Indian Auto Industry Records 12.5 Percent Surge in FY24
According to the Society of Indian Automobile Manufacturers (SIAM), the Indian automobile industry has reported significant growth in the last financial year, FY24. Vinod Aggarwal, President, SIAM, highlighted that the industry grew by 12.5 percent domestically, showcasing its resilience amidst conducive government policies and 7.6 percent economic growth.
Aggarwal noted significant achievements in sustainability, with the commencement of producing vehicles that are materially compliant with 20 percent ethanol and notable growth in electric vehicles. He emphasized the passenger vehicle segment’s leading role, with nearly 5 million units sold and marking an 8.4 percent growth in domestic sales.
In terms of commercial vehicles, he mentioned that there was marginal growth influenced by shifts to higher tonnage trucks. Despite export challenges in some sectors, recovery trends in the last quarter, especially in two-wheelers, indicate positive trends for the current year.
He expressed optimism, citing a positive macroeconomic outlook and expectations of continued growth, buoyed by favorable government policies.