Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
May 25, Thursday 2017 6:43 AM       

       HEADLINES: Thomas penned book without govt’s permission, says report                                              Ancheri Baby murder: Court asks Minister Mani to appear on June 7                                              CM supports Behera in paint controversy                                              There’s proof against Mani in bar bribery case, govt tells HC                                              UDF walkout over IAS officers rift                                              Bengal CPM seeks third term for Yechury                                              Pak court allows Indian woman to return home                                              UK terror attack: Prez for intensifying fight against terrorism                                              Nepal PM Pushpa Kamal Dahal 'Prachanda' resigns                                              Pak hangs two terrorists involved in Peshawar school massacre                                              IS kills five in first suicide attack in Somalia                                              Ashwin wins International Cricketer of the Year award                                              Kaumudi Facebook
       BUSINESS Next Article: Overseas investors excited about India, says Sinha  
       Biz yet to fully recover from demonetisation impact: Bosch
 
         Posted on :18:55:42 Mar 7, 2017
   
A A
       Last edited on:18:55:42 Mar 7, 2017
         Tags: Biz, demonetisation impact, Bosch
 
NEW DELHI: German auto component maker Bosch has said its business is yet to fully recover from the impact of note ban and it may take another couple of months for normalcy to return. With automobile sales plunging to 16-year low a month after the government demonetised higher denomination currency notes on November 8 last year, India very quickly went into e-wallets. Since then, the downturn has reduced but is yet to be totally eliminated, said the firm's India head Soumitra Bhattacharya.
 
The group, which currently has a turnover of around Rs 18,000 crore, gets around 85 per cent of its revenues from the automotive business. "We are component manufacturers for OEMs. If OEMs produce and sell less, our demand naturally has lag effect. So, it did had an effect then it picked up again marginally in January and February was relatively better," Bhattacharya told PTI in an interview.
 
Most of the major segments, including scooters, motorcycles and cars, witnessed record decline in December 2016 sales as the automobile sector bore the brunt of negative consumer sentiments in the wake of the ban of Rs 500 and Rs 1,000 bank notes announced in November.
 
Vehicle sales across categories had registered a decline of 18.66 per cent to 12,21,929 units in December 2016, compare to 15,02,314 units in December 2015. When asked about the quantum of the impact, Bhattacharya said: "The December sales in the automotive sector was lowest in 16 years thats tells everything and we are 85 per cent based on automotive."
 
He added that the country also recovered fast due to introduction of the e-wallets. "Demonetisation did have an impact for all of India and industry...However, while having an impact, India very quickly went into e-wallets, so there was an impact. The downturn has reduced but it is not totally eliminated," Bhattacharya said. When asked as how long the impact last, he added: "It could be for couple of months, it could extend. The intensity is also not known, but I guess tough days are behind us."
 
On challenges in the Indian market, Bhattacharya said the major issues are related to ease of doing business and requirement of effective labour laws. "One challenge in India which both the state and central government are aware is that how to increase ease of doing business. All of us know where we in India are in the world ranking," he added.
 
One of the biggest issues for Indian environment is to improve the transparency index and the holistic ease of doing business in India, Bhattacharya said. Besides, the country needs to implement few but effective labour legislations which protect the unorganised, but are also fair towards the labour and employer in the organised sector, he added.
 
"Sometimes, in the organised sector there are many laws that are inhibiting competitive practices in terms of worldwide productivity standards, efficiency levels," Bhattacharya said. 
A A
       BUSINESS
Next Article: Overseas investors excited about India, says Sinha
 
 
BUSINESS HEADLINES
Sensex sheds 206 pts on profit-booking  
RBI refuses to disclose list of loan defaulters  
Nifty pares initial gains, ends flat  
Maharashtra Assembly passes GST Bill  
GST is Modi Govt's 'biggest achievement': ASSOCHAM  
Exporters to get tax refund under GST within 7 days: Nirmala  
GST won't affect financial autonomy of local bodies: Maha govt  
GST: Fin Min warns industry against hiking prices arbitrarily  
GST Bill is going to be consumer friendly: Jaitley  
Sensex surges to record high in late morning trade  
AI starts direct flight between Delhi, Stockholm  
Paytm raises $1.4 bn funding from SoftBank  
Sensex dives 224 pts, Nifty cracks below 9500  
Sensex, Nifty extend bull run, hit record highs  
BSNL signs pacts with Facebook, MobiKwik  
Govt clears new coal linkage policy  
Markets conquer new peaks, Nifty scales 9,500  
Gold climbs by Rs. 55 on positive global leads  
11 PIOs in Forbes's list of best venture capitalists  
Digitisation will curb shadow economy, says Meghwal  
Snapdeal-Flipkart deal may leave staff richer by Rs 193 cr  
I-T dept launches facility to correct errors in PAN, Aadhaar  
Idea Cellular Q4 loss at Rs 325.6 cr as Jio entry takes toll  
'AI can play key role in good governance'  
Coal Mines PF merger with EPF will benefit workers: Goyal  
 
Do you support girl's action against 'Swami', who allegedley abused her?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy