Automobile sector growth to level off in fiscal 2024

11 Jan 2023 CW Team

Growth across the automobile sector segments will level off next fiscal as the base effect of last fiscal wanes. But it will still be in line with, or above, India’s real projected GDP growth for next fiscal. Commercial vehicle sales are expected to drive past pre-pandemic levels next fiscal along with passenger vehicles, which did so this fiscal, and tractors, which recorded an all-time high in pandemic-impacted fiscal 2021. Two-wheelers will continue to lag as the hike in their total cost of ownership (TCO) has been much sharper than for passenger vehicles.

Between fiscals 2018 and 2023, TCO rose 36% for two wheelers compared with 26% for passenger vehicles. Improving income sentiments, a low base of the past three fiscals and an improvement in supply chains should continue to support the automobile sector’s recovery in this fiscal.

While tractors will continue to build on best ever numbers recorded in fiscal 2021 post a blimp in fiscal 2022, passenger vehicle (PV) sales in fiscal 2023 are expected to surpass pre-pandemic level highs of fiscal 2019.

However, sales of two wheelers and commercial vehicles (CV) could continue to lag pre-pandemic levels. Earlier, the sector saw three fiscals of muted/negative growth due to a general economic slowdown, depressed demand due to a drop in mobility and subdued income sentiments of buyers following the pandemic.

Also Read
Revolutionising the concept of energy monitoring and efficiency
Contemporary Goan architecture meets Mopa Airport!

Infrastructure Urban

11 Mar 2026

India Expands Semiconductor Training To 500 Institutions

Under the Chips to Startups programme of the India Semiconductor Mission, the Union minister responsible for Railways, Information and Broadcasting, and Electronics and IT reported notable progress in talent development. He indicated that over the past four years substantial steps have been taken towards a 10-year target of training 85,000 engineers in semiconductor design. World-class EDA tools have been deployed in 315 academic institutions across the country to provide students with practical exposure to chip design. These EDA tools are supported by leading global firms and are accessible t..

Delhi Institutions Support India Semiconductor Mission

The Government of India has prioritised talent development through training, upskilling and workforce development under the Chips to Startups initiative of the India Semiconductor Mission, with officials noting progress in four years towards a 10-year target of training 85,000 engineers in semiconductor design. Electronic design automation tools provided by Synopsys, Cadence, Siemens, Renesas, Ansys and AMD have been deployed in 315 academic institutions, enabling students to gain practical chip design experience. Chips have been fabricated and tested at the Semiconductor Laboratory, Mohali, a..

NHA Announces Winners Of NHCX Hackathon At IIT Hyderabad

The National Health Authority (NHA) has concluded the NHCX Hackathon under the Ayushman Bharat Digital Mission (ABDM) to stimulate innovation around the National Health Claims Exchange (NHCX). The winning teams presented their solutions at the NHCX Innovation Meet held at IIT Hyderabad during a two-day event in March 2026 that also served as the hackathon grand finale. The hackathon itself ran from 22 to 28 February 2026 and aimed to accelerate paperless, transparent claims processing across India. The event was organised with a range of ecosystem partners, including the Insurance Regulatory a..