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Demonetisation: Auto industry gears up for slowdown as footfalls fall and 2-wheeler sales stall

first_imgOn November 8, 2016, Prime Minister Narendra Modi announcement that the Rs 500 and Rs 1000 rupee notes will cease to be legal tender from midnight. This sent the nation in a tizzy. Some called it a big move towards curbing black money, corruption and terror, some hailed it to be terrible farce. Love it or loathe it, but you can’t get away from it. Such is also the case of the auto industry. So how will, or how has, the demonetisation affected this particular industry?Also Read:Toyota working towards increasing sales of hybrid vehicles in IndiaFirst and foremost, the ones primarily affected are the two-wheeler manufacturers. A dealer of a prominent motorcycle manufacturer told us that most of their sales come in the form of cash. This mainly comprises of entry level two-wheelers sporting a pricetag of upto Rs 65,000. This segment can also be hailed as the ‘bread and butter’ segment on which most manufacturers rely. This segment relies very little on finance and seem to have been hit the hardest. Two-wheelers above this price bracket move into the ‘financed’ lot and hence are not affected that much by huge margins. The only catch here is the fact that the use of cheques and plastic money in making the down payments has seen a rapid increase.Also Read:Corolla, Toyota’s car for the masses, turns 50As far as four-wheelers are concerned, the problem isn’t that serious. According to a prominent web portal, the research of new and used cars dropped sharply by up to 30 per cent thus indicating a slow down. However, dealers claim that although there have been problems in customers being able to make the down payment, thanks to flexible finance options, things have not gone out of hand. This does not come as a surprise as up to 80 per cent of the vehicles sold in our country are financed.advertisementAlso Read:Bajaj Chetak to make a return as a premium scooter?But the rural market is where the damages are more prominent thanks to the fact that it is mostly cash driven. Considering that 35 per cent of the total car sales and 50 per cent of two-wheeler sales are rural market driven, the industry is going to witness a slowing down and there is likely to be a long-term damage to the industry due to the government’s demonetisation move.Also Read:Maruti Suzuki to soon introduce ISOFIX mounts on the CiazLast, but not the least, the used car market has also witnessed a sudden slump. While exact figures are not available, the used car market in mostly cash driven. Used car dealers have reported lower foot falls and are offering heavy discounts to move their existing stock. Overall, there is bound to be a negative effect on the auto industry due to demonetisation. The exact damage done to the industry will be evident when the official sales figure come out and a month-on-month comparison is done. Stay tuned.Also Read:Upcoming launches: New cars that will be launched in India by March 2017last_img read more

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Federer’s cricketing display at Wimbledon makes him ‘No.1 Test batsman’

first_imgWorld No.2 Roger Federer eased his way into the quarter-finals of the ongoing Wimbledon on Monday but not before showing off his cricketing ability.Federer was 2-0 up in the first set against Adrian Mannarino when the top seed returned the Frenchman’s shot with a cricket-like forward defence only to concede a point.Wimbledon took to Twitter and tagged International Cricket Council (ICC), the world cricket’s governing body, to ask how much “ratings” Federer deserved for that forward defence shot.Ratings for @rogerfederer’s forward defence, @ICC?#Wimbledon pic.twitter.com/VVAt2wHPa4Wimbledon (@Wimbledon) July 9, 2018ICC replied with an image of Test rankings for batsmen which showed Federer ranked as the No. 1 in the world.*sigh* ok… pic.twitter.com/KXnhaznxL8ICC (@ICC) July 9, 2018The cricket body also compared Federer’s shot to Sachin Tendulkar and shared the famous Spiderman meme showing Tendulkar meeting Fedrer. ICC captioned the meme: “When greatness recognises greatness.”When greatness recognises greatness pic.twitter.com/UB2hJli5gwICC (@ICC) July 9, 2018Federer’s pursuit of a record ninth Wimbledon title gathered momentum as he reached the quarter-finals with a 6-0 7-5 6-4 win over Mannarino.The 20-time Grand Slam champion was in blinding form during the first set, which blazed by in 16 minutes, but after the Swiss missed four break points in the opening game of the second set, Mannarino made more of a match of it.The world number 26 became the first man to reach break points against the 36-year-old at the All England Club this year, but failed to convert any of them as Federer made it to at least the last eight of the grasscourt major for the 16th time.advertisementFederer, who has now won 32 sets on the trot, needs one more straight sets victory to break his previous longest streak at the All England Club. He holds the record of 34 consecutive sets at Wimbledon between the third round in 2005 and the final in 2006.The eight-time champion will next play South African eighth seed Kevin Anderson in the quarter-finals on Wednesday.last_img read more

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