The auto industry body is optimistic of demand further picking up during the festive season, enabled by a positive economic outlook and the revival of monsoon after a deficit in August
The Indian automotive industry is currently at a very exciting juncture, Aggarwal stated after taking over as SIAM President.
To promote eco-friendly vehicles, the government had formally launched the FAME India scheme last year offering incentives on electric and hybrid vehicles of up to Rs 29,000 for bikes and Rs 1.38 lakh for cars.
Ravindra Pisharody was unanimously elected for the post by the Society of Indian Automobile Manufactures (SIAM) executive committee, the auto industry body said in a statement.
SIAM is opposing the proposed India-EU FTA and is worried about the impact of the deal on the Indian auto sector. President of SIAM, S Sandilya discusses with CNBC-TV18's Shereen Bhan the implications of such a deal.