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Automobile exports register decline
Automobile exports have registered a deep decline during 1997-98, according to the economic survey presented to parliament on Thursday. There was a negative growth of 19 per cent in this sector, though exports of two wheelers recorded an impressive growth 26.4 per cent. Exports of cars have declined from 30,732 during April-February 1996-97 to 25,647 during April-February 1997-98. During 1997-98, the automobile industry witnessed almost no growth because of a general slowdown in the economy and a decline in aggregate demand. However, sales of cars recorded a growth rate of 3.6 per cent during April-February 1997-98 compared to the corresponding period the previous year. In the case of two wheelers, production remained almost stagnant during the period in both the years. Improvement in the growth rate is expected with an upturn in the economy, the survey said.