Indian waste banknotes hit car sales hit a new low in 16 years
India abolished 500, 1,000 rupee bills to hit the economy. The service purchasing managers' index (PMI) announced recently came to 46.8, shrinking for two months, and the manufacturing purchasing managers' index also fell. Now the new currency exchange policy has new The victims, according to the Indian Automobile Manufacturers Association, India's car sales in December fell 19% to 1.2 million, a record low since 2000!
According to the latest data from the Society of Indian Automobile Manufacturers, car sales in December fell 19% to 1.2 million units, a record low in 16 years. The sales of motorcycles, which are important vehicles in rural areas, are a major recession. % is also the biggest monthly decline since the record.
Vishnu Mathur, director of the Indian Automobile Manufacturers Association, said that the Modi government's waste policy has had an impact on the auto industry, but we think this is only a painful period. Vishnu Mathur also predicts that the budget reviewed by the Indian government includes increasing consumer disposable income and is expected to improve India's consumer confidence and sluggish demand.
Compared with Vishnu Mathur's belief that the exchange of money will soon pass, Abdul Majeed, a partner of the well-known accounting firm Price Waterhouse in India, is not so optimistic. He pointed out that the current consumer mentality is still waiting to see, the bleak situation of the auto market may be It will last for 2-3 months.
Since India announced no bankruptcy in November last year, many economists have repeatedly warned that this policy will drag down economic performance. Economists surveyed by Bloomberg News bluntly said that India's GDP growth rate will fall to 6.8% this year, far below the estimated 7.7% before the announcement of the banknote policy, and is also refuted by Energy Minister Piyush Goyal. The class data has stabilized, and many scholars have exaggerated the impact of banknote change. From the perspective of car sales in December, the situation is stable and stable. If the demand is not warm, I am afraid that the car dealer will suffer a lot. It is.
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