Policy balance
The recent appointment of Sanjay Malhotra as Governor of the Reserve Bank of India (RBI), replacing Shaktikanta Das, signals a pivotal shift in India’s monetary policy dynamics.
Hyundai Motor India Ltd (HMIL) sales dropped dramatically by 78.7 per cent in the total sales that stood at 12,583 units in May, as coronavirus caused nationwide lockdown brought the automobile manufacturing and sales sector at a halt.
The company had reported sales of 59,102 units in May 2019.
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Domestic sales during the last month were down 83.8 per cent to 6,883 units as against 42,502 units in May 2019.
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Hyundai exported 5,700 units during the last month as compared to 16,600 units in May 2019.
“The company has made a humble beginning towards normalcy by registering cumulative sales of 12,583 for the month of May,” HMIL Director (Sales, Marketing & Service) Tarun Garg said in a statement.
This performance was possible on account of strong customer interest and demand for products like Creta, Verna and Venue,” he added.
Hyundai and its peers had shut all their operations including factories and showrooms, due to coronavirus pandemic caused nationwide lockdown that came into action from March 25.
As the government partially relaxed the lockdown, Indian automakers resumed their operations at their plants and opted for selling cars online as the companies made a cautious return to the market.
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