
India's car sales slid by over seven percent in July, marking a record ninth straight month of decline, industry data showed on Monday, as an economic slump and high borrowing costs discouraged buyers. Carmakers sold 131,163 cars in India last month, down 7.4 percent from the same month in 2012, the Society of Indian Automobile Manufacturers (SIAM) said. The car market, seen as an important guide to India's overall economic health, has recorded a fall in sales for an unprecedented nine consecutive months. "There's general gloom with the economic slowdown, high interest rates and high fuel costs," SIAM's deputy director general Sugato Sen told AFP. "It's all deterring buyers," he said. The data is the latest in a string of grim figures underscoring the weak state of Asia's third-largest economy. The market's downturn is in sharp contrast to the previous decade when car sales grew by 20 to 30 percent -- prompting foreign giants from Ford to Volkswagen to make a beeline for the country as they sought to boost sales globally. Total bus and truck sales -- another important economic health barometer -- plunged in July by 14.9 percent to 55,301 units from a year ago. Meanwhile, sales of motorcycles -- a popular means of personal transport -- slipped by 1.5 percent to 809,312 units. A sharp fall in the Indian rupee has dashed hopes of interest rate cuts anytime soon to kickstart consumer demand and the economy, which grew at a decade-low of five percent last year. Last year, domestic passenger car sales fell by 6.7 percent to 1.89 million from a year earlier -- the first contraction in a decade. SIAM has declined to set a sales target for this year.
GMT 17:19 2018 Thursday ,11 January
China factory gate inflation slows to 13-month lowGMT 17:50 2018 Wednesday ,10 January
German industrial output rebounds in NovemberGMT 17:39 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bnGMT 17:29 2018 Tuesday ,09 January
German industrial orders dip in NovemberGMT 15:36 2018 Thursday ,04 January
China factory activity accelerated in December: CaixinGMT 13:33 2018 Wednesday ,03 January
Turkey inflation rate eases but still stubbornly high in DecemberGMT 16:27 2018 Monday ,01 January
China manufacturing activity slows in DecemberGMT 17:36 2017 Sunday ,31 December
Spain to leave EU's deficit 'sin bin' next year: Rajoy
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor