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INDIA -
India slows to a crawl |
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Growth, after late 2011 jitters, returns to
India’s car market, but whichever way recent
economic developments are read, the
consensus view now is that this once fast-growing
car market will advance at best at a
pedestrian pace during the rest of this year It isn’t exactly business as usual, but India’s car sales have now risen for six months running, with the underlying uptrend culminating in March when sales rose 18.4 per cent to almost 230,000 units, thus setting a new all-time car sales record for any month. But it wasn’t to last. The bad news is that March’s bumper turnout was a blip, chiefly because a great number of buyers - wary of an April tax hike - pulled forward their planned car purchase, thus putting some superficial gloss at India’s otherwise slowing new car market. In April, pouring cold water on fanciful ideas that the bumper turnout in March signalled the resumption of fast-track growth, India’s new car sales crept up by just 4.2 per cent, bringing the cumulative rate of car sales growth to date to a more down to earth 11.1 per cent, likely followed by a further loss of momentum during this year’s second half  India’s car market slows in April
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