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Rent-a-car market offers some respite in India

According to the Society of Indian Automobile Manufacturers, automotive sales in India are expected to rise by a mere minimal of three to five percent in the upcoming 12 months. This slowing growth is attributed to the on-going economic downturn and increase in interest rates.

This could be a sign that Asia’s third-biggest economy, India, is slowing down. The gloom represents a turnaround from the scorching growth in most years up to year 2010/11, when automotive sales expanded 20 to 30 percent annually. This has prompted foreign automakers to enter the market to offset weakness in developed markets; offering more to boost the consumer demand in the market.

On the other hand, the USD3 billion Indian car hire market has accounted for 14 percent growth; illustrating a rising trend. This is a profitable emerging industry – especially through corporate leasing in the 42 metro areas where they can serve over one million of the population.

Will the rental market revive India’s automobile industry?

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