Indian Car sales growing 9 percent this year and 7 percent in 2018

New Delhi, Sept 20: Moody's Investors Service in a global report published has today said: "Indian car sales will remain robust, growing 9 percent this year and 7 percent in 2018, supported by the impact of India's new goods and services tax (GST) as well as new model launches".

The report also said that "the GST rollout in July, replacing a web of indirect taxes in India, prompted some automakers to lower prices of their passenger vehicles. This encouraged dealer restocking and led to a subsequent boost in sales, it said."

"Looking ahead, new model launches by domestic and foreign automakers and a seasonally stronger second half support our expectation that India’s auto sales in 2017 will touch the 3.6 million unit mark," the report said.

It added that Chinese auto sales will grow 3 percent this year and 2 percent in 2018. Besides, Japanese car sales will grow by a robust 5.6 percent this year and 2 percent next year, the report said.