Car exports to jump by over 15% in FY10-11
The total vehicle exports from India is expected to jump by up to 15 percent in the fiscal year 2010-11, as announced by the government on Monday. Mr Ambuj Sharma, the Joint Secretary in the Department of Heavy Industry, told to a leading media agency that country may see a 10-15 per cent increase in auto exports over and above the last fiscal year's export.
The Society of Indian automobile manufacturers (SIAM) stated that total export form the country was 18,04,619 units in the FY 09-10 as against the 15,30,594 units sold the fiscal year 2008-09, accounted for a sales increase of 17.90 percent.
Mr Sharma added that as the most of the European nations are growing, and this will certainly increase the level of consumer spending which in turn will boost the demand for cars in the region.
In last financial year, while auto-biggies around the world struggling to register a single digit growth, the Indian automobile industry reported a sales growth of whooping 33.23 per cent over the same period of preceding year. The major contributor to this growth was the scrappage scheme launched in many of the European countries in which govt.'s offered an exciting incentive scheme to buyers who were planning to purchase new vehicles in exchange of their old car.