Car sales fell by almost 20 percent, while total car sales dropped by 16 percent
The sales of cars & SUVs & # 39; s in India fell the most since October 2011, contributing to a lot of bad news that points to a slowdown in & # 39; the world's fastest growing major economy.
Sales of passenger cars fell by 17.1 percent in April to 247,541 units compared to a year earlier, according to data from the Society of Indian Automobile Manufacturers. Car sales fell by almost 20 percent, while total car sales dropped by 16 percent.
"The less happy news continues," Vishnu Mathur, director-general of SIAM, told reporters in New Delhi on Monday about a fall in discretionary purchases from fast-moving consumer goods to travel and tourism. "Market sentiment is not very good."
The delay is not limited to car sales. Air traffic in India, the fastest growing aviation market in the world last year, grew the slowest in nearly six years in March, while demand for bank loans rose by 13.2 percent in March compared to a year ago, down from 14 5 percent pace seen in February, according to data from the central bank. Hindustan Unilever Ltd., the largest consumer goods producer in India, recently reported a growth in revenue growth of only 7% in March, the weakest in 18 months.
Economic growth in India slowed to 6.6 percent in the three months to December, the slowest pace in six quarters, amid weak consumption and a crisis in the shadow banking sector. The next pulse check for the economy comes on 31 May, when the gross domestic product is due for the quarter ending March.
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