Why Automobile Industry in India is suffering from Slowdown?
The slowdown in one of the economy's biggest sectors is workers assemble a car at an FCA India Automobiles manufacturing facility. Many industries like steel, cement, electrical equipment, and furniture industry are suffering as a result of the ailing real estate sector. The Automobile industry in India has been going through a tough time for the past 2 years. According to a report from The Society of Indian Automobile Manufacturers (SIAM) , the Automobile Industry in India is going through a long-term structural slowdown as the compound annual growth rate (CAGR) across all major vehicles has witnessed a decline over the past 3 decades. Automobile Industry India slowdown, is it Coronavirus effect? As per the study conducted by The Society of Indian Automobile Manufacturers ( SIAM ) the pandemic is one prime reason that has played a vital role leading to this slowdown but is not the only reason. The compound annual growth rate (CAGR) of the domestic passenger vehicle industry