Necessitated by GST reforms, the car industry would grow to 6.1 to 6.3 million by financial year (FY) 2030-31 and that the share of the small car market would grow significantly faster than what had happened in the last five years, RC Bhargava, Chairman, Maruti Suzuki India (MSIL), has said.
National GDP growth figures since the GST reforms have been better than were forecast by most agencies, he said. Despite the Iran-US war, that has adversely affected most global economies, the Indian economy continues to do well and remains the fastest growing among larger countries, Bhargava noted.
“GST collections, despite rates of tax being reduced on over 90 per cent of products, have shown buoyancy and reached new high levels. I believe that without GST reforms we may not have done so well in the difficult months that have elapsed...I am happy to inform you that these GST reforms have given a new impetus not only to the automobile industry but to several sectors of the economy,” Bhargava said.
Maruti Suzuki sees record sales
The FY2025-26 was a record year for MSIL that achieved the highest level of sales of 24.22 lakh vehicles, highest exports of 4.47 lakh cars, highest production of 23.4 lakh cars and highest consolidated revenues of ₹1.83 lakh crore, he said adding that the annual profit at ₹14,445.4 crore was the highest ever.
