On Back of Growing Economy, Car Sales across India Recorded Highest Rise in 5 Years
For the month of November, on the back of cheaper loan rates and a rapidly growing economy, passenger car sales across India hiked the most in over 5 years, led by high demand for Maruti Suzuki India Ltd. hatchbacks and Tata Motors Ltd.'s Nano.
For the month of November, as confirmed by the Society of Indian Automobile Manufacturers, as many as 133,687 units were sold in all, which is an over 61% rise as compared to the 83,121 sold for the same month last year.
"India and China are the two hottest auto markets in the world and no one can afford to ignore them. Anyone who isn't strong in India will try to emerge a key player as the growth here is sustainable in the long term", said Deepesh Rathore, a New Delhi-based analyst at industry consultant IHS Global Insight Inc.
In both India and China, which have been pegged one the biggest and fastest growing automobile markets of the world, GM, Hyundai and Volkswagen have increased their investments. Both the nations have managed to withstand a drop in global auto sales on increased Government support and strong economic growth.
