Car sales take off, industry sees GST cut fuelling growth
New Delhi, Oct. 23 -- India's top carmakers saw double-digit growth following a spike in demand after cuts in goods and services tax (GST) rates late in September coincided with the Navratri to Diwali festive season sales.
There are early signs that this momentum may remain strong in the months and quarters ahead, top carmakers and industry veterans said. Tata Motors Passenger Vehicles Ltd expects 7-8% growth in the industry's sales between October and March this financial year. Maruti Suzuki expects passenger vehicle sales to grow by around 7% next financial year. And Hyundai Motor India has guided for 5.2% CAGR of overall industry sales till financial year 2030.
These are substantially higher than earlier estimates. Car sales have been te...
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