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GOVERNMENT
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A commercial vehicle is any type of motor vehicle used for transporting goods or paid passengers. Light commercial Vehicles(LCVs) are the carrier vehicle with gross vehicle weight of not more than 3.5 tonnes. Heavy commercial vehicles areany goods vehicle which has an operating weight exceeding 7.5 tonnes.
The production of Medium and Heavy Commercial Vehicle (M & HCVs) in India was 96752 in 2001-02. It has increased to 278560 in 2012-13, registering an absolute growth of 181808 M & HCVs. In percentage terms, the growth was 188%. Thus the compound annual growth rate is 10.1%. The maximum growth rate of 38% was recorded in year 2003-04. There was decline in production by 35% in 2008-09 and 28% in 2012-13.
The production of Light Commercial Vehicles (LCVs) in India was 65756 in 2001-02. It has increased to 553184 in 2012-13, registering an absolute growth of 487428 LCVs. In percentage terms, the growth was 741%. Thus the compound annual growth rate is 21.4%. The maximum growth rate of 41% was recorded in year 2009-10. There was decline in production by 12% in 2008-09.
Note: Original Source is Society of Indian Automobile Manufacturers, New Delhi and also published in statistical year book 2015 by MOSPI.