Industry will be back on fast track this FY: SIAM

The Society of Indian Automobile Manufacturers (SIAM) predicted that the auto industry will be back on the fast track this fiscal after a poor 2008-09. SIAM’s Director-General Dilip Chenoy clarify that SIAMs 2009-10 projections were based on the anticipated demand owing to about five small-car launches. Also, the upcoming repossession guidelines from the Reserve Bank of India and falling interest rates would greatly help achieve projected numbers. However, the car makers did not agree with the projection. Arvind Saxena, senior vice-president, sales and marketing, Hyundai India Motors has a different take. He said it is impossible to project sales growth for the entire financial year. He would be happy if the car makers did maintain the same volume in the April-June quarter as they did in the same period of last year.