The sales of medium and Heavy Commercial Vehicles (HCVs) have registered growth this August, after nearly 29 months. In the past few months, the sales of passenger vehicles saw a steady increase in sales but commercial vehicles sales dropped down to just 5 percent.
During the April to June quarter, the GDP saw a growth rise to 5.7 percent, the fastest in more than two years.
Sugato Sen, the Deputy Director General of the Society of Indian Automobile Manufacturers (SIAM), said that in the anticipation of upcoming economic activities and infrastructure projects, more transporters have started buying trucks, which led to the increased sales of Medium and HCVs.
Sen also said that the Indian automobile industry is in revival mode, although the growth is a little slow.
Abdul Majeed, Partner of Automotive Practices at PwC says that our country's economy is slowly getting back on track. The overall sentiments are very positive and new investments in India's economy are coming through. He also says that the government is also working on plans to control inflation and fiscal deficit. Such plans could definitely help in the growth of the auto industry.
In the Medium and HCV segment, sales of truck went up 20.40 percent to 14,273 units from 11,855 units. Sales of buses declined by 25.77 percent to 2,682 units.
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