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29/03/2010 00:00 AST
The Indian domestic auto industry is set to hit an all time high sales figure of 12.2 million units in 2009-10, surpassing the previous sales record of 10.1 million units in 2006-07.
The strong growth is in terms of passenger car volumes, two wheelers and commercial vehicles. This also represents a growth of 25.48% over 2008-09.
The phenomenal growth rides on the back of a low base, new launches primarily in the compact car category lower interest rates and the 4% reduction in excise duty as part of the fiscal stimulus.
Mr Rajiv Dube president of TATA Motors said that "The 25% growth in 2009-10 is a two-year growth happening in just one year as the last financial year was nearly flat. If financing continues, as over 60% of the vehicles are purchased on finance, it is expected that the demand would be sustainable in the medium to long term though it may not be as high as this."
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|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
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| S&P 500 | 5,626.02 | 30.26 (0.54 |
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