Related News
Car purchases in India shrink 19% in August
Source: Agencies |
September 11, 2012, Tuesday
|
Print Edition
Print Edition
CAR sales in India plunged 19 percent in August, their first fall in 10 months as slowing demand adds to the economic woes of Asia's third-largest economy, industry data showed yesterday.
The Society of Indian Automobile Manufacturers blamed high interest rates, a vehicle tax hike and rising fuel prices for dampening demand.
"Unless something is done to control the external environment, things will not improve," said Sugato Sen, senior director of the society. He called on New Delhi to roll back a vehicle tax and resist pressure to further raise subsidized fuel prices.
The government, however, has been under intense pressure to reduce its fiscal deficit by cutting spending for subsidies, particularly on fuel. Sen also urged the central bank to lower interest rates, but the Reserve Bank of India continues to flag India's high inflation as a dominant concern.
Sales of two-wheeled vehicles, including scooters, which are ubiquitous in rural India, also fell by 4.5 percent in August, their first drop since January 2009. Rural demand, which has given India ballast against the slowing global economy, has been hit by a monsoon.
The society says it may have to cut back its car sales growth forecast for the fiscal year ending March, now pegged at 11 to 13 percent.
The Society of Indian Automobile Manufacturers blamed high interest rates, a vehicle tax hike and rising fuel prices for dampening demand.
"Unless something is done to control the external environment, things will not improve," said Sugato Sen, senior director of the society. He called on New Delhi to roll back a vehicle tax and resist pressure to further raise subsidized fuel prices.
The government, however, has been under intense pressure to reduce its fiscal deficit by cutting spending for subsidies, particularly on fuel. Sen also urged the central bank to lower interest rates, but the Reserve Bank of India continues to flag India's high inflation as a dominant concern.
Sales of two-wheeled vehicles, including scooters, which are ubiquitous in rural India, also fell by 4.5 percent in August, their first drop since January 2009. Rural demand, which has given India ballast against the slowing global economy, has been hit by a monsoon.
The society says it may have to cut back its car sales growth forecast for the fiscal year ending March, now pegged at 11 to 13 percent.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
