Further indication that new car sales in India are slowing has come from the Society of Indian Automobile Manufacturers (SIAM) which has revised its growth forecast downward.

SIAM said sales in India are expected to rise just 2% to 4% this fiscal year to next March, down from an earlier forecast of 10% to 12%.

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However, commercial vehicles are forecast to grow at 13 to 15%, up from the earlier forecast of 12 to 14%, SIAM added.

Demand for cars in the world’s second-fastest growing auto market after China has been dented in recent months by high fuel prices, rising interest rates and vehicle costs, with many first-time buyers plumbing for motorcycles or scooters.

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