India car sales hit monthly record

Car sales in India hit a record monthly high in August, industry data showed, as consumers flocked to showrooms in a booming auto market flooded with new models and cheap loans.

Sales of cars are likely to remain strong in the ongoing festive season as the fast-expanding industrial sector boosts incomes and farm output in rural areas picks up after a strong monsoon.

Sales of passenger cars jumped 33.2 percent in August from a year earlier, reaching 160,794 units, data from the Society of Indian Automobile Manufacturers (SIAM) showed.

Sales of trucks and buses grew 28 percent to 52,030 units.

"We are going to exceed the projections (for this financial year)," said Vishnu Mathur, SIAM's director-general, referring to a previous forecast for annual growth of 12-13 percent in the year to March.

"We have so far grown much higher than the forecast."

India is fast turning into a major battleground for global vehicle manufacturers such as Ford, Renault-Nissan, General Motors and Volkswagen, which have each launched new models in the country.

The market, Asia's third biggest, is projected to triple over the next decade to six million cars a year from the current two million, according to industry estimates.

Sales are still dominated by Japanese-owned Maruti Suzuki, which has over 60-percent market share.

The group announced a 23.5 percent jump in sales to 104,791 cars in August, up from 84,808 in the same month a year ago.

Analysts forecast passenger car sales to remain strong in coming months and years, with the numbers of cars per capita among the lowest in any major automobile market.

"The festive season demand will be strong, due to the rural India pick-up," said Vaishali Jajoo, analyst with Angel Broking.

Jajoo expects India's auto sales to grow by 16 percent in the 12 months to March 2011, from an earlier estimate of 15 percent.

Asia's third-largest economy grew by 7.4 percent in the financial year ended March 2010 and is forecast to grow by at least 8.5 percent this year.

sal/adp/bsk

Sport
England's women celebrate after their 3rd place play-off win against Germany
Women's World CupFara Williams converts penalty to secure victory and bronze medals
Arts and Entertainment
Ricardo by Edward Sutcliffe, 2014
artPortraits of LA cricketers from notorious suburb go on display
News
newsHillary Clinton comments on viral Humans of New York photo of gay teenager
Arts and Entertainment
The gang rape scene in the Royal Opera’s production of Gioachino Rossini’s Guillaume Tell has caused huge controversy
music
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs General

    Recruitment Genius: Sales Administrator - Spanish Speaking

    £17000 - £21000 per annum: Recruitment Genius: This is a fantastic opportunity...

    Recruitment Genius: Sales Administrator - German Speaking

    £17000 - £23000 per annum: Recruitment Genius: This is a fantastic opportunity...

    Recruitment Genius: Sales Administrator - Japanese Speaking

    £17000 - £23000 per annum: Recruitment Genius: If you are fluent in Japanese a...

    Recruitment Genius: Graphic Designer - Immediate Start

    £16000 - £25000 per annum: Recruitment Genius: This is a fantastic opportunity...

    Day In a Page

    The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

    Gaping hole at the heart of the European Union

    Treatment of Greece has shown up a lack of genuine legitimacy
    Number of young homeless in Britain 'more than three times the official figures'

    'Everything changed when I went to the hostel'

    Number of young homeless people in Britain is 'more than three times the official figures'
    Compton Cricket Club

    Compton Cricket Club

    Portraits of LA cricketers from notorious suburb to be displayed in London
    London now the global money-laundering centre for the drug trade, says crime expert

    Wlecome to London, drug money-laundering centre for the world

    'Mexico is its heart and London is its head'
    The Buddhist temple minutes from Centre Court that helps a winner keep on winning

    The Buddhist temple minutes from Centre Court

    It helps a winner keep on winning
    Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

    Is this the future of flying?

    Battery-powered planes made of plastic, and without flight decks
    Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

    Isis are barbarians

    but the Caliphate is an ancient Muslim ideal
    The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

    Curse of Brink's Mat strikes again

    Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
    Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

    'The ministers talk to us about miracles'

    Why Greeks are cynical ahead of the bailout referendum
    Call of the wild: How science is learning to decode the way animals communicate

    Call of the wild

    How science is learning to decode the way animals communicate
    Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

    'The economic collapse has happened. What is at risk now is democracy...'

    If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
    The science of swearing: What lies behind the use of four-letter words?

    The science of swearing

    What lies behind the use of four-letter words?
    The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

    The Real Stories of Migrant Britain

    Clive fled from Zimbabwe - now it won’t have him back
    Africa on the menu: Three foodie friends want to popularise dishes from the continent

    Africa on the menu

    Three foodie friends want to popularise dishes from the hot new continent
    Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

    Who will fill Donna Karan's boots?

    The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'