Recent data released by the automobile industry shows that the sale of two wheelers has grown by almost 20% year-on-year basis.
The sale in September 2022 was around 10,78,000 odd to 13,12,000 odd. The sale of passenger cars too has grown by 19% and that of Three-Wheelers has grown by 48%.
These are month-on-month figures as compared to September 2022.
An uptick in sales of two wheelers is a sign of rural demand as most of these vehicles are sold in rural areas, where public transportation is scant and undependable.
This is a good sign for the economy and almost time that this happened. The sales have been sluggish for way too long. Automobile industry contributes a good 8% to our GDP. This sector has been suffering for a very long time. It was in bad shape before demonetization and Covid-19 lock downs.
Demonetization and Covid-19 had almost broken the back of this industry.
The increase in gig-workers, those who work for delivery industry, could be one of the reasons for this uptick. In another report, it is being estimated that the gig-economy will add around 7,00,000 jobs this festive season as e-commerce players are expecting bumper sales and will need these additional hands to deliver their orders.
That we are living in a gig-economy should be worrying for the nation as these are neither permanent jobs nor jobs that give any security to those employed.
Still, there is a reason to cheer. Given the dismal state of the economy, any data that brings cheer should be welcome.