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The production growth rate of Automobile Industry during the period April 2014 to February 2015 compared to the same period of last year is as under:
| April-February 2014 | April-February 2015 | Growth% |
Passenger Vehicles | 2,815,563 | 2,927,447 | 3.97 |
Commercial Vehicles | 636,923 | 629,905 | -1.10 |
Three Wheelers | 763,338 | 867,888 | 13.70 |
Two Wheelers | 15,429,731 | 17,042,863 | 10.45 |
Total of All Categories | 19,645,555 | 21,468,103 | 9.28 |
The Government is taking steps to improve growth through policies like the JNNURM and support for improving exports. The vehicles manufacturers are launching newer and improved models to boost demand.
Excise duty was reduced w.e.f. February, 2014 to December, 2014 and thereafter the earlier higher duty level has been restored. Almost all the sectors had shown improvement in production during the lower excise duty phase and the previous negative trend was reversed. Comparative data of production during the period January-December, 2013 and January-December, 2014 is as under:
| January-December 2013 | January-December 2014 | Growth% |
Passenger Vehicles | 3,155,694 | 3,158,215 | 0.08 |
Commercial Vehicles | 742,731 | 681,945 | -8.18 |
Three Wheelers | 847,323 | 937,879 | 10.69 |
Two Wheelers | 16,413,175 | 18,490,931 | 12.66 |
Grand Total | 21,158,923 | 23,268,970 | 9.97 |
This information was given by the Minister of State in the Ministry of Heavy Industries and Public Enterprises Shri G.M. Siddeshwara in reply to a written question in the Rajya Sabha today.
Lower excise duty spurred temporary production growth in the automobile industry, reversing prior declines across multiple vehicle categories. Impact of a temporary reduction in excise duty on the automobile sector is described, with production statistics indicating that excise duty was reduced from February 2014 through December 2014 and subsequently reverted to the earlier higher level; during that reduced-duty interval most vehicle categories showed higher production and earlier negative trends were reversed, supported by comparative period data for passenger vehicles, commercial vehicles, three wheelers, two wheelers, and totals.Press 'Enter' after typing page number.