Business & Economy
Indian car production
growth fastest in world
What is India News Service, Thursday,
14 April 2005,
1500 hrs IST
India registered the fastest growth
among the top 15 passenger car producing countries in the world in 2004.
As per latest rankings by the International Organisation of Motor Vehicle Manufacturers, OICA, India's car production grew 30 per cent in 2004 while Brazil was the second with 17 per cent growth.
India is also just a tad away from being among the top 10 automobile producing countries in the world. It jumped two places to the 11th position in 2004.The 86-year-old Paris-based OICA is also the governing body of international auto shows. India grabbed Italy's position, whose ranking slipped to 14th from 11th in 2003. The country produced a total of 11.78 lakh cars in 2004 while Italy produced 8.33 lakh units, with its growth rate declining by 19 per cent over 2003.
Though China's growth rate was lower at 15 per cent, it still managed to hold on to its seventh position with production of 23.16 lakh cars in 2004. In 2003, it grew by 83 per cent.
The top three passenger car producing nations maintained their rankings. Japan, ranked first, produced 87.2 lakh cars posting a growth of 3 per cent. In 2003, its growth declined by 2 per cent. The number two on the list, Germany, produced 51.92 lakh units, growing by a mere 1 per cent. The US, ranked third, produced 42.29 lakh cars. Its growth declined by 6 per cent compared with a 10 per cent decline in growth in 2003.
Global consultancy firm AT Kearney's automobile consultant, Mr Nagi Palle, struck a cautious note about India's performance. "India is still a very lean market with 75 per cent of the cars sold being below $10,000. If India achieves a per capita GDP of $1,000, it will trigger off mass motorisation. For China it is around $1,200," Mr Nagi Palle said. Though China's growth is slowing down, its small car market is bigger than all of India's car market, he said.
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HDFC Bank Q4 net up 30% on higher credit, fee income:
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VAT relief for Delhi traders:
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Committee admits VAT discrepancies:
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India, UK sign MoU on more flights:
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