The automobile sales have seen to be on a continuous reverse gear for the past few months now. The entire credit for this goes to the economy which is at a depletion rate since a long time now.
There has been a major crisis in the automobile industry of the country.
Overview of the Statistical Data:
As per the recent research conducted regarding the sale of the automobiles, the numbers have been falling at a drastic rate which has become even more alarming for the automobile industry.
As per the research conducted by the Society of Indian Automobile Manufacturers (SIAM), the Sales of passenger vehicles to car dealers fell 30.9% to 200,790 and the sale of the commercial vehicle fell from 25.7% to 56,866 units.
Motorcycle and scooters sales fell from 16.8% to about 1.51 million units and the passenger car sales fell from 36% to 122,956 units.
As the numbers seem to be very disappointing, the data speaks volume about how there is an urgent need in the automobile industry for revival.
The industry claims that it has been taking tremendous amounts of efforts and do each and everything possible to get back on track.
However, the director of SIAM Mr Vishnu Mathur said urged the government to help the automobile industry to increase its sale and not let the industry fall to shambles.
The Problem Crunch:
The decrease in the sales of the car comes at a point of time when the consumer demand for basic goods has been falling.
The economy of India has slowed down which has resulted in a massive liquidity crunch amongst the public.
Amidst all the liquidity crunch, the banks have failed to provide enough credit to the public to increase their purchasing power. This entire situation is turning into a vicious cycle slowly and steadily.