There are signs of revival in the automobile industry. This is because the country’s largest car manufacturer Maruti Suzuki has increased production. The company’s total production in August increased by 11 percent to 1,23,769. The company made 1,11,370 cars in the same month last year. The company’s production has increased most in the mini car and utility vehicles segment. The company’s Alto and Espresso come in the mini-car segment. Whereas in the utility vehicles segment, the Escras and Vitara Brija are the leading models.
According to the statement issued by the company, the production of passenger cars in August was 1,21,381 units. Whereas in August 2019, the figure was recorded at 1,10,214. In this way, Maruti’s production in the passenger vehicle segment has increased by 10 percent.
Alto and S-Presso demand increased
Maruti Suzuki says that in August production of small cars Alto and Espresso model was recorded 22,208. A year ago this month it was 13,814. In this way, the company’s production in the mini car segment increased by 61 percent.
Talk about the compact car segment, which includes WagonR, Ignisch, Swift, Baleno, Dzire, production increased marginally last month. The total production of these cars stood at 67,348 in August 2020, compared to 67,095 in August 2019.
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Utility vehicles sales up 44%
According to the company’s statement, Maruti’s utility vehicles, Gypsy, Escras, Vitara Briza and XL6 increased by 44 percent to 21,737 last month. The total production of these cars was 15,099 in August last year. According to Maruti Suzuki, sales of Light Commercial Vehicles Supercopy have increased from 1156 to 2388 on an annual basis.
GST rates may be cut
The central government can provide a big relief to the Indian auto industry, which is facing heavy pressure and lethargy due to the lockdown implemented due to Corona epidemic. Union Minister Prakash Javadekar gave this indication in a recent program of the Auto Industry Organization SIAM (SIAM). There is currently 28 per cent GST on vehicles. The auto industry had demanded that it be reduced to 18 per cent. Finance Minister Nirmala Sitharaman had also recently indicated to cut the GST rate on two-wheelers.
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Heavy Industries Minister Prakash Javadekar had said that the government is considering the demand of the automobile industry to cut the GST rate on all types of vehicles by 10 percent and a decision will be taken in a few days. At the 60th annual conference of SIAM, Javadekar assured that he would talk to the Prime Minister and the Finance Minister about the industry’s demand for temporary cuts in GST. He said, ‘Finance Ministry is preparing a detailed outline of this proposal. Two-wheeler, three-wheeler, public transport and four-wheelers should be relieved in a phased manner. Hope you get the good news soon.
Source: www.financialexpress.com
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