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India In Competition With China For Sales!
The condition was much akin in China in the previous year too. However, the growth rate was not much to the level of worry for China as it mustered the 25% in the fiscal which was still lesser than the devastating 40% growth achieved in the previous fiscal. In the US the growth was almost 14% to be the second largest market, after China, and there has been a deep decline in sale in the markets of Germany and Europe.
India survived such a fall and geared to the state of growth competing China on the close heels. The senior director of SIAM said the country"s auto sale grew despite the conservative target set and this was due to the revision of target during the year. The growth has been a tremendous indication of India"s competency to China and other global markets, he added. Based on this movement, he said, the current year"s target has been 16-18% with much expectations over the repeat of the last year"s growth.
Both China and India are on the race for automobile supremacy since the 2008 recession while the markets in Europe, Japan and the US were facing the constraints much. Amidst the emerging car markets, India is the lone country to have the positive potential in recent times. The managing executive officer of Maruti said the Indian car market"s growth is commendable after facing the 20% growth in the previous fiscal. On this range, he added, there wont be any surprise if the car market saw the sale of 4.5-5.5 million units in another four years. The pathos is severe in the Chinese minds that there could be more decline of auto sale in this year, making a rare event. This could be linked to the withdrawal of low taxes for cars and licensing mandatory by Beijing local government for reducing the sale volume. The Chinese auto industry sees a journey of reverse gear, said the Head of China Passenger Car Association.
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