At its 12th Annual General Meeting, Bajaj Auto Chairman Rahul Bajaj criticized the centre’s lack of efforts towards curbing the steady decline and boosting private investments in the country’s automotive sector. “The government may or may not be saying this but there are clear cut markings from the International Monetary Fund (IMF) and World Bank, which shows a decrease in growth in the last three-to-four years. Like any government, they would like to show a happy face, but the reality is a reality,” Bajaj said.
The automobile sector in India, according to reports, witnessed a 12.3 per cent drop to six million units during the April-June quarter. Sales of passenger vehicles comprising of sedans, hatchbacks, SUVs and MPVs reported the highest fall at 18.4 per cent, followed by commercial vehicles which fell 16.6 per cent.
“There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added.
In addition to this, data shared by the Society of Indian Automobile Manufacturers (SIAM) states that two-wheelers recorded a fall of almost 12 per cent in sales to 5.01 million units during this year’s first quarter. Commercial vehicles recorded a fall of nearly 10 per cent in sales during the same period to 2.08 lakh.
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