Connect with us

Top News

Environment conducive for growth of automobile sector: SIAM (Second Lead)

Published

on

New Delhi, Oct 9 (IANS) The Society of Indian Automobile Manufacturers (SIAM) on Monday said that the overall growth of the automobile sector “looks conducive” as the industry has “more or less” overcome certain disruptions like demonetisation and the implementation of GST.

“At the moment the growth is looking good… September of course is consequent to festive season and has good numbers, also October will have two major festivals — Dhanteras and Diwali… so sales look good,” said Rajan Wadhera, Vice President, SIAM.

“Overall, the environment looks conducive for growth.”

As per the data released by the SIAM, sales of domestic passenger cars increased by 6.86 per cent in September to 208,656 units from 195,259 units sold in the corresponding period of 2016.

The off-take of other sub-segments such as utility vehicles zoomed up by 26.21 per cent during the month to 84,374 units, while sales of vans rose by 3.72 per cent to 16,925 units.

The industry data revealed that the overall domestic passenger vehicle sales edged higher by 11.32 per cent in September to 309,955 units from 278,428 units sold during the corresponding period in 2016.

Similarly, commercial vehicles’ sales recorded healthy growth last month. It rose 25.27 per cent to 77,195 units in September. The segment is a key indicator of economic activity.

The three-wheeler segment’s off-take increased by 19.08 per cent to 61,860 units during the month under review.

Besides three-wheelers, the overall sales of two-wheelers, which include scooters, motorcycles and mopeds, increased by 9.05 per cent to 2,041,024 units.

Exports across categories increased by 12.73 per cent to 354,049 units during last month.

In addition, the industry data showed that the Indian automobile sector’s overall sales rose by 10 per cent in September 2017 — with total sales at 2,490,034 units across segments and categories.

In its forecast for 2017-18, SIAM said that positive factors such as increased demand due to festive season and implementation of the seventh pay commission in a few states will help boost growth.

However, it said that an expected increase in cost of ownership by 3-5 per cent in 2017-18, as a result of increasing fuel costs and insurance expenses will put pressure on demand.

It further stated that a slowdown in GDP growth, frequent policy changes and increase in commodity prices were other major concerns.

Commenting on SIAM’s data Sridhar V, Partner, Grant Thornton India said: “Auto sector has seen a refreshing growth across all segments and has witnessed highest dispatches primarily because of new introductions during the festival season, favourable monsoon and settled down regulatory and tax positions on the pollution and GST enabling customers to loosen the purse strings.”

“Overall the second quarter has been a dream run for the sector.”

–IANS
rv/bg

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

Continue Reading

Trending