Arab Today, arab today india’s car sales slide nearly 26
Last Updated : GMT 14:46:45
Arab Today, arab today
Arab Today, arab today

India’s car sales slide nearly 26%

Arab Today, arab today

Arab Today, arab today India’s car sales slide nearly 26%

New Delhi - AFP

Car sales in India\'s once-booming passenger market plunged nearly 26 per cent last month on an annual basis, their worst performance in 12 years, industry figures showed yesterday. Car sales, seen as a key pointer to overall economic health, slid by 25.71 per cent to 158,513 units in February from the same month in 2012, the Society of Indian Automobile Manufacturers (SIAM) said. With one month left to report in the financial year, SIAM forecast annual sales would shrink for the first time since 2002-03. Sales have contracted by 4.64 per cent in the April to February period from a year earlier. Economy slowing \"Discretionary spending on cars has pretty well come to a stop with the economy slowing — if people don\'t need a car, they are holding back,\" SIAM deputy director-general Sugato Sen told reporters. \"The weak economy, high inflation and high finance costs mean people at the bottom of the pyramid who buy the smaller cars, which are the biggest part of the market, are not buying,\" he added said. The car sales were the latest grim figures for India, Asia\'s third-largest economy, which is forecast to grow by just five per cent in the current financial year to March 31 — its weakest pace in a decade. The expected drop in annual car sales is a far cry from the 10-12 per cent passenger car sales growth for the year that SIAM initially projected. Car companies have been offering big discounts to lure buyers but have been unable to reverse the tailspin. March is usually considered a good period for car sales as companies dispose of inventories but Sen said it was expected to be a weak month as well. India\'s car sales grew by a breakneck annual 20-to-30 per cent in the previous decade, prompting foreign carmakers such as Ford, General Motors (GM) and other firms to make a beeline for the country as they sought to boost sales globally. But passenger sales growth in India, the sixth-largest car market worldwide, has been in decline over the past couple of years with the weakening economy weighing on demand. Total sales of trucks and buses — another importer barometer of economic vitality — slumped by 35 per cent in February to 21,498 units from a year ago.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india’s car sales slide nearly 26 Arab Today, arab today india’s car sales slide nearly 26

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom, China plunges into snow biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom, China plunges into snow biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 22:05 2017 Wednesday ,22 February

RTA completes Phase I of smart parking project

GMT 01:06 2017 Monday ,20 February

Dubai set to be leader in driverless mobility by 2030

GMT 00:36 2017 Monday ,20 February

Abu Dhabi merges key parking sectors

GMT 11:19 2017 Sunday ,19 February

Syrian Khallouf Trading Company launches two new cars

GMT 10:37 2017 Thursday ,16 February

Motorsport fans encouraged to buy GP tickets

GMT 13:21 2017 Wednesday ,15 February

200 Teslas to join Dubai Taxi fleet

GMT 21:20 2017 Tuesday ,14 February

Tesla brings electric cars to supercar-loving UAE
View News in Arabic - Auto: أخبار السيارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday