(Aditya Shaw, Intern Journalist): International rating agency Fitch expects domestic vehicle demand to fall by more than 20 percent in the current financial year. The reason for this is not only the Covid-19 crisis facing the automobile industry but also the challenges faced by others. Fitch says vehicle demand improved slightly in July after relief from lockdown regulations.
But the problems faced by the vehicle industry remain the same. “There will be many challenges facing domestic vehicle demand,” Fitch said in a report on Tuesday. In the current financial year, we estimate the overall automobile industry to decline by more than 20 percent by number.
If the impact of the Covid-19 pandemic has been worse, further deterioration may be seen. “Sales of BS-6 emission standard vehicles have been made mandatory in the country since April this year. This has increased the cost of vehicles. The market crisis has been exacerbated by the Covid-19 epidemic. The report states that, however, the use of private vehicles has increased due to health safety among the people.
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