The Indian government forecasts an increase of 15% in auto export
Quoting the ongoing demand for Indian auto makes in Europe, the Indian government said there might be 15% in the export segment from the last fiscal’s, said the Joint secretary in the department of Heavy Industries. He further said that the scope in the growing European nations is promising and the continent proves to be the ideal dearth for the Indian auto sectors, especially passenger cars.
In the meantime, the SIAM revealed the export figures of 2009-10 which stood at 18,04,619 units at an increase of 15% from 15,30,594 units in the previous year. The net export volume of 2009-10 was an increased 33.23% despite the global recession. This was throttled by the scrappage incentive scheme announced in the European spread. The small car buyers were offered attractive incentives for buying a new one at the disposal of the old one. The most fortunate beneficiaries under this scheme were Maruti Suzuki and Hyundai. With the withdrawal of the said scheme there is a soft pedaling in the European market but the companies are tapping other potential markets. The auto industry’s another important wing, two wheeler sale too witnessed good show @13.54%, with the top leaders Hero Honda and Bajaj taking the lead. SIAM had earlier made a representation to the Indian government for boosting the export market with useful measures.