Such figures and statistics help the industry to work out the growth strategies. It also help the pressure groups to ask for incentives and rebates from the government. The policy-makers too, can use it for realizing the needs of the auto sector and make proper changes in policy and give them proper directions.
The performance of the Indian automobile Industry for the fiscal year March 2006-March 2007 was very upbeat. Each of the segments recorded significant growth while the overall growth for the industry touched 16%.
Domestic Market: Due to an unprecedented rise in the prices of raw materials, it was speculated by many quarters that the growth would be slow. But, defying all odds, the passenger vehicle industry has posted a growth of 18% over the previous year.
Coming to the growth rate of various sectors, the commercial automobile segment registered an increase of 22%. While the Light Commercial Vehicle (LCV) saw a surge by over 21%, both Medium Commercial Vehicle (MCV) and Heavy Commercial Vehicle (HCV) witnessed a growth of 23%. On the other hand, passenger cars and utility vehicles industry showed an upsurge of 18% and 20% respectively.
Just like its big brother, the two-wheeler segment has also showed some marked improvements in its statistical figures with an overall growth of over 15%. With a growing network of roads, and an increasingly growing population of financially sound people (mainly the middle-class and rural people) coupled with the easy-on-pocket EMI schemes, it seems that the time has finally arrived for this industry to prove its mettle. According to industry figures, the two-wheeler industry grossed over six million two-wheelers with the ending of the 2006-07 fiscal years.
Exports : On the export front too, Indian automobiles have started getting global recognition. While passenger vehicle exports saw an increase of 29% clocking over 160,000 units, the commercial vehicle exports saw through the roof with an increase by a whopping 72% counting at over 30,000 units.
In addition, the world's second largest two-wheeler market, i.e. Indian automobile Industry recorded a growth rate of over 38% exports against the previous year data and sold a record 3,00,000 units.
In the light of recent Indian automotive statistics, the industry seems certain to head northwards. A better and proactive industry push and approach as well as friendly government policies are very much required for this industry to grow still higher. Helped on these accounts, the Indian auto sector will make a place for itself in the global arena.
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