SIAM says India might not see car sales growth this fiscal

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We have been painting a pretty picture by reporting that most of the manufacturers are witnessing a growth in the last few months of 2011 but the actuality might be different from perception of many. While there is not an iota of doubt that the Indian automobile industry is doing well towards the end of this year, the 2011 sales in totality might just be opposite of what one might think the scenario to be. As per the forecast seen in reports of Society of Indian Automobile Manufacturers (SIAM),  passenger car sales might see a negative growth for 2011-12. Sluggish demand over the last few months is being cited as the reason for this prediction. Again, root cause here is the rising fuel prices, especially of Petrol.

SIAM senior director Sugato Sen said, “During the Auto Expo next month, we are going to revise our sales projections for the fiscal. I feel the passenger car segment will again be downgraded.” In October, SIAM had revised its passenger car sales growth forecast for 2011-12 to 2-4 percent, this came as the second revision after it had lowered it at 10-12 percent in July, as against the initial projection of 16-18 percent announced at the beginning of this fiscal year. April-November period saw car sales decline by 3.53 percent to 12,19,509 units as compared to 12,64,142 units of similar period of previous year. “We may not see a decline in car sales for the entire fiscal. The numbers may be just at the same level of last fiscal,” Sen said, according to reports.

 

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