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04-11-2012, 11:02 AM #1
SIAM sees 10-12 % growth in car sales
Difficult economic situation led to a steep drop in car sales growth, just 2.19 per cent, in the last fiscal, the Society of Indian Automobile Manufacturers said here on Tuesday while releasing the auto sales figures for 2011-12.
However, car and motorcycle segments crossed major landmarks of 20-lakh unit and one-crore unit sales, respectively, during the fiscal.
Notably, car sales could have shown negative growth, but the fear of excise duty hike in the budget 2012-13 led to surge in sales in the last quarter, particularly in March, when several carmakers recorded their highest-ever sales.
“Car sales grew by just 2.19 per cent in 2011-12 (slowest in two years)…we expect the growth to be around 10-12 per cent in the ongoing fiscal on better macro economic prospects,” SIAM President S. Sandilya told journalists. However, for the first time, car sales crossed the two-million unit (20-lakh) mark.
The car industry suffered due to high interest rates, inflation and rising fuel prices in the last fiscal, while strike at the Manesar plant of Maruti Suzuki India Ltd. (MSIL) also dropped supplies, thus, affecting overall sales....being a human...