The Automotive Mission Plan
2006-2016 (AMP), released by
the Indian Government in 2006, is very clear about its vision for the
Indian automotive sector: To ensure that the industry emerged, by 2016,
as the destination of choice in the world for design and manufacture of
automobiles and auto components, with output reaching the level of $145 bn,
accounting for more than 10% of the GDP and providing additional employment to
25 million people by 2016. And, if the record sales that the
automakers posted in October 2010 are any indication, then the Indian auto sector is
cruising on the right track at the moment and well on its way to achieving all
that the AMP has envisioned for the industry.
The automobile sales in October this year touched, on the back of a strong
demand during the festival season, a record high of 1,460,655 units,
bettering the previous best of 1,329,086 units sold in September. Thanks to the
record monthly sales achieved in the passenger cars, motorcycles, and
two-wheelers segments, the overall domestic sales
for the month grew by 45.93% over the same month last year.
In October, Maruti Suzuki India, Hyundai Motors, Tata Motors,
General Motors, Ford, Toyota, and Mahindra & Mahindra, which together account
for 95% of car sales in India, sold a record 296,064 vehicles (including
exports)a 27% rise over the same period last year (see Table). Sales of motorcycles
and scooters too remained upbeat, with Hero Honda Motors, the country's
biggest two-wheeler maker, recording its highest monthly sales in October.
The number of units dispatched from the company for the month stood
at 505,553 units, 43% more than that for the corresponding period last year.
TVS Motors, the country's third largest two-wheeler maker, sold 173,771 units,
a rise of 46.5% over the 118,563 units sold a year ago.
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