The local festive season helped drive strong overall sales at most Indian automakers in November, with market leader Maruti Suzuki posting a 14.3% jump for the month, Reuters reported.
The news agency noted auto sales numbers are keenly watched as they are among the key indicators for assessing private consumption, which has a more than 50% weightage in calculating the country’s economic growth.
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India’s inflation has remained at elevated levels well above the Reserve Bank of India’s upper tolerance band of 6%, but has recently shown some signs of easing.
Reuters said total passenger car sales rose 22.6% at Maruti Suzuki India, 56.2% at Mahindra & Mahindra and 55% at Tata Motors. Sales of utility vehicles, one of the fastest growing segments, rose 32.5% at Maruti and 56% at Mahindra.
There were also good results in the farm equipment and motorcycle segments.
The report added India’s annual economic growth for the quarter ended 30 September more than halved to 6.3% from 13.5% in the prior three months as distortions caused by COVID-19 lockdowns faded in Asia’s third-largest economy.
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By GlobalData
