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auto sector

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Auto sector may witness double-digit growth in 2021

Vinkesh Gulati, president, Federation of Automobile Dealers Associations (Fada) said since the lockdown was lifted, the industry has been witnessing one of the best ‘V’ shaped recoveries in years, aided by good monsoons and better harvest, festive demand and wedding season.
Cars are seen parked at Maruti Suzuki's plant at Manesar, in the northern state of Haryana, India.(Reuters/ File photo)
Cars are seen parked at Maruti Suzuki's plant at Manesar, in the northern state of Haryana, India.(Reuters/ File photo)
Updated on Jan 04, 2021 05:59 AM IST
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Livemint | By Malyaban Ghosh

JBIC signs deals to boost India’s auto sector, help create clean energy

The loan is aimed at providing funds through SBI for manufacturing and sales businesses of suppliers and dealers of Japanese automobile manufacturers, and for providing auto loans for the purchase of Japanese automobiles, JBIC said in a statement.
JBIC said in a separate statement it had signed a loan agreement for up to 50 billion yen (about $480 million) with state-owned power generation company NTPC Limited to provide funds for solar power projects and installation of environmental equipment in India.(TWITTER/ @projects_today.)
JBIC said in a separate statement it had signed a loan agreement for up to 50 billion yen (about $480 million) with state-owned power generation company NTPC Limited to provide funds for solar power projects and installation of environmental equipment in India.(TWITTER/ @projects_today.)
Updated on Oct 29, 2020 04:58 PM IST
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Hindustan Times, New Delhi | By HT Correspondent | Edited by Sohini Sarkar

Nitin Gadkari hopeful of India emerging as electrical vehicle manufacturing hub in 5 years

Nitin Gadkari said he was aware of the issues facing the EV sector, but was also sure that things would change as sales volume rises.
The minister said the government has lowered the GST on electrical vehicles to 12 per cent.
The minister said the government has lowered the GST on electrical vehicles to 12 per cent.
Published on Jun 18, 2020 07:46 PM IST
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New Delhi | By Press Trust of India

Moody’s cuts India’s GDP growth forecast to 5.6% for 2019

It expects economic growth to pick up in 2020 and 2021 to 6.6 per cent and 6.7 per cent respectively, but sees the pace of growth remaining lower than past.
Moody’s Investors Service on Friday said it has lowered its 2019 GDP growth forecast for India to 5.6 per cent as slow employment growth weighs on consumption.(Bloomberg)
Moody’s Investors Service on Friday said it has lowered its 2019 GDP growth forecast for India to 5.6 per cent as slow employment growth weighs on consumption.(Bloomberg)
Updated on Dec 13, 2019 01:17 PM IST
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New Delhi | By Press Trust of India

From armchairs to iPhones, India’s millennials rent it all

For 4,247 rupees ($60) a month, the Mumbai-based executive furnished his entire home, sourcing furniture for his bedroom, living room and dining area as well as a refrigerator and microwave.
In India, the boom has fuelled the rise of new furniture and appliance-renting businesses such as Furlenco, RentoMojo and GrabOnRent.(REUTERS)
In India, the boom has fuelled the rise of new furniture and appliance-renting businesses such as Furlenco, RentoMojo and GrabOnRent.(REUTERS)
Published on Dec 01, 2019 05:47 PM IST
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Mumbai | By Agence France-Presse

Industrial output in September shrinks to lowest in seven years

Data released by the statistics department on Monday showed capital goods that indicate investment demand in the economy shrinking 20.7% in its ninth straight month of contraction, while both consumer durables and consumer non-durables also contracted, signalling a continuing slump in consumption demand.
All components of industrial output—mining, manufacturing and electricity—fell during the month, pointing towards a deepening economic downturn.(Reuters File Photo)
All components of industrial output—mining, manufacturing and electricity—fell during the month, pointing towards a deepening economic downturn.(Reuters File Photo)
Updated on Nov 12, 2019 05:48 AM IST
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Livemint, New Delhi | By Asit Ranjan Mishra

Ashok Leyland declares 2-15 non-working days in October

Battling the sluggishness in the commercial vehicles market, the UK-based Hinduja Group’s flagship company has informed both the NSE and BSE that it is scaling down production in view of the weak demand.
Ashok Leyland’s sales have seen a sharp fall of 55 per cent in September this year, compared to the corresponding period last year. The decline in sales has been continuing for the past three months.(BLOOMBERG.)
Ashok Leyland’s sales have seen a sharp fall of 55 per cent in September this year, compared to the corresponding period last year. The decline in sales has been continuing for the past three months.(BLOOMBERG.)
Updated on Oct 04, 2019 10:40 PM IST
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Hindustan Times, Chennai | By MC Rajan

Goa slashes road tax by 50% to boost struggling auto sector

The tax reduction comes ahead of the festive period and is expected to boost demand. Given its temporary nature, the cut is expected to push those stalling on purchasing a vehicle over the line.
Cars are seen parked in a dock. Goa government has slashed road tax on purchases of new vehicles for a period of three months, in a bid to help the struggling auto industry.(PTI)
Cars are seen parked in a dock. Goa government has slashed road tax on purchases of new vehicles for a period of three months, in a bid to help the struggling auto industry.(PTI)
Published on Oct 01, 2019 10:10 AM IST
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Panaji | By HT Correspondent

Centre may ask states to levy more tax on older vehicles

The states and the Centre levy road taxes for maintaining state or national highways, and they vary. The taxes are also levied when vehicles are bought. They are over and above the purchase prices and registration charges.
The Centre is likely to ask states to increase road taxes for older vehicles to make it harder for them to ply, according to officials aware of the development.(HT Photo)
The Centre is likely to ask states to increase road taxes for older vehicles to make it harder for them to ply, according to officials aware of the development.(HT Photo)
Updated on Sep 27, 2019 12:22 AM IST
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New Delhi | By HT Correspondent

In Gurugram, workers stare at an uncertain future as the auto sector faces slowdown

In Gurugram, the country’s largest automotive hub, which houses more than a 1,000 automotive manufacturing companies with a 400-plus labour force, more than 40,000 workers, according to labour rights activists, have been affected by the slowdown
Thousands of unsold cars lie at the Maruti plant in Manesar. The area houses more than 1,000 automotive manufacturing companies, which employ several thousand workers who have been retrenched due to the slowdown in the industry.(Yogendra Kumar/HT PHOTO)
Thousands of unsold cars lie at the Maruti plant in Manesar. The area houses more than 1,000 automotive manufacturing companies, which employ several thousand workers who have been retrenched due to the slowdown in the industry.(Yogendra Kumar/HT PHOTO)
Updated on Sep 24, 2019 08:43 AM IST
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Hindustan Times, Gurugram | By Sonali Verma

Sensex falls 600 points, Nifty slumps below 10,850; banking, auto worst hit

Among the Sensex stocks, Hero MotoCorp fell 4.4%, Axis Bank 3.75% while ICICI Bank, SBI, Bajaj Auto, Tech Mahindra, Tata Steel, Maruti, HDFC and Bharti Airtel declined between 2% and 3%.
The Bombay Stock Exchange Limited.(Hindustan Times Media)
The Bombay Stock Exchange Limited.(Hindustan Times Media)
Updated on Sep 17, 2019 02:36 PM IST
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By HT Correspondent

Uber and Ola are popular but Indian auto sector’s problems run deeper

While data shows firms such as Uber and Ola are popular with younger consumers more comfortable with shared mobility and digital trends, analysts say the auto industry’s problems run deeper than that -- and it is facing more serious bumps in the road.
With a population of 1.3 billion people, India is the world’s fourth-largest car market and one where owning a vehicle is as much a status symbol as a means of transport.(AP)
With a population of 1.3 billion people, India is the world’s fourth-largest car market and one where owning a vehicle is as much a status symbol as a means of transport.(AP)
Updated on Jun 30, 2020 12:34 AM IST
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New Delhi | By Agence France-Presse

Special window for last-mile funding of affordable housing projects, says Sitharaman | Highlights

The Nirmala Sitharaman-led finance ministry has been working on steps to boost growth in the real estate sector, a major job creating industry, which has been grappling with record unsold inventory and poor sales, according to Livemint.
Nirmala Sitharaman addressing a press conference in Delhi on Sept 14, 2019. (Photo Photo Raj K Raj/ HT)
Nirmala Sitharaman addressing a press conference in Delhi on Sept 14, 2019. (Photo Photo Raj K Raj/ HT)
Updated on Sep 14, 2019 04:06 PM IST
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Hindustan Times, New Delhi | By HT Correspondent

Economic slowdown might be more than a passing cycle of low demand | Opinion

What has caused India’s slowdown and when will GDP growth pick pace again? Answering the second question actually depends on the first, about which there’s considerable debate.
Finance minister Nirmala Sitharaman, addressing the media on her government’s crossing of 100 days in office on September 10, passed off the slowdown as part of the cycle.(ANI)
Finance minister Nirmala Sitharaman, addressing the media on her government’s crossing of 100 days in office on September 10, passed off the slowdown as part of the cycle.(ANI)
Updated on Sep 12, 2019 04:50 PM IST
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Hindustan Times | By Zia Haq

Maruti differs with Nirmala Sitharaman, says Ola, Uber not big factor in auto crisis

The Indian auto industry which is undergoing one of its toughest times saw monthly passenger vehicle and car sales record steepest fall in August.
Finance Minister Nirmala Sitharaman(PTI file photo)
Finance Minister Nirmala Sitharaman(PTI file photo)
Updated on Jun 28, 2020 04:54 PM IST
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Hindustan Times, New Delhi | By HT Correspondent

No plan to ban petrol, diesel vehicles, says Nitin Gadkari amid crisis in auto sector

Nitin Gadkari, who was addressing the annual meet of the Society of Indian Automobile Manufacturers (SIAM), said the government is considering a cut in the goods and services tax (GST) rate for hybrid vehicles.
Nitin Gadkari assured that there were no plans to ban conventional petrol and diesel vehicles.(ANI Photo)
Nitin Gadkari assured that there were no plans to ban conventional petrol and diesel vehicles.(ANI Photo)
Updated on Jun 26, 2020 08:30 PM IST
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Hindustan Times, New Delhi | By HT Correspondent

Maruti Suzuki’s ‘no production’ at Gurugram, Manesar plants for two days amid auto crisis

Reeling under severe slowdown, Maruti Suzuki India had reduced its production by 33.99 per cent in August.
Maruti Suzuki’s plant in Gurgaon’s Manesar plant.
Maruti Suzuki’s plant in Gurgaon’s Manesar plant.
Updated on Jun 26, 2020 01:24 AM IST
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Press Trust of India | By Press Trust of India

Markets open in red after Tuesday’s 770 point plunge

The markets dropped on Tuesday, the first day of trading after Gross Domestic Product (GDP) data released on Friday put economic growth at a six-year low.
After plunging 770 points on Tuesday, the Indian equity indices opened in the red zone on Wednesday with both Sensex and Nifty down on global cues.(Reuters Image)
After plunging 770 points on Tuesday, the Indian equity indices opened in the red zone on Wednesday with both Sensex and Nifty down on global cues.(Reuters Image)
Updated on Sep 04, 2019 09:57 AM IST
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Hindustan Times, New Delhi | By HT Correspondent

Maruti keeps top spot as India’s largest utility vehicle maker in Apr-July

The launch of multi-purpose vehicle XL6 has further bolstered Maruti’s position in the face of stiff competition from Hyundai Motor India Ltd and Mahindra and Mahindra Ltd.
Maruti Suzuki has topped the chart of utility vehicle sales, by registering a market share of 25.46% during first four months of FY 2019-20.(File Photo)
Maruti Suzuki has topped the chart of utility vehicle sales, by registering a market share of 25.46% during first four months of FY 2019-20.(File Photo)
Updated on Sep 03, 2019 05:38 PM IST
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Livemint | By Malyaban Ghosh

State of Indian economy: Decoding the 5% problem

The June quarter is not an aberration. India’s GDP growth rate has been slowing for five consecutive quarters now. This is only the second instance since December 1999 that the GDP growth rate has fallen for five straight quarters.
Measures announced by the finance minister to boost demand are primarily focused on the auto sector.(MINT File)
Measures announced by the finance minister to boost demand are primarily focused on the auto sector.(MINT File)
Updated on Sep 01, 2019 10:06 AM IST
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New Delhi | By Roshan Kishore

Toyota, Suzuki announce capital alliance, will jointly develop autonomous vehicle technology

According to a press release issued by Toyota and Suzuki, Toyota plans to acquire 24,000,000 shares of common stock in Suzuki by underwriting the disposition of treasury shares by way of third-party allotment conducted by Suzuki.
Toyota and Suzuki first came together to develop affordable hybrid and electric vehicles for the Indian market.(AP Photo)
Toyota and Suzuki first came together to develop affordable hybrid and electric vehicles for the Indian market.(AP Photo)
Updated on Aug 28, 2019 06:49 PM IST
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By Malyaban Ghosh

Why auto stocks are down despite government’s relief measures

The relief from depreciation will be substantial only for higher value vehicles such as passenger and commercial vehicles. Barring the increase in depreciation by an additional 15%, there are hardly any measures that will lower the cost of vehicle ownership.
Nifty Auto index continues to loose momentum.(Mint photo)
Nifty Auto index continues to loose momentum.(Mint photo)
Updated on Aug 26, 2019 02:17 PM IST
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livemint , Mumbai | By Vatsala Kamat

BJP policies responsible for economic slowdown: Bittu

Bittu’s remarks come two days after finance minister Nirmala Sitharaman announced a slew of measures to assuage the bleeding auto sector.
HT Image
HT Image
Updated on Aug 25, 2019 10:37 PM IST
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By Mohit Khanna, Ludhiana

Industry hails deadline for GST refunds, removal of angel tax for start-ups

The Union government should also have focused on other sectors of economy, including real estate, steel industry and textiles, which are also facing a slump, say industry representatives.
The automobile sector has shown a positive response to the announcements made by Union finance minister Nirmala Sitharaman to prop up the slowing economy.(Mohd Zakir/HT PHOTO)
The automobile sector has shown a positive response to the announcements made by Union finance minister Nirmala Sitharaman to prop up the slowing economy.(Mohd Zakir/HT PHOTO)
Updated on Aug 24, 2019 10:53 PM IST
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Hindustan Times, Ludhiana | By HT Correspondent, Ludhiana

Finance Minister Sitharaman’s three-point plan to jump-start auto sales

Finance minister announced measures to arrest a fall in demand for automobiles. Latest Federation of Automobile Dealers Associations (FADA) data reveals that overall retail sales in July had fallen by 6 per cent.
Finance Minister Nirmala Sitharaman with her MoS Anurag Thakur (L) and Finance Secretary Rajiv Kumar addresses a press conference announcing a slew of economic measures to boost growth, at National Media Centre in New Delhi, India, on Friday, August 23, 2019.(Mohd Zakir/HT PHOTO)
Finance Minister Nirmala Sitharaman with her MoS Anurag Thakur (L) and Finance Secretary Rajiv Kumar addresses a press conference announcing a slew of economic measures to boost growth, at National Media Centre in New Delhi, India, on Friday, August 23, 2019.(Mohd Zakir/HT PHOTO)
Updated on Jun 20, 2020 06:10 AM IST
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Hindustan Times, New Delhi | By HT Correspondent

Tata Motors hits 52-week low after scrips fall over 10%

Amid weakness in the auto sector, a sharp fall was seen in the Tata Motors stocks , it was trading 9.25 per cent lower at Rs 112 a share on the NSE before hitting its 52-week low of Rs 109.50 apiece.
Other constituent stocks like Ashok Leyland, Apollo Tyres, Mahindra and Mahindra and TVS Motors were also trading in the red.(HT Photo)
Other constituent stocks like Ashok Leyland, Apollo Tyres, Mahindra and Mahindra and TVS Motors were also trading in the red.(HT Photo)
Updated on Aug 21, 2019 07:43 PM IST
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Mumbai | By Indo Asian News Service

Passenger vehicle sales drop for 9th consecutive month, 31% slump in July

The fall in car sales comes at a time when demand for consumer goods is falling and what is seen as a major sign of an economic slowdown in India.
Sales of passenger vehicles to car dealers fell 30.9% to 200,790 in July, data released by the Society of Indian Automobile Manufacturers (SIAM) showed.(Reuters file photo)
Sales of passenger vehicles to car dealers fell 30.9% to 200,790 in July, data released by the Society of Indian Automobile Manufacturers (SIAM) showed.(Reuters file photo)
Updated on Aug 13, 2019 12:40 PM IST
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Reuters | By Reuters

As downturn continues, auto component industry stares at loss of 10 lakh jobs

The automotive component industry contributes 2.3 per cent to India’s gross domestic product (GDP), 25 per cent to its manufacturing GDP and provides employment to 50 lakh people.
There will be job losses to the tune of about 10 lakh if the downturn in auto sector continues.(Sanchit Khanna/HT File PHOTO)
There will be job losses to the tune of about 10 lakh if the downturn in auto sector continues.(Sanchit Khanna/HT File PHOTO)
Updated on Aug 11, 2019 11:07 AM IST
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Chennai | By Indo Asian News Service

Indian auto parts maker braces for plant shutdowns amid industry-wide crisis

India’s auto sector is facing a downturn, which experts say is the worst suffered by the industry, triggering massive job cuts and factory shutdowns.
Since April, automakers have laid off 350,000 worker.(Hindustan Times Photo)
Since April, automakers have laid off 350,000 worker.(Hindustan Times Photo)
Published on Aug 08, 2019 07:03 PM IST
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Reuters, Bengaluru | By Chris Thomas

Poor safety mechanism, work pressure maims thousands in auto sector: Report

These injuries would be preventable if companies install safety mechanisms in their machines, train workers to operate dangerous machines, provide safety gear, and stop long shifts, said the report, which suggests practical and achievable solutions as a roadmap for the way forward.
The automotive sector contributes 4% of the GDP and employs at least 13 million people, which makes it imperative to provide safety standards for the industry.(AP PHOTO.)
The automotive sector contributes 4% of the GDP and employs at least 13 million people, which makes it imperative to provide safety standards for the industry.(AP PHOTO.)
Updated on Aug 12, 2019 11:43 AM IST
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Hindustan Times, New Delhi | By Rhythma Kaul
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