Dow Jones reports that car sales in India rose 38% to 59,800 units in July according to data issued by the Society of Indian Automobile Manufacturers.
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The report also says that the strong gain suggests cheap financing options offered by Indian banks to car buyers in the rural and ‘semi-urban’ markets has spurred an increase in car demand. Recently, the country’s largest carmaker Maruti Udyog Ltd. (P.MUD) tied up with government banks to drive sales in rural areas and smaller towns of central India.
In the first four months of the fiscal 2003-2004 year, car sales rose 32.5% to 209,501 units (India’s fiscal year runs from April to March).
