On the evening of 29 January, billionaire stockbroker Motilal Oswal created a flutter when he declared on microblogging platform X that he would henceforth shun foreign goods in favour of locally produced ones, starting with the purchase of a new Tata Safari, a sport utility vehicle (SUV). Oswal used the hashtag #vocalforlocal, a catchphrase popularized by Prime Minister Narendra Modi, and tagged Modi along with Tata group chairman emeritus Ratan Tata in his post.
"In my pursuit of minimalistic and simple living, I have turned desi now. Stopped buying foreign cars, watches and other luxuries.
World-class Indian products are available now. Started with my Tata Safari, next would be Mahindra," Oswal wrote in the post on X.
Oswal is just one of the tens of thousands of consumers who have turned to Tata Motors Ltd in the frenzy to buy products made by homegrown companies. The company has unabashedly touted this shift while marketing its cars-a 'vocal 4 local' sticker adorns each of them. Along with other factors, the move has paid rich dividends.
Since 2020, Tata Motors has witnessed a stunning turnaround in fortunes in the domestic market-almost doubling its share and more than trebling absolute sales. Aided by a new design language and some technical support from Jaguar Land Rover, its British subsidiary, it has resuscitated an ageing and uninspiring brand and successfully exploited the market's clamour for SUVS. In the process, it has not only overtaken Mahindra & Mahindra Ltd to become the thirdlargest passenger vehicle maker in the country but also edged closer to Hyundai Motor India for the No. 2 spot-a position it lost more than 15 years ago.
Esta historia es de la edición February 13, 2024 de Mint Mumbai.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición February 13, 2024 de Mint Mumbai.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
World Bank calls for reforming skills training in India
India must make a coordinated effort to reform and rebrand vocational skill training, besides aligning education with the job market, to leverage its demographic advantage to meet the $5-trillion target for its economy, the World Bank said.
FCPA cases take long to conclude after indictment
For investors keen to know the fate of billionaire Gautam Adani's indictment by US authorities, the watchword is patience.
Short-covering, relief rally add ₹7.27 trillion wealth
Markets up 2.39% to hit the highest in six months, a day after Adani's indictment
Wetter monsoon slows pace of adding new transmission lines
India's addition of new power transmission lines fell by half over a year earlier in the April-October period as a wetter-than-usual monsoon slowed work.
COP29's $1.3 tn fund plan disappoints Global South
The 29th edition of the UN climate change conference in Azerbaijan emerged from a deadlock with an annual climate finance goal of $1.3 trillion for developing countries, much to the disappointment of the Global South.
Jaguar rebrand is pink, diverse and doesn't feature any cars
Luxury automaker Jaguar is betting that a colorful and youthful rebrand will help it successfully launch fully into the electric-cars market.
Services up as manufacturing slows in Nov
The HSBC Flash India Services PMI was at 59.2 in Nov from 58.5 in Oct; manufacturing PMI fell slightly from 60.4 to 60.2
MSMED may protect medium firms too
The Centre may consider including medium enterprises for the protection granted under MSME Development (MSMED) Act, 2006, to resolve payment disputes.
Europe boosts Indian textile exports in FY25
Demand for Indian handloom, apparel partly fuelled by Bangladesh crisis
RBI nudges banks to cut speculative bet in rupee
The Indian central bank, in a rare move, instructed some banks to cut their long positions on the dollar-rupee pair on Friday, seeking to curb speculative positions with the currency at a record low, four bankers familiar with the development told Reuters.
