Economic slowdown in India affects sentiment at Delhi auto show

The economic slowdown in India has greatly affected the on-going Delhi auto show which failed to make a hit impression at its opening Wednesday, said local media. Seventy cars and bikes were launched at the 12th Auto Expo in Greater Noida on Wednesday but the usual glamour quotient associated with the expo in previous years was missing, said local daily Hindustan Times. The daily quoted a senior executive at a multinational carmaker, who spoke on condition of anonymity, as saying the economic slowdown and the resultant sluggishness in automobile sales had dampened the sentiment this time. Economic growth in India in 2012-13 fiscal was revised to 4.5 percent from the previous estimate of 5 percent, said government statistics earlier this week. But some automobile groups are still seeking greater market in emerging economies through investment in the near future. Jaguar Land Rover, the British marquee brands Tata Motors bought in 2008, has lined up a 6 billion U.S. dollar iinvestment over the next 15 months as it revs up for a wider play in India, China and Brazil, said local daily Times of India. Given that the Indian auto industry is not yet out of a trough and the market gets few first-time buyers, carmakers at the Delhi Auto Expo tried their best to give flagging domestic sales a push by launching a bevy of sub-4 meters sedans and utility vehicles, said local daily Indian Express. Tata Motors, Ford India, the Fiat Group, Hyundai Motors and Volkswagen India have announced their entry into the sub-4 meter segment through launches in either the sedan or the SUV space. GM India too unveiled a concept compact SUV, badged the Chevrolet Adra, said the newspaper.