Car, motorcycle sales in India plunge 9 pct, SIAM pleads for stimulus package - Financial Express

Car sales in India fell for a record eighth month in row in June with a dip of 9 per cent as economic slowdown and low consumer sentiments continue to hit demand, prompting industry body SIAM to seek stimulus package for the automobile sector from the government. Check auto stocks With actual sales in the first quarter of this fiscal turning out to be wide off the mark from what it had forecast in April, Society of Indian Automobile Manufacturers (SIAM) stayed away from revising sales projections it had made in April this year and stated that even those targets were unlikely to be met, except in two-wheeler segment. According to the latest figures, domestic car sales stood at 1,39,632 units in June as against 1,53,450 units in the same month last year. Also read: Mercedes-Benz launches diesel engine-equipped version of B-Class Also read: Mercedes A-Class: A in the three-pointed star "The slow economic growth, high interest rates and fuel prices, high inflation are all affecting consumer sentiments. Government needs to have a re-look and bring a stimulus package for the auto industry which will help in achieving higher growth," SIAM President S Sandilya told reporters here. SIAM is looking at the a stimulus package similar to the one given during the 2008-09 downturn, in which excise duty on two-wheelers, small cars and commercial vehicles were reduced to 8 per cent, SIAM Director General Vishnu Mathur said. He, however, said the industry body has not yet ... contd. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFq6SmWgv1vV-2OEsIQnU0ZCXjHrg&url=http://www.financialexpress.com/news/car-motorcycle-sales-in-india-plunge-9-pct-siam-pleads-for-stimulus-package/1140971

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