Slowdown In The Automobiles Sector In India: Causes And Suggestion
European Journal of Molecular & Clinical Medicine,
2020, Volume 7, Issue 7, Pages 4417-4424
AbstractIndia is seeing a dreaded slowdown in the automobile sector right in between slowing economic growth & the increasing costs of owning a vehicle. Since many industries are interlinked with the automobile sector both backward and forward, it is a horrifying thing for the related industries and jobs in such industries be it plastic, iron & steel, rubber & tyre or battery manufacturers. The automobile market of India is consistently showing a downward trend which indicates a tough time for the automobile sector in the times to come. The amazing incline in the growth of sales during the earlier decades, if we exclude the year 2008-09 feels like a forgotten past. As per our records, the steepest decline in history was witnessed in the month of November 2008 which was around 24.6 %, while recession across the globe was at its peak. A substantial Shift was during the month and year of October, 2011, seeing a 21.1 % fall. In February 2003, the decline was recorder around 19.9 %. The sales of passenger cars in July 2019 have declined by 31 % and even Maruti Suzuki (MSIL), the Indian market giant witnessed a 36.7 % loss of sale in comparison to July, 2018,. The production in July 2019 being 96,478 units only.
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