Car Industry sees light at the end of the tunnel
India’s car sales will accelerate this year as economic growth is helping these countries withstand a global slump in automobile demand, an industry group has stated. This has spurred Maruit Suzuki to increase their own investment in the region.
Car sales across India alone are set to increase by at least 10 percent in the year to March 2010, double an April estimate for a 5 percent expansion. The thirteen carmakers in India sold 1.22 million cars last year which is an incredible statistic to consider especially when the car industry is taking a massive hit across the globe.Economies in India and China are set to boost. So, before they do companies from all over the world are trying as hard as possible to get their investments in place in time to make some serious money off of this profitability.
The market for used cars in India has also risen with the need to buy a new alfa romeo or buy a renault dropping. Used cars for sale these days are extremely reasonable in over populated regions of the world like India and people are more than prepared to make the most of this now. China, japan and America are amongst several countries that are offering a mix of credits and tax breaks to try and boost auto sales by getting consumers to trade-in old cars for newer, more fuel efficient models which is thus helping keep the environment clean and safe. India's central bank ploughed roughly 5.6 trillion rupees into the economy which together with the government fiscal stimulus amounted to more than 12 percent of gross domestic product. Vehicle sales also grew in India by just 1.3 percent in the fiscal year which ended in late March, the slowest pace recorded from the last seven years. Because of the vast amount of people living in India and China there is a massive chance that there economies will recover so much quicker than the rest of the world.
