The Economic Times (New Delhi) - The Indian automobile industry is expected to generate a turnover of up to Rs 2,10,000 crore during this fiscal, Parliament was informed today.
In a written reply to the Lok Sabha, Heavy Industries and Public Enterprises Minister Praful Patel said the cumulative growth rate of automobile and component industries during the last two years stood at double digits, citing figures by Society of Indian Automobile Manufacturers (SIAM).
"...however, the rate of growth during the current year is expected to come down significantly," he added.
In terms of turnover, Patel said the auto industry is likely to clock a turnover in the range of Rs 2,04,000 crore to Rs 2,10,000 crore in 2011-12, up by 12-15 per cent.
The industry registered a turnover of Rs 1,82,100 crore in the last fiscal, a growth of 34.2 per cent with sales of 1,55,13,156 units, he added.
The industry had sales of 54,21,089 units during the April-July period this fiscal, showing a growth of 13.55 per cent over the same period in 2010-11.
SIAM has said it may further lower the growth projection for vehicle sales in the country from the revised 11-13 per cent, announced two months earlier.
Domestic car sales in August went on a down-slide, with the big three makers -- Maruti Suzuki India, Hyundai Motor India and Tata Motors -- posting a decline in their monthly numbers.
In July this year, domestic passenger car sales had fallen for the first time after 30 months of continuous growth, registering a 15.76 per cent decline, mainly due to hikes in lending rates and lower production by market leader Maruti Suzuki during the month.
Despite the market witnessing a slowdown at present, SIAM has said the size of the domestic passenger vehicles market is likely to touch 5.6 million units by 2017, up from 2.2 million units per annum currently.
