Over the years, Society of Indian Automobile Manufacturers (SIAM) Annual convention has assumed a distinct character and has become one of the India’s most coveted automotive event. It has become a global event focused on issues influencing Indian automotive industry’s competitiveness and its integration with the global economy.
Indian Automobile Industry is a key driver of economic growth in the country. However, the Industry has been witnessing a deep structural slowdown even before the Covid-19 pandemic started. A steep decline in the annual rate of growth came at the backdrop of one of the landmark feats, wherein the industry achieved emission and safety norms almost at par with Europe.
The challenges of the Industry have been further aggravated by the pandemic and resulting lockdowns. In terms of sales, all segments – Passenger Vehicle, Two-Wheeler, Three-Wheeler, Commercial Vehicle – are pushed back by many years.
The economic after-effect of the Covid second wave will subside soon and we will be on the path of recovery.
However, the dent that has already been created in the economy, is likely to take some amount of time to repair itself and therefore all Stakeholders across the Value Chain need to come together and think towards ‘Re-building the Nation, Responsibly’.