India car sales soar 30 percent in 2010-11

Indian passenger car sales soared by 30 percent in the past year, the most in over a decade, but surging raw material costs will put the brakes on further growth, an industry body said Friday.

Car sales grew to 1.98 million units in the just-ended fiscal year to March 2011 from 1.53 million the previous year, spurred by cheap loans and new model launches, the Society of Indian Automobile Manufacturers (SIAM) said.

"We have ended the year on a reasonably high note. We have reached a very strong base," SIAM president Pawan Goenka told reporters.

India is the second-fastest growing auto market in the world after China.

But Goenka said growth would slow to 16 or 18 percent this year due to rising commodity prices and costlier loans resulting from a tighter monetary policy aimed at curbing inflation.

The percentage gain in car sales in the year to March 2011 was the highest since 2000 when car sales soared 60 percent, SIAM said.

The sustained expansion of the Indian market in the face of saturated markets in the West has turned the country into a battleground for global vehicle manufacturers.

Ford, Renault-Nissan, General Motors and Volkswagen have all launched new models in India recently.

Sales of Japanese-controlled Maruti Suzuki, India's car market leader, jumped by 26.24 percent to 966,447 units last year from a year earlier, while sales of rival South Korea's Hyundai Motor increased by 13.95 percent to 358,904 units.

In March, passenger car sales in Asia's third-largest economy climbed by 24.37 percent to 194,199 units from the same month a year earlier, SIAM said.

Sales of commercial vehicles - seen as an important barometer of economic health - climbed by 15.35 percent to 77,688 units from a year ago, the auto group said.

Total sales of vehicles across categories grew by 19.42 percent in March to 1,465,909 units from the same month a year earlier.

pmc/je

 

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.

SPONSORED FEATURES

ES Rentals

    iJobs Job Widget
    iJobs General

    Recruitment Genius: Buyer / Planner

    £20000 - £23000 per annum: Recruitment Genius: An excellent opportunity has ar...

    Recruitment Genius: Marketing Manager

    £40000 per annum: Recruitment Genius: This is a fantastic opportunity working ...

    Recruitment Genius: Assistant Journals Manager

    £33000 per annum: Recruitment Genius: The prime focus of the role is to assist...

    SThree: Trainee Recruitment Consultant - Bristol

    £18000 - £23000 per annum + Uncapped OTE: SThree: SThree Trainee Recruitment C...

    Day In a Page

    Giants Club: After wholesale butchery of Idi Amin's regime, Uganda’s giants flourish once again

    Uganda's giants are flourishing once again

    After the wholesale butchery of Idi Amin's regime, elephant populations are finally recovering
    The London: After 350 years, the riddle of Britain's exploding fleet is finally solved

    After 350 years, the riddle of Britain's exploding fleet is finally solved

    Archaeologists will recover a crucial item from the wreck of the London which could help shed more light on what happened in the vessel's final seconds
    Airbus has patented a jet that could fly from London to New York in one hour

    Airbus has patented a jet that could fly from London to New York in one hour

    The invention involves turbojets and ramjets - a type of jet engine - and a rocket motor
    10 best sun creams for kids

    10 best sun creams for kids

    Protect delicate and sensitive skin with products specially formulated for little ones
    Tate Sensorium: New exhibition at Tate Britain invites art lovers to taste, smell and hear art

    Tate Sensorium

    New exhibition at Tate Britain invites art lovers to taste, smell and hear art
    Ashes 2015: Nice guy Steven Finn is making up for lost time – and quickly

    Nice guy Finn is making up for lost time – and quickly

    He was man-of-the-match in the third Test following his recall to the England side
    Ashes 2015: Remember Ashton Agar? The No 11 that nearly toppled England

    Remember Ashton Agar?

    The No 11 that nearly toppled England
    Turkey-Kurdish conflict: Obama's deal with Ankara is a betrayal of Syrian Kurds and may not even weaken Isis

    US betrayal of old ally brings limited reward

    Since the accord, the Turks have only waged war on Kurds while no US bomber has used Incirlik airbase, says Patrick Cockburn
    VIPs gather for opening of second Suez Canal - but doubts linger over security

    'A gift from Egypt to the rest of the world'

    VIPs gather for opening of second Suez Canal - but is it really needed?
    Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

    Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

    Fashion editor, Alexander Fury, applauds a man who clearly has more important things on his mind
    The male menopause and intimations of mortality

    Aches, pains and an inkling of mortality

    So the male menopause is real, they say, but what would the Victorians, 'old' at 30, think of that, asks DJ Taylor
    Man Booker Prize 2015: Anna Smaill - How can I possibly be on the list with these writers I have idolised?

    'How can I possibly be on the list with these writers I have idolised?'

    Man Booker Prize nominee Anna Smaill on the rise of Kiwi lit
    Bettany Hughes interview: The historian on how Socrates would have solved Greece's problems

    Bettany Hughes interview

    The historian on how Socrates would have solved Greece's problems
    Art of the state: Pyongyang propaganda posters to be exhibited in China

    Art of the state

    Pyongyang propaganda posters to be exhibited in China
    Mildreds and Vanilla Black have given vegetarian food a makeover in new cookbooks

    Vegetarian food gets a makeover

    Long-time vegetarian Holly Williams tries to recreate some of the inventive recipes in Mildreds and Vanilla Black's new cookbooks