Zigwheels Home

Auto Industry to miss growth targets this fiscal

by ET Posted on 12 Feb 20132,727 Views Comments

The Society of Indian Automobile Manufacturers (SIAM) predicts that the country's automobile industry will miss all growth targets this fiscal


Car stockyard



Heading towards its worst performance in a decade, car sales declined 12.5 per cent to 1,73,420 units in January, its third consecutive slide and the fifth in six months, as carmakers now pinned all their hopes on fresh sops in the upcoming budget. 


The Society of Indian Automobile Manufacturers (SIAM), apex body of the Indian automakers that released the manufacturing data for the month of January on Monday, said that industry would miss all growth targets in the current fiscal year. 


"The low sentiment couple with decelerating economy is likely to push Indian auto industry to its lowest growth since FY'2002-03, when car sales dipped 2.1 per cent," said Vishnu Mathur, director general, SIAM portraying a gloomy outlook for the industry. 


SIAM had earlier issued a forecast of 0-1 per cent growth of cars in FY'13, which would be rectified after the upcoming budget by the end of this month. 


The industry lobby group would soon come out with new projection based on current dwindling demand being witnessed in the domestic market originating from the slowing Indian economy. 


In January all the major carmakers posted marginal rise or negative sales.


The market leader, Maruti Suzuki car sales remained flat at 88,557 units from 88,377 units in the same month last year. 


While South Korean Hyundai Motor India had posted 1.45 per cent increase to 34,247 units as against 33,756 units last year.


Post Your Comment

Do you like this story?

2014 Budget: Auto industry reactions

by Punam Chavan

Finance Minister Arun Jaitley has presented his...

Budget 2014: No major sops for auto sector

by Preetam Bora

There's been no major announcements in the...

Budget 2014: 15% investment allowance to enthuse auto makers

by Preetam Bora

The 15 per cent investment allowance proposed in...


Maruti Ciaz: Special Coverage

The Maruti Ciaz is an important car in the C-Segment. It comes with Maruti might - network and...

Hyundai Elite i20: Special Coverage

The premium hatchback segment is changing fast, and how? Not too long ago the VW Polo and Fiat...


Read Next Story