NEW DELHI - The red and white balloons taped onto the ceiling at this Renault showroom in Delhi belie the subdued mood that has set in here since the last few months. Sales of new cars at this showroom have fallen by around a quarter.. Read more at straitstimes.com.
NEW DELHI - The red and white balloons taped onto the ceiling at this Renault showroom in Delhi belie the subdued mood that has set in here since the last few months. Sales of new cars at this showroom have fallen by around a quarter.
Fresh data released last week by the Society of Indian Automobile Manufacturers show the sale of passenger vehicles declined by 18.42 per cent in the April to June quarter this year, compared to the corresponding period last year. It was the sharpest decline since a 23.1 per cent drop in the third quarter of 2000-01.
India's GDP growth rate fell from 7.2 per cent for 2017-18 to 6.8 per cent in 2018-19. On the other hand, rising bad loans in the automobile sector, particularly from dealers forced to shut shop, have made banks unwilling to fund new businesses in the sector . Ms Hetal Gandhi, the director of Crisil Research, an analytics firm, said:"The average cost of owning a car went up by 7 per cent in the 2018-19 financial year compared to the preceding one. For two-wheelers, this figure went up by as much as 13 per cent in the same period."The Economic Times newspaper reported in May this year that an estimated 300 automobile retail outlets had shut down in the preceding two years, which led to around 3,000 people losing their jobs.
In an effort to revive the market, the industry has been asking for a reduction in the goods and services tax on vehicles from 28 to 18 per cent and a"cash for clunkers" policy that incentivises voluntary scrapping of old vehicles. But these did not figure in the government's Budget announced on July 5.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India farmers shocked as suspected meteorite crashes into rice fieldNEW DELHI: A suspected meteorite the size of a football plunged into a rice field in eastern India, startling farmers, authorities said Thursday ...
Read more »
WhatsApp to roll out payments feature in India this yearWhatsApp will roll out its payments service in India this year following a year-long pilot, its global chief Will Cathcart has said, as the ...
Read more »
Co-conspirator in ex-India PM's assassination released on paroleIndia's longest-serving female prisoner, who was convicted over the assassination of former prime minister Rajiv Gandhi, walked out of prison ...
Read more »
Ascendas India Trust Q1 DPU rises 28% to 2.05 S centsASCENDAS India Trust on Thursday posted a 28 per cent jump in distribution per unit (DPU) for the first quarter ended June 30. Read more at The Business Times.
Read more »
Uber, Sun Mobility tie up to offer electric three-wheelers in IndiaRide hailing company Uber Technologies Inc and Bengaluru-based start-up Sun Mobility said on Wednesday they will partner to offer commuters in ...
Read more »
Modi did not ask Trump to mediate Kashmir conflict: IndiaNEW DELHI: India yesterday denied that Prime Minister Narendra Modi asked US President Donald Trump to mediate the decades-long Kashmir conflict with Pakistan, emphasising that third-party involvement is unnecessary. Mr Trump made the claim on Monday while speaking from the...
Read more »