New Delhi, Aug 19 (IANS) The general economic slowdown, along with tight liquidity conditions, dragged overall retail sales of the Indian automobile sector in July down by 6 per cent on a year-on-year basis.
According to data furnished by the Federation of Automobile Dealers Associations (FADA), overall retail sales last month declined to 16,54,535 units from 17,59,219 units reported for the corresponding month of previous fiscal.
However, on the month-on-month basis, the overall retail sales grew higher by 5 per cent to 16,54,535 units from an off-take of 15,81,141 units in June.
The data also showed that retail sales of passenger vehicles were lower by 11 per cent on a year-on-year basis.
Sales declined to 2,43,183 units from 2,74,772 units reported for the corresponding month of previous fiscal.
“Consumer sentiment and overall demand continued to be quite weak across all segments and most geographies. The July sales continue to be in the negative zone YoY. Although some respite seen with growth in MoM numbers which was mainly due to revival of the monsoon bringing some positivity and also June having the 2nd lowest volume base this calendar year after February,” FADA President Ashish Harsharaj Kale said.
“With June being a completely dry and rain deficient month, consumer sentiment was at its lowest and with July rains covering up a lot of the deficit, some confidence in consumer demand led to pending purchase conclusion in July. Despite these factors, CV sales continued to be in the negative even MoM,” he added.