Category: Miscellaneous

07 Jan 2023 20:02

Joined:	04/11/2014
Level:	Diamond
Points:	77090

Points:	5

At last India beats Japan and makes a podium finish

With its plus and minuses, the year 2022 has been an eventful year for India. Notwithstanding numerous challenges like Covid-19 and the Ukraine-Russia war, the country had numerous plus moments. It celebrated its 75 years of independence. It was also a watershed moment for India when it overtook the mighty United Kingdom and France to become the 5th largest economy. Now it's another momentous occasion for the country when it overtook Japan as the third highest car-selling market in the world after China and the US.

The number of cars sold in a country is a big and vital indicator of the health of an economy and the rising number of passenger vehicles sold in the country, bodes well for the health of our economy. With close to 4.4 million cars sold in the year 2022, India has pipped Japan to 4th place. Japan, plagued by supply chain issues due to Covid and the shortage of semiconductors, has been seeing sales fall. With 4.2 million cars sold in 2022, it's a historic low for Japan, as the figures are close to what it sold in the year 1977. On the other hand, India is the fastest-growing car market in the country with more than 20% growth for two consecutive years, unmatched by anyone in the rest of the world.

Anyway, cannot belittle Japanese car manufacturers as despite the financial turmoils in the US and lately the recession, they have managed to sell more cars in the United States than the total number of cars sold in India. Also, need to remember that the number one car manufacturer in our country is Japanese-owned. Nevertheless, as our country heads for greater achievements in the coming decades, the third-place podium finish in car sales is worth celebrating. Congratulations everyone.

#768493

07 Jan 2023 21:07

Joined:	02/06/2009
Level:	Diamond
Points:	145277

Points:	4

It is very nice to know that India has overtaken Japan and come to third place in car sales in a year. It is something encouraging and I think in our country a middle-class person can also maintain a car. Especially COVID pandemic brought fear among people to travel on public transportation. Added to their fear, financial institutions and companies are encouraging the salaried class to go for loans and purchase cars. Whatever may be the reasons. it is definitely a moment to celebrate.
Japan will never be complacent and definitely they will come back to gain their place again. But I think India will also try its best to sustain in 3rd place in the coming years also. Congratulations to India. Thanks to the IT industry in our country.

drrao
always confident

#768501

08 Jan 2023 07:06

Joined:	10/12/2016
Level:	Diamond
Points:	109208

Points:	5

Due to Corona pandemic, there was a big economic slowdown in many countries and the world trade and business equations changed significantly during that period. Fortunately in India due to the quick availability of vaccines to a large number of people, herd immunity was developed and that is still holding and protecting us from the new mutated versions of Coronavirus. All these factors gave India an advantageous position in the world trade and economic scenario and we moved to higher positions in the list of top countries in the world.
Going up the ladder is not a very difficult thing but what is more difficult is maintaining that position in the future. It is imperative that we all have to work hard and contribute to the progress of the nation if we want to sustain and maintain our position in the world in various spheres.

Knowledge is power.

#768504

08 Jan 2023 08:52

Joined:	04/11/2014
Level:	Diamond
Points:	77090

Points:	1

Yes, it is true that Japan will fight back and try to reclaim its position on the world ladder. However, India is not going to be an easy pushover, as I have already mentioned that car sales in India are growing by more than 20% in the last two consecutive years. No other country has achieved such magnificent double-digit growth in recent times. Also, India is one of the fastest-growing economies and is one of the few big economies that have been able to weather the Covid storm with some degree of semblance. The western countries on the other hand are getting battered on two fronts - the Covid scare and the reverse impact of sanctions on Russia.

However, the increasing car sales have a downside too. Already Indian roads are cluttered with vehicles and there is a lack of parking space in most cities. The added car population will be a nightmare for most motorists out there on the road. The environment too will have a trying time balancing the increased carbon monoxide emissions.

Patience and perseverance pays

#768505

08 Jan 2023 09:57

Joined:	02/01/2012
Level:	Gold
Points:	51591

Points:	1

Dhruv, may I disagree? Does the number of cars sold indicate a rising economy? I doubt.

'Educating the mind without educating the heart is no education at all'.
-Aristotle

#768507

08 Jan 2023 10:35

Joined:	23/09/2015
Level:	Gold
Points:	62965

Points:	4

I clearly recall that during the peak of Corona in 2020 and again in 2021, the doomsday-preaching news channels and web-portals regularly indicated falling car sales in India to make people understand the terrible condition of Indian economy. Many top-level economists and news-vultures (sorry, analysts) also used to indicate car sale figure (monthly, quarterly or Y-to-Y) to abuse the economic policy of the current Central Government. So, I thought that car sale figure is a key economic indicator.

But now, in this Forum post, I have come to know that number of cars sold figure does not indicate rising economy.

I am getting very confused!

(a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
(b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali

#768511

08 Jan 2023 18:09

Joined:	04/11/2014
Level:	Diamond
Points:	77090

Points:	1

Saji, you have every right to disagree. However, it is true that automobile sales are one of the economic indicators. There are many articles on the topic. Cars being a high-value possession, their sales plummet when there is a lack of confidence in the economy. In fact, auto sales start plummeting months in advance before hit by an actual recession. The same happened in the US. The falling car sales there from the beginning of 2022 itself was an indicator of the looming recession that struck the country eight-nine months later. On one hand, where car sales have increased in India by 20%, the same in the US by the Japanese majors have fallen by 17%. The reverse is true as well. It is because of the confidence in the Indian economy that we are seeing increasing sales of vehicles. Won't disagree, there are challenges the country is facing, foremost inflation, but hopefully we will be able to come out of them soon.

Patience and perseverance pays

At last India beats Japan and makes a podium finish

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