The outlook for the Indian automobile industry has been revised from ‘negative’ to ‘improving’ and the industry is forecast to record a growth of 16-20 percent in the fiscal year 2021-22, according to a report by India Ratings (Ind-Ra) on Wednesday, March 17.
The industry will record a revenue growth of around 16-22 percent during the fiscal year 2021-22, compared to an aggregate revenue decline of eight percent expected by the end of the current fiscal year 2020-21, Ind-Ra said.
Among the negative factors, Ind-Ra said that rising fuel prices and original equipment manufacturers mulling further price increases due to rising input costs could act as headwinds for the industry.