Auto retail had its best month ever, and the commercial vehicle number is the one that matters

Punjab, Oct. 6 -- Indian auto retail had its best month on record in September - 25,36,920 vehicles, up 31.82% year on year. Commercial vehicles crossed one lakh in a September for the first time.

What the number actually covers

This is FADA retail data, and it counts every category: two-wheelers, passenger vehicles, commercial vehicles, three-wheelers, tractors and construction equipment.

It is being reported in places as "car sales". It is not. Passenger vehicles were 4,27,213 units of that total, up 32.10%.

The distinction matters because two-wheelers make up the bulk of Indian vehicle sales, and a two-wheeler recovery tells you something very different about the economy than a car recovery does.

The commercial vehicle figure is the...