Rising fuel prices to have negative impact on automobile industry: SIAM
Rising fuel prices will have a negative impact on the automobile industry, hitting vehicle demand, while also adding to the overall inflationary pressure, auto industry body SIAM said on Wednesday.
The Society of Indian Automobile Manufacturers (SIAM) has also suggested to the government a fitness-based scrappage policy instead of policy based on demand stimulus.
“Unfortunately, with the fuel price going up we will be getting a negative impact in our industry. How long this kind of situation will continue we don’t know but we expect the fuel prices to become reasonable as soon as possible,” SIAM president Kenichi Ayukawa told reporters in a virtual conference.
