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.
“Maybe the auto industry is not so confident of growing in low double digits,” SIAM Deputy Director General Sugato Sen told reporters here.
He said experts and consultants were of the opinion that “this fiscal, the passenger vehicles growth will be 6-8 per cent”, which SIAM also subscribes to the view.