India's Automobile Exports Dip 5.5% in FY24

17 Apr 2024 CW Team

According to the latest data released by the Society of Indian Automobile Manufacturers (SIAM), automobile exports from India witnessed a decline of 5.5% in the fiscal year 2023-24 (FY24). This drop was attributed to the monetary crisis prevailing in various overseas markets. Overall exports stood at 45,00,492 units during the last fiscal, a decrease from 47,61,299 units recorded in FY23.

SIAM President Vinod Aggarwal commented on the decline in overseas shipments, highlighting the volatility in several international markets. "Some of the countries, where we are very strong with commercial vehicle and two-wheeler exports, have been facing foreign exchange-related issues," noted Aggarwal.

The fiscal year saw a significant decrease in commercial vehicle, two-wheeler, and three-wheeler shipments, although there was marginal growth in passenger vehicle exports. However, there was a noticeable recovery in the January-March quarter of the current year, particularly in the two-wheeler segment, indicating better prospects for the remainder of the fiscal year.

Aggarwal expressed optimism about the future, stating, "We are very hopeful that going forward, the situation will improve." In the passenger vehicle segment, exports increased by 1.4% to 6,72,105 units in FY24, with Maruti Suzuki leading the segment by shipping 2,80,712 units.

Hyundai Motor India exported 1,63,155 units, while Kia Motors, Volkswagen India, Nissan Motor India, and Honda Cars also contributed significantly to the passenger vehicle exports in the fiscal year.

However, two-wheeler exports experienced a dip of 5.3%, with commercial vehicle shipments dropping by 16% and three-wheeler exports declining by 18% in FY24 compared to the previous fiscal year.

SIAM remains cautiously optimistic about the outlook for the automobile export industry in the coming months, hoping for a turnaround amidst the challenges posed by the global economic scenario.

Real Estate

01 Dec 2025

Serene, Gardencity to Develop Rs 3 Billion Senior Living Project in Bengaluru

Serene Communities, a leading senior living brand, has partnered with Gardencity Realty to develop a premium senior living community in Budigere, one of Bengaluru’s fastest-growing residential micro-markets. The project will span approximately 300,000 sq ft, with a Gross Development Value of about Rs 3 billion, and will add roughly 250 senior-friendly residences to the city’s growing retirement housing segment.The launch forms part of Serene Communities’ national expansion strategy. The company has 11 new projects under development with a planned investment of Rs 25 billion that will add..

Alliance City Developers Marks Major 2025 Milestones in Vile Parle

Alliance City Developers Realtors has announced significant project milestones and expansions in 2025, underscoring what the company terms a transformational year. The developer completed multiple residential projects and launched two premium developments in Vile Parle (East), one of Mumbai’s most sought-after neighbourhoods.During the year, Alliance Legacy in Matunga (East) received its Occupancy Certificate (OC), while Alliance Eternis in Borivali (West) and Alliance Vista in Vile Parle (East) were granted Completion Certificates (CC), marking final project delivery. Alliance Abhimanyu is ..

Moro Hub and PwC Middle East Partner to Accelerate Smart City Solutions

Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (DEWA), has announced a strategic collaboration with PwC Middle East to advance Smart City, Integrated Command Centre (ICC), Critical Infrastructure Monitoring and Internet of Things (IoT) initiatives across the region. The partnership brings together Moro Hub’s digital infrastructure and IoT capabilities with PwC’s global expertise in digital trust, smart city strategy and cybersecurity to support the UAE’s vision for intelligent and sustainable cities.“Our collaboration with PwC Middle Ea..