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Auto body to cut FY13 car sales forecast to 0-1 percent
January 9, 2013 / 6:17 AM / 5 years ago

Auto body to cut FY13 car sales forecast to 0-1 percent

Heavy traffic moves along a busy road as it rains during a power-cut at the toll-gates at Gurgaon on the outskirts of New Delhi July 31, 2012. REUTERS/Stringer/Files

NEW DELHI (Reuters) - India’s car sales are likely to post negligible growth, if any, in the financial year that ends in March, an executive at the country’s automobile association said, as slowing economic growth and high interest rates slash demand.

The Society of Indian Automobile Manufacturers (SIAM), which collects data from the country’s carmakers, will cut its growth forecast to 0-1 percent from its previous 1-3 percent, deputy director general Sugato Sen said on Wednesday.

India’s domestic car sales in December fell 12.5 percent year-on-year, SIAM said.

Reporting by Anurag Kotoky; Editing by Daniel Magnowski

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