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Automobile sector in slump...
Passenger vehicle sales in the first three quarters of this fiscal year declined by nearly 6 per cent to 1.83 million units. -Vishnu Mathur

India’s automobile industry, which is in a slump, may have to wait till the second half of the fiscal to bounce back. The industry will end the current fiscal with a ten year low in sales turnover.

“Generally negative feelings seem to have kicked off the downturn in the industry following the slackness in the economy, and we expect growth to return only in the 2nd half of the next fiscal,” said Vishnu Mathur, Director General of SIAM. GDP growth rate is below the 5 per cent mark this fiscal, the lowest in a decade. The downturn in the economy has been

characterised by high inflation, high borrowing costs and rising fuel prices. With fuel cost being the main reason behind postponement in buying a vehicle, passenger vehicle sales in the first three quarters of this fiscal declined by nearly 6 per cent to 1.83 million units as compared to the earlier period.  In December last year, vehicle sales fell by 9 per cent even as overall automobile sales including scooters and motor cycles dropped 1.21 per cent to 1.43 million units.

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