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Auto body to cut FY13 car sales forecast to 0-1 percent

Source : REUTERS
Last Updated: Wed, Jan 09, 2013 06:20 hrs
Heavy traffic moves along a busy road as it rains during a power-cut at the toll-gates at Gurgaon on the outskirts of New Delhi

NEW DELHI (Reuters) - India's car sales are likely to post negligible growth, if any, in the financial year that ends in March, an executive at the country's automobile association said, as slowing economic growth and high interest rates slash demand.

The Society of Indian Automobile Manufacturers (SIAM), which collects data from the country's carmakers, will cut its growth forecast to 0-1 percent from its previous 1-3 percent, deputy director general Sugato Sen said on Wednesday.

India's domestic car sales in December fell 12.5 percent year-on-year, SIAM said.

(Reporting by Anurag Kotoky; Editing by Daniel Magnowski)



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