India’s auto sales rise on lower interest rates, price discounts

India’s auto sales rise on lower interest rates, price discounts

An employee works inside an automobile factory in Chakan, India. File/Reuters India's goods and services tax (GST) panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of major revenue losses, two government officials said. Days after a border clash with China this month in which 20 Indian soldiers were killed, New Delhi told firms to find ways to cut imports from China. But two big industries, automobiles and pharmaceuticals, say this is easier said than done. The Indian automobile industry has been in the midst of a protracted slowdown as consumers at large, faced with rising unemployment and an unsure future, have stopped spending. China's auto sales in May rose 14. 5% from the same month a year earlier, industry data showed, the second consecutive month of increase as the world's biggest vehicle market recovers from lows hit during coronavirus lockdowns. China's February exports grew at a record pace from a year earlier when COVID-19 battered the world's second-biggest economy, customs data showed on Sunday, while imports rose less sharply. The Sharjah Chamber of Commerce and Industry (SCCI) welcomed a high-profile delegation from the Consulate General of