KARACHI (June 12 2003) : During the current financial year, the automobile industry has registered enormous growth owing to declining interest rates, persistent inflow of home remittances, cheaper and easy availability of car financing and changes in models.
Official sources said the car industry registered a growth of 51.4 percent during July-April 2002-03, followed by trucks (103 percent), buses (32.7 percent), LCVs (57.9 percent), tractors (10.5 percent) and motorcycles (48.6 percent).
The installed capacity of the major components of the automobile sector was satisfactory.
There are 18 automobile manufacturing units in assembling business, which is supported by 850 manufacturing auto-parts units.
The auto industry and downstream vendor industry employs more than 0.1 million people.
The impressive recovery touched almost every segment of the auto industry.
The auto industry is the forerunner of the tremendous growth in the large-scale industry, the sources said.