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QINGDAO TODAY
在线翻译:
szdaily -> World Economy -> 
India’s slowing economy led to record drop in auto sales
    2020-01-13  08:53    Shenzhen Daily

CAR sales in India fell by a record 19 percent last year as a slowing economy made consumers reluctant to spend on big-ticket items and demand is likely to be flat this year, the Society of Indian Automobile Manufacturers (SIAM) said Friday.

Passenger car sales fell to 1.81 million in 2019 from 2.24 million in 2018. Sales of sport-utility vehicles (SUVs), however, rose 5 percent helped by the launch of new models, data released by SIAM showed.

Sales of passenger cars are expected to be flat in the fiscal year starting April 2020 due to continuing weak demand and the onset of tighter emission norms that will drive up car prices, said Rajan Wadhera, president, SIAM.

“We are still not fully out of the challenges otherwise we would have seen growth in high numbers,” Wadhera told reporters.

Sales of two wheelers – widely seen as an indicator of the health of the rural economy – fell 14 percent in 2019 while sales of trucks – a barometer of overall economic growth – dropped 15 percent. The declines are the worst since around 1997 when SIAM started keeping records.

The auto industry is also gearing up for a shift to stricter emission norms from April 1, 2020 which will push up the price of vehicles by 8 percent to 10 percent, further hurting demand, Wadhera said.

Weaker economic growth is also a “big barrier and challenge” to growth, he said.

India’s economy is set to expand by 5 percent in the current financial year that ends in March, its slowest growth in 11 years, and down from 6.8 percent growth in 2018/19, according to the Ministry of Statistics. (SD-Agencies)

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