New Delhi, March 14 -- Passenger vehicle sales in February held their head above water, but only just. Wholesale dispatches for the month climbed 1.9% from a year earlies to 377,689 units, according to data put out by the Society of Indian Automobile Manufacturers (SIAM) on Thursday. Factory dispatches to dealerships of three-wheelers also rose 4.7% but for two-wheelers, they fell 9%.

Overall, February's numbers offer a mixed picture. An under-2% rise for passenge vehicles is hardly impressive. But given weakening consumer demand, a problem that even attracted India's budget focus the growth figure isn't all that bad.

A slowing economy has meant income prospects have dimmed, even as the wealth effect of swelling stock portfolios has gon...