During last year, sales regarding the largest passenger car manufacturer Maruti Suzuki India (MSI) were the largest numbers, not so this year. According to a report in Financial Express, the company is now restricted to more expensive inputs and fuel, rising interest rates, labor problems and an uncertain global economy, the rate of growth this year looks bleak.
As the report stated, that MSI, which recorded a 25 percent sales growth last fiscal year, expected 6.7 percent in this year now. It was reported that a formal announcement in this regard is expected in Maruti's annual general meeting on 8 September, which will be attended by Osamu Suzuki, chairman of Suzuki Motor, the parent company of Maruti Suzuki. The report quoted company chairman RC Bhargava as saying: "We tell our shareholders that would not be possible to grow in double digits this fiscal year. We will see single digit growth in place. I would be reasonably satisfied if (Maruti) will grow 7.6 percent this fiscal year.’ automakers said it would not be able to meet the expected growth of 12.10 per cent set by the India Society of Automobile Manufacturers (Siam), as macroeconomic indicators were under pressure. The expected increase in holiday sales, he said, would be sufficient to meet the expectations of Siam. The automobile industry in India had registered a growth of 30 per cent tax.Vcommindia News
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