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Indian Auto Market Growth Pegged At 11-13%: SIAM
SIAM president and Mahindra and Mahindra president Pawan Goenka said this year the auto sector would grow between 11 and 13 per cent. He also said passenger car sales would grow by 10 to 12 per cent. SIAM had previously predicted passenger car sales would grow by about 18 per cent.
The recent increase in fuel prices and costlier bank loans have severely dented car sales in India. Car sales in June rose just 1.6 per cent as compared to the previous June's sales growth of 30.8 per cent. The auto sector has been forced to increase prices due to high input costs and this has also contributed for reduced sales.
Is it the beginning of the slide in the Indian car market? Will new products improve consumer confidence? It remains to be seen if the carmakers will be able to answer these questions. Despite gloomy sales in June the auto sector in India can be rest assured that it is still the fastest growing market in the world. If it makes some smart decisions it can still improve sales prospects.
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