stated that owing to the augmentation in the fuel rate, low growth pace of gross domestic product, inflated material rate, lofty rates of interest and slow economic development, the fabrication growth (of passenger cars) has decreased to a marginal 1% from the month of April to the month of November this year as compared to the same period of the last financial.
Out of the 16 auto makers, 9 firms have recorded diminished fabrication, three additional firms have registered just slight growth (below 4%) and only 4 firms have been performing well, Mr. Praful stated in his written reply.
Among the auto firms, which recorded a drop in production during the initial eight month period of the existing financial, Fiat India Automobiles saw a 47% decline in its overall production, accompanied by Mercedes Benz India, which posted 26.8%, GM India recorded 23.7% and VW India filed 23.2%, Mr. Praful stated referring to Society of Indian Automobile Manufacturers (SIAM) statistics.
But, Mr. Praful stated, firms that did well in terms of cars fabrication in the period under appraisal consist of Renault India that recorded a y-o-y increase of 616%, Honda Cars India 83% in addition to Toyota Kirloskar Motor, which posted a growth of 19.8% and Nissan Motor India registered 13% increase.
As per Society of Indian Automobile Manufacturers, Mr. Praful said, passenger car fabrication in the domestic market was mounting at a rate of more than 17% in the past ten year period.
Additionally, Mr. Praful said, to enhance the fabrication of automobiles, a variety of steps have been considered in pursuance of Automotive Mission Program (2006-16) and the latest Foreign Trade Policy presents extra motivators.