The Automobile Industry has seen growth for the 13th month in a row in November. Sales were up almost 10.5% from the same month last year. This growth is very reassuring for car manufacturers who have new launches coming up.

The growth pace slowed down since October when there are heavy discounts provided for the festive season.
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But this has been a trend over the last few years. The sales increase again in December when dealerships announce their year ending discounts.
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The growth has been also partly because of reduction on interest rates as well as lowering of fuel prices in India. On 29 September, the Reserve Bank of India (RBI) cut its benchmark rate by 50 basis points, its fourth cut since January. This prompted many banks to lower interest rates on their loan offerings.
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One basis point is one-hundredth of a percentage point.

The two wheeler industry also ended their month on a high compared to the previous year. Sales grew by 1.58% and 2.45% for motorcycles and scooters respectively.

Sales of medium and heavy commercial vehicles are increasing because of a potential uptick in economic growth and passenger vehicles have received a boost from interest rate cuts and lower fuel prices, said Abdul Majeed, partner and national automotive leader at PricewaterhouseCoopers.

India’s economic growth accelerated to 7.4% in the second quarter of the current fiscal year, from 7% in the first quarter, riding on a spike in industrial activity and a pickup in investment demand. But sectored data showed the expansion was not uniform: growth in construction plunged and agriculture is reeling under the impact of two back-to-back weak monsoons.

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