ATMA:India's tire industry to recover in 2022

摘要

CHINA-India's vehicle sales registered an 84% drop in February and a 61% drop in March,said the country's Automotive Tyre Manufacturers Association.The pandemic is expected to lessen global vehicle production to 71 million units this year,down 20% from original estimates,said the association's director general Rajiv Budhraja at China Rubber Conference 2020 streamed online from Beijing on 5 June.India is the world's fourth largest passenger vehicle producer and the second fastest growing country in overall ve-hicle production,trailing only China.The sub-continent's vehicle production has been growing at a 10% compound annual rate since 2000.The country's GDP this year is forecast to shrink by as much as 0.5%.The India government has announced a $280 billion financial stimulus package,or 10% of its GDP.India's automotive industry will rebound from fiscal year 2022(April 2021-March 2022)onwards,said Budhraja.The country's tire industry will follow the automotive industry with recovery expected in fiscal 2022,he added.