According to data released by the Indian carmakers’ association SIAM, India’s car market surged by 23.7% to 50,426 units in September. The gain follows a strong August and is being attributed to heavy discounting by the manufacturers.
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Analysts note that market leader Maruti Udyog announced sharp price cuts in the month.
Growth in the fiscal year so far is more modest. Sales in April-September, the first half of the current financial year ending in March 2003 rose 4.1% to 258,467 units.
