New Delhi: Auto industry missed the target of producing 4.1 million passenger vehicles last fiscal under the Automotive Mission Plan 2006-16, although it exceeded the cumulative production target of 27.75 million units for the 10-year period by 1 percent.
The turnover in 2015-16, as per Society of Indian Automobile Manufacturers (SIAM) estimates, stood at Rs 6.01 lakh crore, which is within the target range of Rs 5.61 lakh crore and Rs 7.31 lakh crore under the Automotive Mission Plan (AMP) 2006-16.
According to SIAM, in 2015-16 actual production of passenger vehicles was at 3.4 million units, by 18 percent from the target of 4.1 million.
Likewise, in the two-wheelers there was a shortfall of 42 per cent with actual production in FY16 at 18.8 million units as against a target of 32.6 million units.
"The AMP 2006-16 was a success if you look from an overall perspective although we missed the targets of the terminal year 2015-16.
This was mainly because of poor performance in the last three years after change of growth trajectory from 2013-14,"said SIAM Deputy Director General Sugato Sen.
Explaining the reasons for the shortfall, he said: "Some of the key points such as fleet modernisation and gradual upgradation of emission norms every four years have not been implemented."
In two-wheelers, Sen said: "We have not really been able to keep pace with the target. Maybe we were over ambitious when we designed the AMP."
Commercial vehicles also missed the target of achieving 8.9 lakh units in 2015-16 with actual production standing at 7.8 lakh units, a shortfall of 12 percent.
Similarly, three-wheelers also missed the target by 4 percent with actual production in 2015-16 at 9.3 lakh units against the target of 9.7 lakh units.
On the other hand, the auto industry managed to exceed the cumulated production targets of various categories except the two-wheelers for the ten-year period.
As per SIAM figures, cumulative production of passenger vehicles in FY06-FY16 period was at 27.91 million, more than 1 percent from the target of 27.75 million.
This was possible due to a surplus of 26 percent witnessed around 2009-10 to 2012-13.
Commercial vehicles also exceeded the cumulative production target of 6.7 million units for the ten-year period by 7 percent at 7.1 million units.
Two-wheelers, however, missed the mark by 25 percent with actual production at 142 million units against a target of 192 million units under the AMP 2006-16.