Indian Auto Industry Records a Growth of 24.4 % in 2009-10

Assembly Line in Auto Industry

With a helping hand of government’s stimulus package and lowered interest rates on auto loans, the automobiles industry recorded a growth of 26.41%. The industry recorded sales of 12.3 million units, highest ever, making the current financial year 2009-10 the most successfull in its history.

The four wheeler segment posted a growth of 25.10% growth and the two wheelers witnessed a surge of 26%. Mr. Pawan Goenka, President of the SIAM(Society of Indian Automobile Manufacturers) expected a growth of 10-15%. He also stated that by the year 2015-16 the industry is expected to be worth US$145bn.

The domestic car sales boomed with manufacturers selling 155,600 cars in March, compared with 129,585 a year ago increasing by 20.1%. Sales of trucks and buses, rose 61.2% to 67,362 units in the month, SIAM said.

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