Auto Expo leaves a sweet taste of optimism

NEW DELHI: Jan 12, 2010 -- The curtain came down on the seven-day Auto Expo on Monday with over two million visitors grabbing the chance to see the latest models of cars, two-wheelers and trucks on display at the capital's Pragati Maidan.

Addressing the valedictory ceremony of the Auto Expo, Minister of State for Commerce and Industry Jyotiraditya Scindia said the success of the expo is a testimony to India's emergence as a global manufacturing hub.

Scindia pointed out that while most of the key markets in the US and Europe are still struggling with negative growth, India and China are perhaps the only two auto markets that have shown signs of quick recovery from the slowdown. He said the Indian automobile market is a relatively virgin one with only nine cars per thousand persons as against 27 per thousand in China.

He said the Indian automobile market is growing at a compound annual growth rate of 30 per cent and exports grew by 52 per cent in the last financial year.

Hero Group's Sunil Kant Munjal said 2,105 exhibitors took part at the biennial auto show. The global economic gloom notwithstanding, the show saw more new launches than any other previous edition with international firms taking the lead and a total of 25 new models being unveiled. "This is the biggest and the best show we have ever had so far. We hope this expo will be the springboard for future development of the automobile and manufacturing sector," Munjal said.

Even big car manufacturers such as Honda, Toyota and Volkswagen displayed their small cars at the expo with a view to gain a bigger share in one of the fastest growing auto market in the world. While the compact car segment saw first-time global launches, green technology also made a strong mark with many firms showcasing hybrids and electrical vehicles. The latest models in luxury cars and SUVs were also on display and were launched for the first time in the country.

Scindia highlighted the fact that the auto component industry has picked up momentum and exported over $3 billion worth of auto parts during the last financial year. Soource: Indiatoday.in