Car sales down and India to grow at 6%!

According to World Bank, Indian economy will soon get back to high growth path of 6% next year and hope for even more increase in future. While talking to the reporters after meeting Finance Minister P Chidambaram, World Bank President Jim Yong Kim said although the economic growth has been somewhat disappointing at 5%, but the situation would improve as the global market scenario improves. Indian economy is subject to global slowdown, as export market starts doing better, we think India will do better as well.

In February, car sales in India slumped 25.7% due sluggish economic growth. It is the biggest fall in more than 12 years. According to Society of Indian Automobile Manufacturers (SIAM), in February, automobile manufacturers sold 158,513 cars. Sales of motorcycles fell 4.5% in February to 800,185 vehicles and Truck & bus sales were down 11.1% at 68,388. Car sales were down by 4.6% during the period April-February 2013. There is no improvement in the market sentiment; people have more or less stopped discretionary purchases.

Read lot more in Rubber4U – 15th March 2013 issue