Covid-19 Recovery Pulse - Auto Retail Picking Up Pace: ICICI Direct
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ICICI Direct Report
Daily Vahan registrations in September 2021 have averaged at ~66,000 units on month-to-date basis i.e. 83% of pre-Covid-19 levels (up ~4% month-on-month).
Registrations have picked up over the past week and are expected to continue to trend upwards in coming weeks amid slowing Covid cases.
However, chip shortage led production constraints (especially in passenger vehicle) could impact numbers.
E-Way bill generation for September began on a strong note, reaching 1.1 crore.
If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~114% levels of the average 5.5 crore bills.
Goods and services tax collections made a strong comeback in August and came in at Rs 1.12 lakh crore.
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