Sales momentum in the automobile industry, which was on a high after a good festive season in September and October last year, came to a halt when the ban on Rs 500 and Rs 1,000 notes was announced in early November, according to Goenka.
"We have worked out by using some kind of formula that tractor and auto industry lost Rs 8,000 crore revenue in November and December," Goenka told PTI in an interaction.
"That's a fairly straight forward calculation. It's Rs 8,000 crore for the industry and it's about 10 per cent loss of revenue," Goenka said.
In November, vehicle sales across categories registered a decline of 5.48 per cent at 15,63,665 units, from 16,54,407 in November 2015. It was the steepest decline in 43 months when total sales had declined by 7.75 per cent in March 2013.
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Stating that the auto and tractor sectors were "in very high momentum" in September and October, Goenka said: "The kind of sales we had in October, I have not seen in a long time."
In September 2016, total sales of vehicles across categories grew by 20.16 per cent to 22,60,992 units as against 18,81,643 units in the year-ago month. There was a growth of 8.14 per cent to 22,01,571 units in October 2016 from 20,35,905 units in October 2015.
He said at present there are "too many uncertainties" such as the upcoming GST and that "probably is having bigger psychological impact" on consumers.
While the overall impact on demonetisation "was very deep in November and December", he said it has started improving in January and "I think by now we are almost done and I believe that by end of March we will be through".
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