Festive Season Gives Hope to Flattish Indian Auto Industry Growth
The Indian automobile industry expects a 3-5% growth in domestic passenger vehicle wholesales this fiscal. After a stagnant first half, festive seasons and strong sales in October signal optimism. Despite challenges like high base effects and previous fluctuations, the industry remains cautiously hopeful.
- Country:
- India
The Indian automobile industry anticipates a modest growth of 3-5% in domestic passenger vehicle wholesales this fiscal year, following a largely stagnant first half, as reported by the Society of Indian Automobile Manufacturers (SIAM).
Initially, SIAM projected a 5-8% sales growth at the fiscal start; however, April to September PV sales only climbed marginally to 20,81,143 units from 20,70,960 the previous year.
SIAM President Shailesh Chandra expressed optimism, noting a 25% retail sales surge in early October. Despite earlier surprises and high base effects, the festive period and infrastructure investments are expected to boost demand.
(With inputs from agencies.)
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