The global slowdown has endowed a negative impact on the Indian car industry. It seems to be hitting the industry with a vengeance now.
According to industry reports, the first six months of the current fiscal showed an export growth of 30% but the same has been declined in October. The export has dipped to 15% compared to the corresponding month in previous fiscal.
Several non-government bodies along with the industry sector have been forecasting a major deficit in the export this fiscal. The predictions even got stronger when the director general of Foreign Trade R. S. Gujral placed an official stamp in support of the statement that India is likely to miss the car export target this year.
Mr. Gujral also stated that if September and October are the actual indicators of the market status for the remaining months of the financial year, then India is definitely going to miss the export target.