Carmakers are saddled with a backlog of over 7 lakh orders as of December 2021, due to the the shortage of semiconductors, according to the Economic Survey.
Budget 2022: With the delay in supply, the average lead time (the difference between the date of order and actually receiving in the automobile) for the industry for 2021 has been around 14 weeks globally.
India has also experienced similar trends in the automobile sector, Economic Survey 2021-22 pointed out. As per data from the Society of Indian Automobile Manufacturers (SIAM), carmakers sold 2,19,421 passenger vehicles in...read more