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According to Industry experts, the crunch for the 1000 & 500 Rupee notes has meant that the sales of the automotive industry are down. Moreover, due to fall in the purchase of automobiles, the tyre industry has also felt the jolt with sales getting up to 30% lower than expected. Vishnu Mathur, Director General of Society of Indian Automobile Manufacturers (SIAM) is of the view that as nearly one-third of the purchase in the automotive industry is done in cash the slump is natural with demonetisation.
As per the data released by SIAM, the two-wheeler sales are down by 6% as compared to the same period last year while the passenger vehicle segment has also seen the biggest dip since February this year. The combined vehicle sales are at the lowest since last 43 months.
About SIAM –
SIAM is an important channel of communication for the Automobile Industry with the Government, National and International organisations. The Society works closely with all the concerned stakeholders and actively participates in the formulation of rules, regulations and policies related to the Automobile Industry.
