Renault has reportedly cut its Indian sales targets, as growth was not as fast as expected, although a study for a mini car in India was on track, a top official of carmaker's Indian unit told the Mint newspaper.

"We have not grown as fast as we expected. It's a new brand, it's a new car, it's a new network," Renault India managing director Sylvain Bilaine said in the interview published on Tuesday.

"Now we are working on different scenarios. We are working both on pink (optimistic) and more black (pessimistic) in case the economy would really plummet."

The sales target had been trimmed in line with the economic slowdown of the mid-sized car segment, where Renault's Logan sedan competes, he told the paper.

A few results of a feasibility study with Indian two-wheeler maker Bajaj Auto Ltd to make a USD3,000 car should be seen in a few months, Bilaine told the paper.

"We are on track on the costing, which is the most difficult. Now our engineers are working with what our product planners had summarised. It's (taking) a bit longer than anticipated," he told the paper.