The auto sector is jubilant over the government's new scrappage policy, which was announced by Nirmala Sitharaman during the presentation of the Budget. Some, however, say more work needs to be done.
The online transaction platform for used cars raises $200 million from DST Global, and others.
This is the third launch for the year for MG, which is present only in the SUV segment.
The slowdown-hit sector takes a further hit as the nationwide lockdown hits demand. Auto sales fall 45% in March, SIAM data shows.
The commercial vehicles segment suffered the steepest fall at 32.90%. The latest worry for the industry is the disruption in the supply of auto parts from China due to the coronavirus outbreak.
We are looking at increasing our India portfolio to four products in two years, says its India head Rajeev Chaba.
Sales of passenger vehicles, which showed marginal growth in October, also fell last month.
The industry body says this is the worst performance by the passenger car segment—the largest by volume—in two decades.
The Union minister also assured the auto industry that he would take up its request for a reduction in the GST on hybrid vehicles with finance minister Nirmala Sitharaman.
IRDAI makes personal accident cover voluntary from January 1, 2019.
