Domestic car sales jump 23% in Oct
- BJP defends its leadership from attack by party veterans, welcomes guidance and suggestion of 'seniors'
- Advani, Joshi, others issue statement on Bihar debacle; say party captive to handful, ask for review
- Bar bribery case: K M Mani resigns as Finance Minister of Kerala
- Govt eases FDI norms in 15 major sectors, including defence, civil aviation
- OROP: Over 2,000 war veterans return medals, Parrikar says 'behaviour unlike that of a soldier'
Boosted by festive season purchases, domestic car sales increased by 23.09 per cent to 1,72,459 units in October 2012, the highest growth rate in nearly two years.
Society of Indian Automobile Manufacturers (SIAM), however, downplayed the feat saying that the growth was on a low base of 1,40,105 units in the same month last year and the automotive industry continues to face challenges in pushing sales.
"The car sales growth rate that we have achieved this October is the highest since January 2011, which was at 25.27 per cent. In terms of volumes, this is the highest since March this year when it was at 2,29,866 units," SIAM Director General Vishnu Mathur told reporters here.
However, he said it was to early to rejoice for the industry as high interest rates and fuel prices, uncertain economic environment and low consumer sentiments still prevails and it has started affecting even the rural markets.
"Compared to the last four months, we have a good growth. This is of course due to festival season but this is on a very low base of October last year," Mathur added. On a comparative basis of the festive season sales between last year, which was mainly in September, and this year, he said the sales growth has been marginal.
"If we compare September last year and October this year, the growth in just 3.6 per cent. So once the festive season is over we will face the challenge again and next month will be critical," Mathur said, adding sales in September last year was at 1,66,464 units.
As per the latest figure released by SIAM, in the passenger cars segment, market leader Maruti Suzuki India sold 79,811 units in October, up 93.75 per cent from 41,192 units in the same month last year.
- Borrowing costs for states with varying deficits can’t be the same
- There was a silent wave in support of Nitish and Lalu
- A new Indo-US partnership model
- Patriot or nationalist? Why I will never be the latter
- India’s external sector has never been as strong as it has been since 1991-92
- An alarming rise in pollution levels underscores the urgent need for better regulation