As the current market situation is failing to hold up the value of the Indian National Rupee against the global currency, ramifications have started to show up for the various products available in the market who require raw material to be imported from the abroad. The major sector, which gets affected by this devaluation of INR is the auto sector as most of the raw material comes from outside India to manufacture the auto parts. Now, most of the car companies have already hinted that they'll be increasing the price of their cars in the last quarter of the 2013-14 financial year, that is from January 2015.
The recent announcement has been made from the Korean automaker Hyundai that the company will be increasing the price of all of their car models up to INR 25,000 from January 2015. The hike will start from INR 5,000 and will limit till INR 25,000 depending on the model and trim selected. However, the details that how much raise is specifically being there for every individual car isn't out yet.
Also, the Sales and Marketing Sr. Vice President Mr. Rakesh Srivastava said “In these adverse market conditions, the price increase is necessitated on the account of increase in input costs, high cost of imports due to higher rupee depreciation and high cost of sales. We have been absorbing most of the costs, but are now constrained to consider a price increase across all models in the range of INR 5,000 to INR 25,000 which will be effective from January 2015.”