... SIAM slashes FY17 growth forecast to 6-8%

For the second time in two months, auto industry body SIAM on Friday revised downward the growth forecast for passenger vehicle sales at 6-8 per cent for the new fiscal citing burden of high taxation and unfavourable environment around diesel vehicles. Society of Indian Automobile Manufacturers (SIAM) had in March revised the growth forecast of passenger vehicles for the new fiscal to 11 per cent from 12 per cent after the imposition of infrastructure cess ranging between 1-4 per cent in the Budget.