The Indian auto industry is performing good in the auto market for this year. According to the Economic Times news report on 8th September 2011, Indian auto industry is generating great turnover of Rs 2,10,000 Cr for the 2011-2012 financial year. The Indian parliament too has announced that Indian auto industry is generating good turnovers for this fiscal year.
The minister of heavy industries and public enterprises has said that, Indian auto industry is generating good growth rate since the last two years, it is creating double digit sales growth rate. He said that auto industry turnovers will reach from 2,04,000 Cr to 2,10,000 Cr for the 2011-2012 year with 12-15% growth rate.
Indian auto industry has registered a turnover of 1,82,089 Cr in the last year with 34.2% growth. It sold 1,55,13,156 vehicles for the 2010-2011 fiscal year. Two months earlier the SIAM announced vehicle sales in India, the revised sales growth is 11-13%.
Domestic car sales in India is slowing down, three brands like Maruti-Suzuki India, Hyundai India, Tata motors India are getting negative sales growth for August, 2011. For July, 2011 the sales of passenger cars have fallen down after a long period. It registered 15.77% decline in sales growth due to lower production and hike of lending rates. SIAM said that the passenger cars in India will be reaching the numbers of 5.6 million units in 2017.