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Car sales may decline 4-7% in FY20: ICRA
Passenger vehicle sales in India is likely to decline in the range of 4-7 per cent this fiscal saying agricultural output, revival in economic and industrial growth would be critical for auto sector's growth despite recent government measures to rekindle demand.
New Delhi: Passenger vehicle sales in India is likely to decline in the range of 4-7 per cent this fiscal saying agricultural output, revival in economic and industrial growth would be critical for auto sector's growth despite recent government measures to rekindle demand.
The auto industry has already registered a 21.6 per cent plus de-growth in the first four months of 2019-20, ICRA said adding in the short-term, prevailing subdued rural and urban sentiments would matter besides the upcoming BS-VI emission norms.
"As per Icra's analysis of the auto sector, the likely decline in passenger vehicles is estimated to be in the range of 4-7 per cent and 0-5 per cent decline for M&HCV trucks in FY2020," the rating agency said in a statement.
The auto industry has been grappling with a tough time since the beginning of the second quarter of FY2018-19 and growth has slowed down, it added.
