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India's car sales rise 9.5% y-o-y in Sept: industry

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Car sales in India rose 9.5 per cent in September, buoyed by new launches and a recovery in Asia's third-largest economy, industry data released on Friday showed.

[NEW DELHI] Car sales in India rose 9.5 per cent in September, buoyed by new launches and a recovery in Asia's third-largest economy, industry data released on Friday showed.

Carmakers sold 169,590 cars in September, according to data from the Society of Indian Automobile Manufacturers (SIAM). Total passenger vehicle sales rose 3.8 percent from a year earlier to 232,167 vehicles in September.

As banks cut their lending rates following four rounds of policy rate cuts totalling 125 basis points so far this year, vehicle sales are likely to get a further boost in a country forecast to become the world's third-largest car market by 2020.

REUTERS