SIAM expects 10 to 12% growth in India’s overall industry sales

S. Sandilya, president of the Society of Indian Automobile Manufacturers (SIAM), divulged that SIAM had anticipated that the conditions in the automobile industry in India would begin to exhibit favorable changes in the current fiscal year. He said that with the prevailing industry trends, coupled with the slowly recovering macroeconomic conditions, an overall growth of 10-12% can be expected during this fiscal year. During the previous fiscal year (2011-2012), unstable interest rates pushed down automotive sales and the auto industry reached a sales volume of 17,376,624 units. Last March, overall industry sales growth stood at 10.11%. (April 11, 2012)