With auto sales sliding for over 13 months now, industry captains went all out to demand a cut in goods and services tax as the only way to revive demand
This may be an odd time for the automobile industry to gather under a common roof to discuss a “new era”, but that exactly was the theme of the much awaited annual convention for the sector held in the capital on Thursday.
Around 1,300 delegates from vehicle, engine and component manufacturing companies were in attendance at the 59th Annual Convention of Society of Indian Automobile Manufacturers (SIAM) —Moving into a new era of auto industry. With auto sales sliding for over 13 months now, industry captains went all out to demand a cut in goods and services tax (GST) as the only way to revive demand.
Compared to previous years, the attendance at the SIAM meet was muted, in sync with the overall gloomy mood. “My company’s head of sales thought it would be more efficient to use the time meeting dealers rather than participating in a conference which would have no outcome,” said a senior executive of a carmaker.
“The Indian automotive growth story is about to collapse. The customer is confused,” Guenter Butschek, CEO & MD at Tata Motors said. Butschek has reasons to worry. Passenger vehicle sales at his firm had more than halved in August compared to last year….
No comments:
Post a Comment