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The Society of Indian Automobile Manufacturers has revealed that the industry has witnessed a spurt of 9.8 percent in sales of both commercial as well as private vehicles. Asia’s third largest vehicle market, India saw a boost in auto sales owing to start of the wedding season and harvest period in various parts of India. The new financial year witnessed sales of cars, motor cycles, three wheelers and other commercial vehicles significantly going up.
Car sales have grown to by a healthy 17 percent according to the figures released by Society of Indian Automobile Manufacturers. The rise in sales can also be attributed to the fact that Finance Minister P Chidambaram had reduced excise duties on small cars and two-wheelers by 4 percentage points in his budget for the current fiscal year in March. The hike in sales of automobile in the month of April hence immediately showed up. Sales of two-wheelers have bounced back by 8 percent, straight after a twelve month slow down.
