Car sales in India jumps 25%
Indian automobile market especially for cars is booming and the sales figures revealed on Friday proved the same. The sales for cars has jumped by 25% in the last financial year and with the economy growing again, customers are seem gushing towards various new brands and models to own this year.
India, the third largest Automobile market in the world is showing an increasing and noticeable capacity of consumption which certainly is a good indicator of economic health. The Society of Indian Automobile Manufacturers (SIAM) revealed that the sales for the last financial year that ended in March rose to 1.53 million units, a 25% increase.
Although there are many facets and reasons to the observed growth, one main reason as observed by Mr. Pawan Goenka, SIAM president is the low base prices for the previous year that saw a world economic slowdown. The industry experts have noticed that the automobile market has grown by 10 to 14 % annually in the past decade which is expected to continue. However, the rising prices of Cars due to the new emission norms could somewhere hinder the expected rate of growth.
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