India's passenger vehicles sales are set to fall for a tenth consecutive mo...
), which together account for about two-thirds of the commercial vehicles market, show that sales of trucks, an indicator of economic activity, fell by almost 40%.
The crisis in the autos sector is a huge problem for Prime Minister Narendra Modi’s government which last week announced a series of measures to boost bank lending for car buyers and dealers. The government is expected to provide further stimulus especially after data released on Friday showed that India’s GDP growth fell to a six-year low in the April-June quarter.
Wadhera said the government’s recent measures have done little to boost sales growth and buyers are still cautious of spending while there is a trust deficit in lending money to dealers. Analyst IHS Markit has slashed its 2019 growth forecast for India and expects car sales to fall by 11% for the year.
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