(MENAFN) The Society of Indian Automobile Manufacturers (SIAM) has revised down its car sales estimates for the third time in the current fiscal year, on cooling economy and costlier loans keep buyers away from showrooms, AFP reported.
SIAM new sales estimates are of between zero and 1.0 percent, down from 1.0 to 3 percent.
Car sales in India in December fell 12.5 percent to 141,083 units from a year earlier, according to the New Delhi-based group said.
SIAM's Deputy Director General Sugato Sen said the car market situation could improve if taxes on automobiles were reduced and inflation and interest rates started to ease.
Demand for cars in India has been dampened on rising fuel prices, high interest rates and a slowing economy.
Automakers are introducing new models and variants and offering discounts to woo customers.
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