: 97% of the Chinese household have a bicycle and in India it’s merely 45% which comes around 11 crore houses: AITF #FinanceIndia #StockMarketNEWS 97% of the Chinese household have a bicycle and in

@StockMarketNEWS Thu 25 Jun, 2020

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97% of the Chinese household have a bicycle and in India it’s merely 45% which comes around 11 crore houses: AITF #FinanceIndia #StockMarketNEWS
97% of the Chinese household have a bicycle and in India it’s merely 45% which comes around 11 crore houses: AITF Chandigarh, June 25 (KNN) As many as 97% of the Chinese household have a bicycle and in India it’s merely 45% which comes around 11 crore houses. The 70 years old Bicycle industry in India still manufacturing 16 million bicycles and the sales of two wheeler automobiles is more than 22 million in the country, highlighted All Industries and Trade Forum (AITF).

One of the main reasons of this gap is that it is more convenient to buy a motorcycle due to bank finance, AITF said.

In a letter to Prime Minister Narendra Modi, AITF President Badish Jindal said India being one of the developing countries with a huge population of 135 crores, having 70% of the rural economy and a vast number of population below poverty line should know the importance of Bicycle for improving the data of its GDP.

“The data states that 97% of the Chinese household have a bicycle and in India it’s merely 45% which comes around 11 crore houses. The data is now so low because of the desire of buying a bicycle but it is low due to the financial inability to purchase a bicycle,” Jindal said in the letter.

During last few years many states came forward to procure bicycle for the students and that impressing increased the literacy rate in rural and urban India.

“The poor workers residing in villages are still dependent on public vehicles for their transportation to reach to work places and surely the bicycles can reduce their travel time and help them to be more punctual for their jobs beside this this can prove to be more financial viable for these poor workers. Similarly many rural vegetable and milk producers in India are depends upon middlemen to procure their production, whereas they can get a better price of their products if they transport it to the cities,” Jindal said in the letter.

PM Modi has urged the government to bring such subsidized schemes for rural categories to fulfill the dreams of these poor workers and farmers, beside this the banks should be ordered to bring the micro finance schemes for the buyers of bicycles in India.

Bicycle is basically a cottage industry which is giving the employment to around 2 million people directly and indirectly in the country.

The main support required by this sector is handholding technology support, curb on cheap bicycle imports, time barred GST refunds, cheap capital loans and working capital.

The trade body pointed that India is losing its place in world bicycle exports and said recently after the Indo-China issue, the government is keen to help the industries to make them Aatma Nirbhar with a target to achieve the performance in domestic and international trade.