- Title: Indian auto sector hopeful after ban lifted on government purchases
- Date: 30th August 2019
- Summary: BENGALURU, KARNATAKA, INDIA (FILE - NOVEMBER 2015) (REUTERS) EXTERIOR OF TOYOTA INDIA FACTORY IN THE SOUTHERN CITY OF BENGALURU FACTORY FLOOR WORKERS ON ASSEMBLY LINE CAR ENGINE WORKER WITH AN ENGINE VARIOUS OF WORKERS WORKING ON BODY OF THE CAR
- Embargoed: 13th September 2019 12:25
- Keywords: India automobile industry cars bikes manufacturing slump slowdown
- Location: CHENNAI, TAMIL NADU/ BENGALURU, KARNATAKA/ LUDHIANA, PUNJAB, INDIA
- City: CHENNAI, TAMIL NADU/ BENGALURU, KARNATAKA/ LUDHIANA, PUNJAB, INDIA
- Country: India
- Topics: Economic Events
- Reuters ID: LVA001AUET3DB
- Aspect Ratio: 16:9
- Story Text: Indian automobile industry, facing one of the biggest slumps in sales and manufacturing in two decades, is hopeful of market improvement in a few months after the Indian Finance Minister Nirmala Sitharaman lifted the ban on purchase of new vehicles by government departments, last week.
"I am sure in the next few months, the result will be better. Market will improve purchase will increase," said Head of Automobile Association of South India, TD Sadasivam on Friday (August 30).
The state of India's bicycle industry is not better either. Bicycle manufacturers say that import from foreign countries, a sudden slump in the market, and lack of enthusiasm from customers in the market are some of the reasons for the production of bicycles going down by 30-35 percent.
Indian finance ministry has taken several other measures apart from this to arrest the auto industry slowdown like deferring increase in registration and renewal fee of petrol and diesel vehicles till June 2020. The earlier decisions of the government were taken to encourage the sale of non-polluting electric vehicles. - Copyright Holder: FILE REUTERS (CAN SELL)
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