With festival season getting over, the car industry is now bracing for an early winter chill as the constant hikes in interest rates and steep petrol prices are set to cut demand to bare minimum. And, deep discounts and other promotional events may not turn around the situation.
Car company executives and bankers said that demand has been indifferent this time round and the situation will only get worse as time progresses. "The festival season was already lukewarm. On top of that, the constant rate hikes by banks will only add further gloom at a time when we are entering a leaner period. This is too bad," said Mayank Pareek, managing executive officer at Maruti Suzuki India.Vcommindia News
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