SIAM's big statement came out, dark clouds over the slowdown of the auto industry a big concern!

Sep 03 2019 12:36 PM
SIAM's big statement came out, dark clouds over the slowdown of the auto industry a big concern!

In the vehicle manufacturing sector, August sales figures of many companies including Maruti, Hyundai, Tata Motors and Mahindra have been quite negative. In such a situation, SIAM has expressed its reaction. Rajan Vadhera, President, Society of Indian Automobile Manufacturers (SIAM), said, "Sales of passenger vehicles have seen a decline of over 30% in the sales report coming from various auto companies for the month of August 2019. Commercial vehicle and two-wheeler sales are also very negative and from this report comes the report that the honorable Finance Minister has still not found the answer to different measures. " Let's know in full detail

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In his statement, Vadhera said, "The series of announcements to reduce credit availability and credit costs have not been reduced for NBFCs who support finance for the automotive industry. Consumer sentiment remains low. And there is a clear lack of trust in lending money to dealers. "

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For your information, let us tell that he said, "In doing all this, the industry has put all restrictions on giving attractive deals and discounts to consumers. However, the industry's ability to provide big discounts is limited and it is only for the government to give GST Highlights the need to consider reducing the rates from 28% to 18%, which will significantly reduce the cost of vehicles and in turn increase demand. Honorable Finance Mantra There is also an urgent need to come up with a unified incentive-based scrap policy covering all segments of the auto industry as promised by the industry."

Vadhera added," The festive season is on its way and it is imperative that these decisions should be taken as soon as possible and announcements are made without delay so that the industry expects a better festive season, thereby encouraging recovery in the industry. "

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