The slowdown in one of the economy's biggest sectors is workers assemble a car at an FCA India Automobiles manufacturing facility. Many industries like steel, cement, electrical equipment, and furniture industry are suffering as a result of the ailing real estate sector.
Automobile Industry India slowdown, is it Coronavirus effect?
As per the study conducted by The Society of Indian Automobile Manufacturers (SIAM) the pandemic is one prime reason that has played a vital role leading to this slowdown but is not the only reason. The compound annual growth rate (CAGR) of the domestic passenger vehicle industry was 12.9% between 1989-1990 & 1999-2000. It dropped to 10.3% between 1999-2000 and 2009-2010, in the last decade it further dropped to 3.6%.
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Submitted June 01, 2021 at 11:06AM by bapac20 https://ift.tt/3fDGcjX
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