The automobile industry has rebounded to the levels observed in 2018-19, and the future of electric vehicles (EVS) appears promising

RC Bhargava, Chairman of Maruti Suzuki Ltd, recently shared insights on the automobile sector, noting that historically, its performance aligned with the country's GDP.

- Kishore Kumar Biswas

However, a significant deviation occurred in 2019-20. Factors contributing to this shift included the industry's transition to BS 6 standards, which incurred additional costs, followed by the disruptive impact of the Covid-19 pandemic. Moreover, a shortage of semiconductors severely impacted automobile production. Despite these challenges, the industry managed to surpass the sales figures of 2019-20 in the fiscal year 2022-23. Bhargava anticipates that automobile sales will maintain the previous year's levels in the current fiscal year 2023-24.