Stimulus package can aid depressed Indian auto industry sales, manufacturing essential
Showing concern for prolonged fall in auto sales in India, Praful Patel, Minister of Heavy Industries has pitched for a stimulus package in anticipation of bringing our auto industry out of the doldrums in much the same way as the Food Bill introduced yesterday is giving further stimulus to 82 crore people in the country.
The slowdown in the auto industry has been declining since the start of this year which has led to loss of jobs, and essentially manufacturing. Car sales declined 7.4% in the month of July and vehicle sales during the entire year fell 2.08% from 14,45,112 units in July 2012 to 14,15,102 units in July 2013. Society of Indian Automobile Manufacturers (SIAM) is also pushing for a stimulus package similar to the one seen during 2008-09 downturn which included a reduction in excise to the tune of 8% on two wheelers, small cars and commercial vehicles.