Vikram Kirloskar, President, SIAM, sees a better auto sales growth in FY16 as against FY15 in case the interest rates improve
Below is the transcript of Vikram Kirloskar's interview with Sumaira Abidi & Reema Tendulkar on CNBC-TV18.
Sumaira: The reason we wanted to speak to you today is to try and asses what could be the impact on at least rural demand because we have seen a lot of unseasonal rains which have damaged at least about 50 lakh hectares of crops. Do you asses that at least the tractor sales which have already been under pressure could see further downside from here?
A: Tractor sales I can't talk about as Society of Indian Automobile Manufacture (SIAM) does not represent tractors. However, on the two wheelers and some of the other rural vehicles that are sold like the lighter and the cheaper sport utility vehicle (SUVs), there is definitely going to be some affect of the unseasonal rain.
Last quarter of last year we saw there was some reduction rural sales especially in two wheelers, urban sales were very good. It could be a combination of both Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in the last quarter, reduction of money going out. However, in this Budget they have said that the MGNREGA is going to be increased by Rs 5000 crore. It may make some difference in the rural sales as well.
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Expect 4Ws to grow at 3-4%, 2Ws at 8-10% in FY16: SIAM
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