Moody’s Investors Service which is located in the United States said on Wednesday that there is a possibility of an increase in car sales in India this year by 9%. Moody’s Investors Service said in a report that there is a possibility of an increase in the sales of cars in India, which can be 9% in 2017 and 7% in 2018. This is due to the impact of new goods and services tax (GST).
It has been said in this report that after the arrival of GST in July, indirect taxes in India have been exhausted, due to which some automakers were encouraged to sell their passenger vehicles at lower prices; this led to the sale of dealers, along with the revival Encouraged to promote.
It has also been said in this report that as domestic and foreign automakers launch new models and strengthening of the first half, we expect auto sales in India to touch 3.6 million units by the end of this year.
Commenting on the global scenario, Moody’s said that sales of auto globally have declined by 3.6% in 2017.
Moody’s report also said that Tata Motors‘s performance was very good. Let’s tell you that this is a recovery in their growth. Their sales decreased 13.6% in 2016.
Similarly, due to the slight economic recovery in Russia, auto market has reverted to the growth path after 11% fall in 2016.
Also in Japan in 2017 automobile market growth has declined by 5.6%.
The growth of the Chinese automobile market is likely to be slower in 2018 as the reduction in tax on purchases of small engine passenger vehicles will end. Moody believes that this market is expected to grow 2% in 2018, which is 29.4 million units.