indian auto sales see biggest drop in 16 years
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Indian auto sales see biggest drop in 16 years

Arab Today, arab today

Arab Today, arab today Indian auto sales see biggest drop in 16 years

India yanked most of its currency bills from circulation without warning
Mumbai - Arab Today

India’s automobile sales saw their biggest monthly fall in 16 years in December after Prime Minister Narendra Modi’s ban on high-value banknotes sparked a severe cash shortage that dented demand for big-ticket items such as cars.
Automobile sales fell 18.66 percent in December to 1.2 million units, the biggest monthly drop since the same month in 2000, data from the Society of Indian Automobile Manufacturers showed on Wednesday.
Auto sales have seen an especially big drop in rural areas and regions where cash transactions are typically prevalent. Large two wheeler manufacturers have also seen a big impact due to their high exposure to rural markets, the data showed.
Two-wheeler sales fell 22 percent in December from the previous month, one of the biggest falls on record, to 910,235 units, while domestic passenger car sales saw a 8.14 percent drop to 158,617 units.
The data is in line with other indicators showing Modi’s shock action — aimed at cracking down on tax dodgers and counterfeiters — has hit the economy hard. Earlier this month, a survey found Indian factory activity plunged into contraction in December.
Further hitting demand were uncertainties about a new unified national tax rate India is gearing up to unveil later this year, while some consumers were likely also waiting to see whether the government would announce special incentives at its annual budget on Feb. 1.
Abdul Majeed, partner at Price Waterhouse, said automakers would face “a challenging quarter.”
“People tend to hold off on purchase of vehicles till uncertainty is resolved,” he said.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

indian auto sales see biggest drop in 16 years indian auto sales see biggest drop in 16 years

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

indian auto sales see biggest drop in 16 years indian auto sales see biggest drop in 16 years

 



GMT 03:07 2017 Wednesday ,25 January

Health care veterans, pioneers awarded

GMT 05:44 2017 Saturday ,11 November

Business as usual as Hamilton dominates Brazil practice

GMT 11:08 2018 Thursday ,25 October

Russia to be at very high level at conference on Libya

GMT 15:00 2012 Saturday ,21 April

Nelly Karim: Egypt akin to \'Hiya Fawda\'

GMT 03:02 2018 Saturday ,20 January

Egypt's President Sisi says will stand for re-election

GMT 00:51 2017 Tuesday ,24 October

HH the Emir Meets Foreign Minister of Kuwait

GMT 05:42 2017 Saturday ,02 September

64 dead in clashes in Raqa province

GMT 00:08 2017 Sunday ,05 March

Desperate migrants escape Libya 'hell'

GMT 19:24 2016 Saturday ,12 November

Israeli air forces attack Syrian position in Qunaitera

GMT 07:25 2017 Tuesday ,14 March

China's retail sales up 9.5% on-year in Jan-Feb

GMT 21:05 2017 Friday ,08 December

Saudi Assistant Defence Minister arrives in Bahrain

GMT 23:31 2017 Thursday ,09 March

HH Sheikha Moza to Visit Sudan, Tunis

GMT 11:45 2017 Saturday ,05 August

Fouad Al-Kaam wishes to shine
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday