India Auto Sales Plunge Most in 16 Years on Modi’s Bank Note Ban
- Demand wanes after old high-denomination banknotes scrapped
- Industry wants federal budget to take steps to boost demand
India's Auto Sales Spur Oil Demand
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India’s automobile sales fell the most in 16 years last month after Prime Minister Narendra Modi’s unprecedented clampdown on cash prompted consumers to delay their purchases of cars, motorcycles and trucks.
Automobile sales fell 19 percent to 1.2 million units in December, the biggest drop since the same month in 2000, according to data released by the Society of Indian Automobile Manufacturers in New Delhi. Passenger vehicles sales dropped 1.4 percent while scooters and motorcycles -- a key indicator of rural demand -- fell 22 percent, the biggest monthly contraction on record.