SIAM is the Apex National Body representing Indian Automobile Industry

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  • SIAM held its 13th Looking Ahead Conclave today with the theme ‚ÄúRecalibrate to Sustain in Changing Times"

    10/01/2019 | New Delhi

    The deliberations during the day bought out key insights on the health of domestic business environment, which is very important to shape up the outlook of domestic demand for automobile industry and overall economy.

    The speakers in the 13th SIAM Looking Ahead Conclave said that factors like low interest rate, benign inflation, moderation in oil prices, etc. are likely to be supportive for consumer demand.  However, the economy may face major headwind due to certain domestic and global developments.

    On the domestic front, though food inflation is likely to remain low but the lower food prices are expected to adversely impact the farm and rural income. Economists informed that the domestic food prices are largely driven by international price, indicating India is a price taker for most of the farm output, especially crops. Hence the drop in global prices is one the reasons that have kept the domestic prices low, which means higher MSP as announced may not raise the domestic prices reasonably.

    Even farm loan waiver may have only limited impact on overall rural demand when realisation of financial income is likely to be low due to low prices of farm output.

    On the global front, the economic growth of the developed economies like USA, Europe, etc. seems to remain weak. The concern over growth may keep global interest rate low which may have positive repercussion on domestic interest rate. But moderation in global economic growth is a major downside risk for exports from India.

    Encouragingly, some of the major on-going disruptions with Indian financial system like financial crisis among the NBFCs, bank NPA, etc. may not exacerbate further but appears to subside gradually from early 2019-20. Moreover, the crude oil prices are also likely to remain low during 2019-20. This may keep inflation and current account deficit at the lower level.

    The esteemed speakers present in the sessions included:

    Mr N Raja, Chairman, SIAM Economic Research Group & Deputy Managing Director, Toyota Kirloskar Motor

    Dr Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India

    Mr Sameer Narang, Chief Economist at Bank of Baroda

    Mr C.V Raman, Executive Director, Maruti Suzuki India

    Mr Kapil Gupta, Economist, Edelweiss Securities

    Mr B Srinivas, Senior Vice President, Strategy & Product Planning, VE Commercial Vehicles

    Mr V Ravi, Executive Director & Chief Financial Officer, Mahindra Finance

    Mr A K Taneja, Managing Director & CEO, Shriram Pistons & Rings

    Mr D K Joshi, Chief Economist at CRISIL

    Ms Yuvika Oberoi, Senior Vice President at Yes Bank

    Mr Kumar Rakesh, Assistant Vice President, BNP Paribas

     

    About SIAM

    The Society of Indian Automobile Manufacturers (SIAM) is a not-for-profit apex national body representing all major vehicle and vehicular engine manufacturers in India. SIAM works towards supporting sustainable development of the Indian Automobile Industry with the vision that India emerges as the destination of choice in the world for design and manufacture of automobiles. It also works towards facilitating enhancement of the competitiveness of the Indian Automobile Industry, reducing cost of vehicles, increasing productivity and achieving global standards of quality.

     

    For further details, please contact:

     

    SIAM 

    Dikshant Negi

    dnegi@siam.in

     

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