On Friday, 8th October, an industry body stated that India’s domestic passenger vehicles sales grew by a small percentage in October from the same time last year. This rise in demand happened for the first time in the last four months since lending curbs and rise in vehicle prices have hurt the country’s demand.
The country has one of the fastest growing passenger car markets in the world. However, the rise in fuel prices and higher interest rates have hurt vehicles sales.
India is one of the world’s fastest growing passenger car markets, but rising fuel prices and higher interest rates have hurt sales.
The weakening of the rupee and liquidity crunch in the banking industry has taken a chunk out of automakers sales in the country. Sales during the Hindu festival Diwali have seen a drop.
On Friday, Society of Indian Automobile Manufacturers (SIAM) data showed that the total vehicle’s sales in October 2017 rose from 279,877 units to 284,224 units in October 2018.
The sales of two-wheelers rose by 17.2 percent to 2,053,497 while the sales for cars rose marginally to 185,400 units.