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SIAM lowers FY13 car sales forecast

Cutting car sales projection for the ongoing fiscal for the second time due to demand slump, SIAM on Wednesday said that the auto industry will miss its ambitious target of clocking an annual turnover of USD 145 billion by 2016 under the Automotive Mission Plan [AMP].

Society of Indian Automobile Manufacturers [SIAM] lowered car sales growth projection to just 1-3 per cent for this fiscal from the 9-11 per cent announced in July.

With no signs of a 'significant' growth in the next 3-4 years, SIAM also said the AMP target of annual turnover of USD 145 billion by 2016 will be missed by around 20-25 per cent at the current rate of growth of the industry.

'Considering the low growth that we have seen in the second quarter of this fiscal and the overall macro-economic situation, we feel the car sales will grow around 1-3 per cent this fiscal,' SIAM President S Sandilya said.
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