Miscellaneous - This Day That Age   

dated April 12, 1958: Automobile industry

Mr. Lal Chand Hirachand, presiding over the annual general meeting of the Automative Manufacturers Association of India said in Calcutta on April 10 that the Indian automobile industry was now producing nearly 70 per cent of the components of a vehicle within the country. The industry had maintained continued progress despite difficulties, he said. Stating that the major problem of the industry was to increase the demand for vehicles, Mr. Hirachand expressed the view that the fiscal policies of the Government had been in a large measure responsible for the low off take of vehicles. The Government’s restrictive import policy on foreign exchange considerations in respect of capital goods and raw materials like machine tools and steel items was acting as a brake on the automobile industry.

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