By IANS,
New Delhi: The slowdown in automobile sales is a temporary phenomenon and domestic demand is robust, Heavy Industries Minister Praful Patel said Wednesday.
“The high-interest rates environment has affected the automobile industry, but there is no need to panic as there is a robust domestic demand,” Patel told reporters at the sidelines of an event here.
According to the industry, rising input costs, high fuel prices and interest rates have dampened consumer sentiment.
“The market continues to be tough and there are no signs of recovery in the immediate future,” said Arvind Saxena, director, marketing and sales, Hyundai Motor India.
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