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Decline in Automobile Exports from India due to International Economic Uncertainty

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Automobile exports from India witnessed decline amid global economic turbulence

India’s automobile exports faced a 5.5% decline in the fiscal year 2023-24 due to monetary crises in key overseas markets, according to the Society of Indian Automobile Manufacturers (SIAM). The passenger vehicle segment showed resilience with a marginal 1.4% growth, while the two-wheeler segment experienced a 5.3% decline in exports. Commercial vehicle exports saw a significant setback with a 16% decline, and three-wheeler exports decreased by 18%.

Vinod Aggarwal, President of SIAM, highlighted the challenges posed by volatility in overseas markets, impacting commercial vehicle and two-wheeler exports. Foreign exchange issues in key markets have affected export volumes, emphasizing the need for strategic solutions.

Despite the obstacles faced by the industry, there are positive indicators of recovery, particularly in the two-wheeler segment during the January-March quarter of FY25. This recovery hints at a potential upturn for the sector, offering hope for growth in the future.

Industry stakeholders are optimistic about the sector’s prospects, citing the recovery in the first quarter of FY25 as a promising sign. With a focus on market diversification and strategic interventions, the industry aims to overcome challenges and thrive, contributing to India’s position in the global automotive market.

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