Minister of Commerce & Industry, Piyush Goyal on September 20, tweeted saying, “Motor vehicles used for goods transport, witnesses a surge! 327% growth in April-July 2022 over the same period in 2013-14.” Goyal was referring to a substantial spike in India’s export of goods transport vehicles that reported earnings of Rs 4,414 crore in April-July 2022. A 327% growth when compared to April-July 2013-14’s, Rs 1,034 crore earnings based on provisional data.
Motor vehicles used for goods transport, witnesses a surge!327% growth in April-July 2022 over same period in 201… https://t.co/oMYEOnZKoo
— Piyush Goyal (@PiyushGoyal) 1663676219000
Recent data shared by Society of Indian Automobile Manufacturers (SIAM) also substantiates claims of recovery as it reports that while 23,266 small goods carriers (up to 1 tonne capacity) were sold domestically in April-August 2021, this number jumped to 35,020 in the same period in FY 2022-23. However, overall exports of such small good carriers in same period have fallen down to 1,842 units from earlier year’s 4,156 units.
23,266 small goods carriers (up to 1 tonne capacity) were sold domestically in April-August 2021
When compared to the total of 614,961 commercial vehicles sold domestically in 2013-14, the upward trend seems to carry on as SIAM reports that 716,566 commercial vehicles have been sold in FY21-22. Such signs of recovery come as a relief for both manufacturers, dealers and consumers after a long period of stunted growth.
(L-R) Nitin Gadkari, Minister of Road Transport and Highways – Narendra Modi, Prime Minister of India – Piyush Goyal, Minister of Commerce & Industryat the launch of National Logistics Policy
The commercial vehicles segment is likely to get a further boost from the recently launched National Logistics Policy (NLP) by Prime Minister Narendra Modi. The policy will promote seamless movement of goods across the country and accelerate growth. A growth in the logistics sector will also mean better sales of commercial vehicles. The emphasis is on bringing down the country’s logistics cost from its current levels of 13-14 percent of the national GDP, to below 10 percent by the end of 2022. Overall, the Indian logistics sector is valued at over USD 200 billion and is very complex.