To fight novel coronavirus disease (Covid 2019), the government ordered a 21-day nation-wide lockdown, starting March 25.
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Auto in reverse gear due to Covid 19
Coronavirus: A drag or a boon?
Coronavirus, which started in Wuhan (China), has resulted in shutting down of factories, impacting the global auto industry due to short supply of Chinese components.
Instilling a positive sentiment
As consumer sentiment remained subdued amid a slowdown in the economy, the Indian auto industry recorded its worst-ever annual sales fall in two decades in 2019.
2020: A turnaround year?
It is estimated that one Indian city is wiped out every year due to road accidents. In 2018 alone, a mind-boggling 149,000 people lost their lives on Indian roads, which is equivalent to the population of Meghalaya’s capital Shillong.
Hope for better Q3
There seems to be no end to bad news on the economy front. The country’s gross domestic product (GDP) growth slowed to 4.5 per cent in the July-September 2019 quarter, its weakest pace since 2013.
Will second half be better
According to reports, the aggregate revenues of listed automobile players have dropped by 25 per cent in the second quarter.
Tax cut adds to festivity for automakers
October started on a positive note for auto industry with news of September 2019 retail sales jumping to 10-month high trickling in. According to Bloomberg-Quint news portal, as per the data from 1,171 regional transport offices in 31 states and union territories,etc.
Timely stimulus to kick start demand
The Indian automotive industry, which is going through its worst slowdown in about two decades, saw its car market shrunk by a quarter and two-wheeler sales declined 14 per cent so far this fiscal year. In a tepid economic environment, the fear of job losses is looming large in automotive and auto components segments.