Purchases of consumer products and automobiles have recorded their fastest growth in nearly five years, underpinned by a good monsoon and improving market sentiment after the introduction of the goods and services tax (GST) among other macroeconomic factors.

Demand for daily groceries and home and personal products peaked in the year ended November with 9% volume growth, the most since 2010, according to the latest data provided by the world's largest research firm Nielsen. According to industry estimates, passenger vehicle sales rose 8.7% to 3.2 million units last year, the fastest since 2012.

The Society of Indian Automobile Manufacturers (SIAM) is yet to report official sales data for the year.
"Good agricultural harvest of the 2016 kharif crop showed a phenomenal FMCG (fast-moving consumer goods) consumption rally in August-September-October months of that year," said Sameer Shukla, executive director, Nielsen India. "Demonetisation and GST rollout in the last one year has had momentary pressures on certain channels but we are seeing a surge in consumption again in 2017 when volume growth has climbed to almost double digits."
For the FMCG market, 2013-16 marked a lull, what Nielsen called a "pit stop". In this period, despite GDP growth being maintained at 6-7% level, FMCG industry growth dropped to single digits at 7-8% compared with the high of over 18% growth in 2008-12. Sales of passenger vehicles grew 7.8% in 2015, 7% in 2016 after flat or declining sales since 2012.
'An Even Better 2018'
India's top carmaker Maruti SuzukiBSE 1.36 % ended 2017 with a strong showing in December, posting an 11.4% rise in sales by volumes. The company, which sells one in every two cars in the country, expects 2018 to be even better.
"All these reforms which have been initiated will start showing effect," Maruti Suzuki chairman RC Bhargava said. "There were people who thought GST is detrimental to business, it is not. You have to do some preparation but thereafter it has become much simpler to do business. There is more transparency in the system, there is more use of technology today. All these will drive growth. The macro-economic environment will improve further and the auto industry should perform better in 2018 Auto companies staved off disruptions as other market segments picked up the slack. "In the face of challenges arising from effects of demonetisation and implementation of GST, the auto industry performed well on opportunities in rural markets, sales to government employees and institutional demand," said Rakesh Srivastava, director, sales and marketing, Hyundai Motor India Ltd (HMIL). "This was supported by stable interest and controlled inflation."

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